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Restatement of Previously Issued Consolidated Financial Statements | 9 Months Ended
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Sep. 30, 2024
Restatement of Previously Issued Consolidated Financial Statements [Abstract] |
Restatement of Previously Issued Consolidated Financial Statements | Note 1 – Restatement of Previously Issued Consolidated Financial Statements In connection with the preparation of the consolidated financial statements for year ended December 31, 2024, the Company identified errors that stemmed from the erroneous reversal and treatment of a liability. As a result of correcting the accounting for this liability, the Company restated its unaudited consolidated financial statements for the three and nine months ended September 30, 2024. The tables below represent our restated consolidated financial statements as of September 30, 2024. As of and for the nine months ended September 30, 2024 The effects of the restatement on the Consolidated Balance Sheet as of September 30, 2024 are summarized in the following table:
|  | As of September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Accounts payable and accrued liabilities |  | $ | 44,636 |  | $ | 3,577 |  | $ | $48,213
Total current liabilities |  | $ | 139,536 |  | $ | 3,577 |  | $ | 143,113
Total liabilities |  | $ | 491,080 |  | $ | 3,577 |  | $ | 494,657
Retained earnings/(deficits) |  | $ | (108,974) |  | $ | (3,577) |  | $ | (112,551)
Total Reading International, Inc. stockholders’ equity |  | $ | 5,175 |  | $ | (3,577) |  | $ | 1,598
Total stockholders’ equity |  | $ | 4,606 |  | $ | (3,577) |  | $ | 1,029
For the three months ended September 30, 2024 The effects of the restatement on the Consolidated Statement of Income for the three months ended September 30, 2024, are summarized in the following table.
|  | For the three months ended September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Cinema expenses |  | $ | (49,371) |  | $ | (97) |  | $ | (49,468)
Total costs and expenses |  |  | (60,336) |  |  | (97) |  |  | (60,433)
Operating income (loss) |  |  | (246) |  |  | (97) |  |  | (343)
Interest expense, net |  |  | (5,229) |  |  | (16) |  |  | (5,245)
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures |  |  | (6,398) |  |  | (112) |  |  | (6,510)
Income (loss) before income taxes |  |  | (6,327) |  |  | (112) |  |  | (6,439)
Net income (loss) |  |  | (7,027) |  |  | (112) |  |  | (7,139)
Net income (loss) attributable to Reading International, Inc. |  |  | (6,916) |  |  | (112) |  |  | (7,028)
Basic earnings (loss) per share |  |  | (0.31) |  |  | (0.00) |  |  | (0.31)
Diluted earnings (loss) per share |  | $ | (0.31) |  | $ | (0.00) |  | $ | (0.31)
The effects of the restatement on the Summary of Controlling and Noncontrolling Stockholders’ Equity for the three months ended September 30, 2024, are summarized in the following table.
|  | Retained earnings / (deficits)
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Net loss |  | $ | (108,974) |  | $ | (3,577) |  | $ | (112,551)
At September 30, 2024 |  | $ | (108,974) |  | $ | (3,577) |  | $ | (112,551)
|  | Total stockholders’ equity
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Net loss |  | $ | 4,606 |  | $ | (3,577) |  | $ | 1,029
At September 30, 2024 |  | $ | 4,606 |  | $ | (3,577) |  | $ | 1,029
The effects of the restatement on the Consolidated Statement of Comprehensive Income for the three months ended September 30, 2024, are summarized in the following table.
|  | For the three months ended September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Net income (loss) |  | $ | (7,027) |  | $ | (112) |  | $ | (7,139)
Comprehensive income (loss) |  |  | (5,528) |  |  | (112) |  |  | (5,640)
Comprehensive income (loss) |  | $ | (5,422) |  | $ | (112) |  | $ | (5,534)
|  | For the nine months ended September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Net income (loss) |  | $ | (29,966) |  | $ | (3,577) |  | $ | (33,543)
Comprehensive income (loss) |  |  | (30,121) |  |  | (3,577) |  |  | (33,698)
Comprehensive income (loss) |  | $ | (29,643) |  | $ | (3,577) |  | $ | (33,220)
For the nine months ended September 30, 2024 The effects of the restatement on the Consolidated Statement of Income for the nine months ended September 30, 2024, are summarized in the following table.
|  | For the nine months ended September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Cinema expenses |  | $ | (129,509) |  | $ | (3,435) |  | $ | (132,944)
Total costs and expenses |  |  | (164,078) |  |  | (3,435) |  |  | (167,513)
Operating income (loss) |  |  | (12,127) |  |  | (3,435) |  |  | (15,562)
Interest expense, net |  |  | (15,766) |  |  | (141) |  |  | (15,907)
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures |  |  | (29,809) |  |  | (3,577) |  |  | (33,386)
Income (loss) before income taxes |  |  | (29,645) |  |  | (3,577) |  |  | (33,222)
Net income (loss) |  |  | (29,966) |  |  | (3,577) |  |  | (33,543)
Net income (loss) attributable to Reading International, Inc. |  |  | (29,485) |  |  | (3,577) |  |  | (33,062)
Basic earnings (loss) per share |  |  | (1.32) |  |  | (0.16) |  |  | (1.48)
Diluted earnings (loss) per share |  | $ | (1.32) |  | $ | (0.16) |  | $ | (1.48)
‎ ‎ The effects of the restatement on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 are summarized in the following table:
|  | For the nine months ended September 30, 2024
|  | As Previously Reported |  | Adjustment in Thousands |  | As Restated
Net income (loss) |  | $ | (29,966) |  | $ | (3,577) |  | $ | (33,543)
Accounts payable and accrued liabilities |  | $ | 3,574 |  | $ | 3,577 |  | $ | 7,151
Restatement of Previously Issued Consolidated Financial Statements The following footnotes have been updated to reflect the restatements made to the consolidated financial statements: -Note 2 Description of Business and Segment Reporting -Note 4 Liquidity and Impairment Assessment -Note 6 Earnings Per Share -Note 8 Leases -Note 12 Income Tax -Note 17 S ummary of Controlling and Noncontrolling Stockholders’ Equity

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
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