XML 21 R8.htm IDEA: XBRL DOCUMENT
v3.21.4

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 9 Months Ended
--- | ---
Jun. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS Subsequent to the filing of its Form 10-Q, the Company identified an error in its accounting for certain tax attributes related to the acquisition of Bolder BioPATH, Inc. in the Company's third fiscal quarter. The Company should have established a deferred tax liability with an offset to goodwill in connection with the accounting for the opening balance sheet of the acquisition as a result of book-to-tax differences primarily related to the customer relationship intangible and property and equipment identified in the Company’s June 30, 2021 quarterly financial statements. Subsequent to the establishment of the deferred tax liability as of the opening balance sheet, the Company should have reversed a portion of its (i.e. the acquiror) pre-existing valuation allowance and taken the income tax benefit through the statements of operations for the three and nine months ended June 30, 2021. ​ The following tables summarize the effects of the restatement on the condensed consolidated balance sheet as of June 30, 2021 and on the condensed consolidated statements of operations for the three and nine months ended June 30, 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​
​ | ​ | As of June 30, 2021 (unaudited)
​ |  | As Previously Reported |  | Restated Adjustment |  | As Restated
Balance Sheet |  | ​ |  |  | ​ |  |  | ​ |
Total current assets | ​ | $ | 48,062 | ​ | $ | — | ​ | $ | 48,062
Property and equipment, net | ​ | ​ | 44,678 | ​ | ​ | — | ​ | ​ | 44,678
Goodwill | ​ | ​ | 45,750 | ​ | ​ | 4,867 | ​ | ​ | 50,617
Other noncurrent assets | ​ | ​ | 33,383 | ​ | ​ | — | ​ | ​ | 33,383
Total Assets | ​ | $ | 171,873 | ​ | $ | 4,867 | ​ | $ | 176,740
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and shareholders' equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities | ​ | $ | 82,979 | ​ | $ | — | ​ | $ | 82,979
Common shares, no par value | ​ |  | 3,928 | ​ |  | — | ​ |  | 3,928
Additional paid-in-capital | ​ | ​ | 110,230 | ​ | ​ | — | ​ | ​ | 110,230
Accumulated deficit | ​ | $ | (25,264) | ​ | $ | 4,867 | ​ | $ | (20,397)
Total Liabilities and shareholders' equity | ​ | $ | 171,873 | ​ | $ | 4,867 | ​ | $ | 176,740
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2021 (unaudited)
​ |  | As Previously Reported |  | Restated Adjustment |  | As Restated
Total revenue | ​ | $ | 22,892 | ​ | $ | — | ​ | $ | 22,892
Total cost of revenue | ​ | ​ | 15,246 | ​ | ​ | — | ​ | ​ | 15,246
Gross profit | ​ | ​ | 7,646 | ​ | ​ | — | ​ | ​ | 7,646
Total operating expenses | ​ | ​ | 9,349 | ​ | ​ | — | ​ | ​ | 9,349
Operating income (loss) | ​ | ​ | (1,703) | ​ | ​ | — | ​ | ​ | (1,703)
Interest expense | ​ | ​ | (449) | ​ | ​ | — | ​ | ​ | (449)
Other income (expense) | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1
Income tax expense (benefit) | ​ | ​ | 114 | ​ | ​ | (4,867) | ​ | ​ | (4,753)
Net income (loss) | ​ | $ | (2,265) | ​ | $ | 4,867 | ​ | $ | 2,602
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic net income (loss) per share | ​ | $ | (0.15) | ​ | ​ | ​ | ​ | $ | 0.18
Diluted net income (loss) per share | ​ | $ | (0.15) | ​ | ​ | ​ | ​ | $ | 0.17
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average shares outstanding | ​ | ​ | 14,656 | ​ | ​ | — | ​ | ​ | 14,656
Diluted weighted average shares outstanding | ​ | ​ | 14,656 | ​ | ​ | 727 | ​ | ​ | 15,383
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended June 30, 2021 (unaudited)
​ |  | As Previously Reported |  | Restated Adjustment |  | As Restated
Total revenue | ​ | $ | 59,529 | ​ | $ | — | ​ | $ | 59,529
Total cost of revenue | ​ | ​ | 39,681 | ​ | ​ | — | ​ | ​ | 39,681
Gross profit | ​ | ​ | 19,848 | ​ | ​ | — | ​ | ​ | 19,848
Total operating expenses | ​ | ​ | 22,058 | ​ | ​ | — | ​ | ​ | 22,058
Operating income (loss) | ​ | ​ | (2,210) | ​ | ​ | — | ​ | ​ | (2,210)
Interest expense | ​ | ​ | (1,163) | ​ | ​ | — | ​ | ​ | (1,163)
Other income (expense) | ​ | ​ | 180 | ​ | ​ | — | ​ | ​ | 180
Income tax expense (benefit) | ​ | ​ | 161 | ​ | ​ | (4,867) | ​ | ​ | (4,706)
Net income (loss) | ​ | $ | (3,354) | ​ | $ | 4,867 | ​ | $ | 1,513
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic net income (loss) per share | ​ | $ | (0.27) | ​ | ​ | ​ | ​ | $ | 0.12
Diluted net income (loss) per share | ​ | $ | (0.27) | ​ | ​ | ​ | ​ | $ | 0.12
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average shares outstanding | ​ | ​ | 12,274 | ​ | ​ | — | ​ | ​ | 12,274
Diluted weighted average shares outstanding | ​ | ​ | 12,274 | ​ | ​ | 674 | ​ | ​ | 12,948
​ ​ ​ ​

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration