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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
SCHEDULE OF RESTATEMENT ADJUSTMENTS

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated balance sheet as of December 31, 2022:

 

   Stated   Adjustments   Restated 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
ASSETS            
Current assets               
Accounts receivable, net  $11,139   $(1,129)  $10,010 
Inventories, net  $8,748   $(658)  $8,090 
Total current assets  $33,036   $(1,787)  $31,249 
Total assets  $37,175   $(1,787)  $35,388 
LIABILITIES AND STOCKHOLDERS’ EQUITY               
Current liabilities               
Deferred revenue  $10,665   $(6)  $10,659 
Total current liabilities  $18,962   $(6)  $18,956 
Total liabilities  $20,242   $(6)  $20,236 
Stockholders’ equity               
Accumulated deficit  $(15,950)  $(1,781)  $(17,731)
Total stockholders’ equity  $16,933   $(1,781)  $15,152 
Total liabilities and stockholders’ equity  $37,175   $(1,787)  $35,388 

 

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of operations for the year ended December 31, 2022:

 

   Stated   Adjustments   Restated 
   For the Year Ended 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
Revenues  $27,000   $(1,122)  $25,878 
Cost of goods sold  $22,393   $659   $23,052 
Gross profit  $4,607   $(1,781)  $2,826 
Loss from operations  $(4,029)  $(1,781)  $(5,810)
Loss before taxes  $(3,631)  $(1,781)  $(5,412)
Net loss  $(3,638)  $(1,781)  $(5,419)
                
Loss per share - basic and diluted  $(0.37)  $(0.19)  $(0.56)

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the year ended December 31, 2022:

 

   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
    (unaudited)    (unaudited)    (unaudited) 
Balance - January 1, 2022  $19,552   $-   $19,552 
Net loss  $(3,638)  $(1,781)  $(5,419)
Balance - December 31, 2022  $16,933   $(1,781)  $15,152 

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of cash flows for the year ended December 31, 2022:

 

   Stated   Adjustments   Restated 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
Cash flows from operating activities:               
Net loss  $(3,638)  $(1,781)  $(5,419)
Changes in operating assets and liabilities:               
Accounts receivable  $(8,570)  $1,129   $(7,441)
Inventories  $(4,589)  $658   $(3,931)
Deferred revenue  $8,243   $(6)  $8,237 
Net cash used in operating activities  $(5,772)  $-   $(5,772)