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RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Restatement Of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements

SCHEDULE OF INTERIM RESTATEMENT ADJUSTMENTS

SCHEDULE OF INTERIM RESTATEMENT ADJUSTMENTS

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated balance sheets as of the dates indicated:

		Stated				Adjustments				Restated
		March 31, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Inventories, net		$	6,687			$	(1,788	)		$	4,899
Total current assets		$	31,884			$	(1,788	)		$	30,096
Total assets		$	34,705			$	(1,788	)		$	32,917
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	6,992			$	23			$	7,015
Total current liabilities		$	14,393			$	23			$	14,416
Total liabilities		$	15,819			$	23			$	15,842
Stockholders’ equity
Accumulated deficit		$	(13,052	)		$	(1,811	)		$	(14,863	)
Total stockholders’ equity		$	18,886			$	(1,811	)		$	17,075
Total liabilities and stockholders’ equity		$	34,705			$	(1,788	)		$	32,917

		Stated				Adjustments				Restated
		June 30, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Inventories, net		$	8,147			$	(3,044	)		$	5,103
Total current assets		$	30,210			$	(3,044	)		$	27,166
Total assets		$	33,246			$	(3,044	)		$	30,202
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	8,389			$	59			$	8,448
Total current liabilities		$	14,796			$	59			$	14,855
Total liabilities		$	16,236			$	59			$	16,295
Stockholders’ equity
Accumulated deficit		$	(15,587	)		$	(3,103	)		$	(18,690	)
Total stockholders’ equity		$	17,010			$	(3,103	)		$	13,907
Total liabilities and stockholders’ equity		$	33,246			$	(3,044	)		$	30,202

		Stated				Adjustments				Restated
		September 30, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Inventories, net		$	8,479			$	(1,849	)		$	6,630
Total current assets		$	26,451			$	(1,849	)		$	24,602
Total assets		$	29,445			$	(1,849	)		$	27,596
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	6,621			$	(59	)		$	6,562
Total current liabilities		$	12,299			$	(59	)		$	12,240
Total liabilities		$	13,603			$	(59	)		$	13,544
Stockholders’ equity
Accumulated deficit		$	(16,898	)		$	(1,791	)		$	(18,689	)
Total stockholders’ equity		$	15,842			$	(1,791	)		$	14,051
Total liabilities and stockholders’ equity		$	29,445			$	(1,849	)		$	27,596

		Stated				Adjustments				Restated
		March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Accounts receivable, net		$	7,863			$	(162	)		$	7,701
Inventories, net		$	9,589			$	(1,087	)		$	8,502
Total current assets		$	31,908			$	(1,249	)		$	30,659
Total assets		$	35,857			$	(1,249	)		$	34,608
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	10,095			$	(88	)		$	10,007
Total current liabilities		$	17,614			$	(88	)		$	17,526
Total liabilities		$	18,673			$	(88	)		$	18,585
Stockholders’ equity
Accumulated deficit		$	(15,828	)		$	(1,161	)		$	(16,989	)
Total stockholders’ equity		$	17,184			$	(1,161	)		$	16,023
Total liabilities and stockholders’ equity		$	35,857			$	(1,249	)		$	34,608

		Stated				Adjustments				Restated
		June 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Accounts receivable, net		$	5,835			$	380			$	6,215
Inventories, net		$	8,457			$	(72	)		$	8,385
Total current assets		$	26,541			$	308			$	26,849
Total assets		$	30,695			$	308			$	31,003
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	4,462			$	302			$	4,764
Total current liabilities		$	12,178			$	302			$	12,480
Total liabilities		$	13,011			$	302			$	13,313
Stockholders’ equity
Accumulated deficit		$	(16,147	)		$	6			$	(16,141	)
Total stockholders’ equity		$	17,684			$	6			$	17,690
Total liabilities and stockholders’ equity		$	30,695			$	308			$	31,003

		Stated				Adjustments				Restated
		September 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets
Accounts receivable, net		$	8,936			$	(966	)		$	7,970
Inventories, net		$	8,280			$	905			$	9,185
Total current assets		$	30,315			$	(61	)		$	30,254
Total assets		$	35,761			$	(61	)		$	35,700
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Deferred revenue		$	5,980			$	(54	)		$	5,926
Total current liabilities		$	16,613			$	(54	)		$	16,559
Total liabilities		$	17,262			$	(54	)		$	17,208
Stockholders’ equity
Accumulated deficit		$	(15,123	)		$	(7	)		$	(15,130	)
Total stockholders’ equity		$	18,499			$	(7	)		$	18,492
Total liabilities and stockholders’ equity		$	35,761			$	(61	)		$	35,700

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:

		Stated				Adjustments				Restated
		For the Three Months Ended
		March 31, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Revenues		$	6,362			$	(23	)		$	6,339
Cost of goods sold		$	5,439			$	1,788			$	7,227
Gross profit (loss)		$	923			$	(1,811	)		$	(888	)
Loss from operations		$	(823	)		$	(1,811	)		$	(2,634	)
Loss before taxes		$	(733	)		$	(1,811	)		$	(2,544	)
Net loss		$	(740	)		$	(1,811	)		$	(2,551	)
Loss per share - basic and diluted		$	(0.08	)		$	(0.19	)		$	(0.26	)

		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		For the Three Months Ended												For the Six Months Ended
		June 30, 2022												June 30, 2022
		As Previously				Restatement				As				As Previously				Restatement				As
		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues		$	4,863			$	(37	)		$	4,826			$	11,225			$	(59	)		$	11,166
Cost of goods sold		$	4,800			$	1,256			$	6,056			$	10,239			$	3,044			$	13,283
Gross profit (loss)		$	63			$	(1,292	)		$	(1,229	)		$	986			$	(3,103	)		$	(2,117	)
Loss from operations		$	(2,522	)		$	(1,292	)		$	(3,814	)		$	(3,345	)		$	(3,103	)		$	(6,448	)
Loss before taxes		$	(2,535	)		$	(1,292	)		$	(3,827	)		$	(3,268	)		$	(3,103	)		$	(6,371	)
Net (loss) income		$	(2,535	)		$	(1,292	)		$	(3,827	)		$	(3,275	)		$	(3,103	)		$	(6,378	)
Earnings (loss) per share - basic and diluted		$	(0.26	)		$	(0.13	)		$	(0.39	)		$	(0.34	)		$	(0.32	)		$	(0.65	)

		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		For the Three Months Ended												For the Nine Months Ended
		September 30, 2022												September 30, 2022
		As Previously				Restatement				As				As Previously				Restatement				As
		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues		$	6,251			$	118			$	6,369			$	17,476			$	59			$	17,535
Cost of goods sold		$	5,390			$	(1,195	)		$	4,195			$	15,629			$	1,849			$	17,478
Gross profit		$	861			$	1,313			$	2,174			$	1,847			$	(1,791	)		$	56
Total operating expenses		$	2,305			$	-			$	2,305			$	6,636			$	-			$	6,636
(Loss) income from operations		$	(1,444	)		$	1,313			$	(131	)		$	(4,789	)		$	(1,791	)		$	(6,580	)
(Loss) income before taxes		$	(1,311	)		$	1,313			$	2			$	(4,579	)		$	(1,791	)		$	(6,370	)
Net (loss) income		$	(1,311	)		$	1,313			$	2			$	(4,586	)		$	(1,791	)		$	(6,377	)
Earnings (loss) per share - basic:		$	(0.13	)		$	0.13			$	0.00			$	(0.47	)		$	(0.18	)		$	(0.66	)
Weighted average common shares outstanding - diluted			9,770				671				10,441				9,713				671				10,384
Earnings (loss) per share - diluted		$	(0.13	)		$	0.13			$	0.00			$	(0.47	)		$	(0.14	)		$	(0.61	)

		Stated				Adjustments				Restated
		For the Three Months Ended
		March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Revenues		$	8,507			$	1,048			$	9,555
Cost of goods sold		$	6,294			$	429			$	6,723
Gross profit		$	2,213			$	620			$	2,833
Income from operations		$	55			$	620			$	675
Income before taxes		$	122			$	620			$	742
Net income		$	122			$	620			$	742
Earnings per share - basic and diluted		$	0.01			$	0.06			$	0.07

		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		For the Three Months Ended												For the Six Months Ended
		June 30, 2023												June 30, 2023
		As Previously				Restatement				As				As Previously				Restatement				As
		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues		$	12,130			$	152			$	12,282			$	20,638			$	1,200			$	21,838
Cost of goods sold		$	9,419			$	(1,015	)		$	8,404			$	15,714			$	(587	)		$	15,127
Gross profit		$	2,711			$	1,167			$	3,878			$	4,924			$	1,787			$	6,711
(Loss) income from operations		$	(378	)		$	1,167			$	789			$	(322	)		$	1,787			$	1,465
(Loss) income before taxes		$	(319	)		$	1,167			$	848			$	(197	)		$	1,787			$	1,590
Net (loss) income		$	(319	)		$	1,167			$	848			$	(197	)		$	1,787			$	1,590
Earnings (loss) per share - basic:		$	(0.03	)		$	0.12			$	0.09			$	(0.02	)		$	0.18			$	0.16
Weighted average common shares outstanding - diluted			9,908				838				10,747				9,839				838				10,677
Earnings (loss) per share - diluted		$	(0.03	)		$	0.11			$	0.08			$	(0.02	)		$	0.17			$	0.15

		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		For the Three Months Ended												For the Nine Months Ended
		September 30, 2023												September 30, 2023
		As Previously				Restatement				As				As Previously				Restatement				As
		Stated				Adjustments				Restated				Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues		$	12,443			$	(990	)		$	11,453			$	33,080			$	211			$	33,291
Cost of goods sold		$	8,732			$	(976	)		$	7,756			$	24,445			$	(1,563	)		$	22,882
Gross profit (loss)		$	3,711			$	(13	)		$	3,698			$	8,635			$	1,774			$	10,409
Income (loss) from operations		$	953			$	(13	)		$	940			$	631			$	1,774			$	2,405
Income (loss) before taxes		$	1,024			$	(13	)		$	1,011			$	827			$	1,774			$	2,601
Net income (loss)		$	1,024			$	(13	)		$	1,011			$	827			$	1,774			$	2,601
Earnings (loss) per share - basic and diluted		$	0.10			$	-			$	0.10			$	0.08			$	0.18			$	0.26

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of changes in stockholders’ equity for the periods indicated:

		As Previously				Restatement				As
		Stated				Adjustments				Restated
			(unaudited)				(unaudited)				(unaudited)
Balance - January 1, 2022		$	19,552			$	-			$	19,552
Net loss		$	(740	)		$	(1,811	)		$	(2,551	)
Balance - March 31, 2022		$	18,886			$	(1,811	)		$	17,075
Balance - January 1, 2022		$	19,552			$	-			$	19,552
Net loss		$	(3,275	)		$	(3,103	)		$	(6,378	)
Balance - June 30, 2022		$	17,010			$	(3,103	)		$	13,907
Balance - January 1, 2022		$	19,552			$	-			$	19,552
Net loss		$	(4,586	)		$	(1,791	)		$	(6,377	)
Balance - September 30, 2022		$	15,842			$	(1,791	)		$	14,051

		As Previously				Restatement				As
		Stated				Adjustments				Restated
			(unaudited)				(unaudited)				(unaudited)
Balance - January 1, 2023		$	16,933			$	(1,781	)		$	15,152
Net income		$	122			$	620			$	742
Balance - March 31, 2023		$	17,184			$	(1,161	)		$	16,023
Balance - January 1, 2023		$	16,933			$	(1,781	)		$	15,152
Net (loss) income		$	(197	)		$	1,787			$	1,590
Balance - June 30, 2023		$	17,684			$	6			$	17,690
Balance - January 1, 2023		$	16,933			$	(1,781	)		$	15,152
Net income		$	827			$	1,774			$	2,601
Balance - September 30, 2023		$	18,499			$	(7	)		$	18,492

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:

		Stated				Adjustments				Restated
		March 31, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net loss		$	(740	)		$	(1,811	)		$	(2,551	)
Changes in operating assets and liabilities:
Inventories		$	(2,527	)		$	1,788			$	(739	)
Deferred revenue		$	4,569			$	23			$	4,592
Net cash provided by operating activities		$	2,087			$	-			$	2,087

		Stated				Adjustments				Restated
		June 30, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net loss		$	(3,275	)		$	(3,103	)		$	(6,378	)
Changes in operating assets and liabilities:
Inventories		$	(3,987	)		$	3,044			$	(943	)
Deferred revenue		$	5,966			$	59			$	6,025
Net cash used in operating activities		$	(1,621	)		$	-			$	(1,621	)

		Stated				Adjustments				Restated
		September 30, 2022
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net loss		$	(4,586	)		$	(1,791	)		$	(6,377	)
Changes in operating assets and liabilities:
Inventories		$	(4,319	)		$	1,849			$	(2,470	)
Deferred revenue		$	4,198			$	(59	)		$	4,139
Net cash used in operating activities		$	(3,936	)		$	-			$	(3,936	)

		Stated				Adjustments				Restated
		March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net income		$	122			$	620			$	742
Changes in operating assets and liabilities:
Accounts receivable		$	3,275			$	(967	)		$	2,308
Inventories		$	(841	)		$	429			$	(412	)
Deferred revenue		$	(570	)		$	(82	)		$	(652	)
Net cash provided by operating activities		$	1,525			$	-			$	1,525

		Stated				Adjustments				Restated
		June 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net (loss) income		$	(197	)		$	1,787			$	1,590
Changes in operating assets and liabilities:
Accounts receivable		$	5,283			$	(1,509	)		$	3,774
Inventories		$	291			$	(586	)		$	(295	)
Deferred revenue		$	(6,204	)		$	308			$	(5,896	)
Net cash provided by operating activities		$	366			$	-			$	366

		Stated				Adjustments				Restated
		September 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
		(unaudited)				(unaudited)				(unaudited)
Cash flows from operating activities:
Net income		$	827			$	1,774			$	2,601
Changes in operating assets and liabilities:
Accounts receivable		$	1,805			$	(163	)		$	1,642
Inventories		$	468			$	(1,563	)		$	(1,095	)
Deferred revenue		$	(4,685	)		$	(48	)		$	(4,733	)
Net cash used in operating activities		$	(228	)		$	-			$	(228	)

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