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v3.22.2.2

Significant Accounting Policies and Restatement of Previously Issued Financial Statements (As Restated) (Tables) | 3 Months Ended
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Mar. 31, 2022
Significant Accounting Policies and Restatement of Previously Issued Financial Statements (As Restated) |
Schedule of restated financial statements. | Consolidated Balance Sheet
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2022
​ | ​ | As | ​ | ASC 842 | ​ | ​ | Property-related | ​ | ​ | ​
​ | ​ | Previously | ​ | Lease | ​ | ​ | and Other Expense | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | ​ | Adjustments | ​ | ​ | Restated
​ | ​ | (in thousands)
Accounts receivable, net |  | $ | 1,770 |  | $ | — |  | $ | 221 |  | $ | 1,991
Total current assets | ​ | ​ | 168,975 | ​ | ​ | — | ​ | ​ | 221 | ​ | ​ | 169,196
Right of use assets | ​ |  | 190,223 | ​ |  | 24,579 | ​ | ​ | — | ​ |  | 214,802
Total assets | ​ | ​ | 390,640 | ​ | ​ | 24,579 | ​ | ​ | 221 | ​ | ​ | 415,440
Accounts payable | ​ | ​ | 31,504 | ​ | ​ | (401) | ​ | ​ | 564 | ​ | ​ | 31,667
Lease liability - current | ​ | ​ | 61,984 | ​ | ​ | 7,223 | ​ | ​ | — | ​ | ​ | 69,207
Total current liabilities | ​ | ​ | 284,832 | ​ | ​ | 6,822 | ​ | ​ | 564 | ​ | ​ | 292,218
Lease liability - noncurrent | ​ | ​ | 134,794 | ​ | ​ | 17,802 | ​ | ​ | — | ​ | ​ | 152,596
Total liabilities | ​ | ​ | 453,017 | ​ | ​ | 24,624 | ​ | ​ | 564 | ​ | ​ | 478,205
Accumulated deficit | ​ | ​ | (223,387) | ​ | ​ | (31) | ​ | ​ | (235) | ​ | ​ | (223,653)
Total equity excluding noncontrolling interest | ​ | ​ | 14,058 | ​ | ​ | (31) | ​ | ​ | (235) | ​ | ​ | 13,792
Noncontrolling interests | ​ | ​ | (76,435) | ​ | ​ | (14) | ​ | ​ | (108) | ​ | ​ | (76,557)
Total equity | ​ | ​ | (62,377) | ​ | ​ | (45) | ​ | ​ | (343) | ​ | ​ | (62,765)
Total liabilities, temporary equity, and equity | ​ | $ | 390,640 | ​ | $ | 24,579 | ​ | $ | 221 | ​ | $ | 415,440
​ Condensed Consolidated Statement of Operations and Comprehensive Loss
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2022
​ | ​ | As | ​ | ASC 842 | ​ | ​ | Property-related | ​ | ​ | ​
​ | ​ | Previously | ​ | Lease | ​ | ​ | and Other Expense | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | ​ | Adjustments | ​ | ​ | Restated
​ | ​ | (in thousands)
Cost of revenue | ​ | $ | 46,921 | ​ | $ | 45 | ​ | $ | 343 | ​ | $ | 47,309
Gross margin | ​ | ​ | 35,152 | ​ | ​ | (45) | ​ | ​ | (343) | ​ | ​ | 34,764
Loss and comprehensive loss before income taxes | ​ | ​ | (23,634) | ​ | ​ | (45) | ​ | ​ | (343) | ​ | ​ | (24,022)
Net loss and comprehensive loss | ​ | ​ | (23,815) | ​ | ​ | (45) | ​ | ​ | (343) | ​ | ​ | (24,203)
Net loss and comprehensive loss attributable to noncontrolling interests | ​ | ​ | 11,779 | ​ | ​ | 14 | ​ | ​ | 108 | ​ | ​ | 11,901
Net loss and comprehensive loss attributable to Inspirato Incorporated | ​ | ​ | (12,036) | ​ | ​ | (31) | ​ | ​ | (235) | ​ | ​ | (12,302)
Basic and diluted net loss attributable to Inspirato Incorporated per common unit and class A share | ​ | $ | (0.28) | ​ | $ | — | ​ | $ | (0.01) | ​ | $ | (0.29)
​ Condensed Consolidated Statement of Cash Flows
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2022
​ | ​ | As | ​ | ASC 842 | ​ | ​ | Property-related | ​ | ​ | ​
​ | ​ | Previously | ​ | Lease | ​ | ​ | and Other Expense | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | ​ | Adjustments | ​ | ​ | Restated
​ | ​ | (in thousands)
Consolidated net loss | ​ | $ | (23,815) | ​ | $ | (45) | ​ | $ | (343) | ​ | $ | (24,203)
Non-cash lease expense | ​ | ​ | 344 | ​ | ​ | 446 | ​ | ​ | — | ​ | ​ | 790
Accounts receivable, net | ​ | ​ | 619 | ​ | ​ | — | ​ | ​ | (221) | ​ | ​ | 398
Accounts payable | ​ | ​ | (1,636) | ​ | ​ | (401) | ​ | ​ | 564 | ​ | ​ | (1,473)
Operating lease right-of-use assets exchanged for lease obligations | ​ | $ | — | ​ | $ | 239,785 | ​ | $ | — | ​ | $ | 239,785
​ Condensed Consolidated Statement of Equity ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2022
​ | ​ | As | ​ | ASC 842 | ​ | ​ | Property-related | ​ | ​ | ​
​ | ​ | Previously | ​ | Lease | ​ | ​ | and Other Expense | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | ​ | Adjustments | ​ | ​ | Restated
​ | ​ | (in thousands)
​ | ​ | Accumulated deficit
Consolidated net loss | ​ | $ | (12,036) | ​ | $ | (31) | ​ | $ | (235) | ​ | $ | (12,302)
Balance at March 31, 2022 | ​ | ​ | (223,387) | ​ | ​ | (31) | ​ | ​ | (235) | ​ | ​ | (223,653)
​ | ​ | Noncontrolling interest
Consolidated net loss | ​ | ​ | (11,779) | ​ | ​ | (14) | ​ | ​ | (108) | ​ | ​ | (11,901)
Balance at March 31, 2022 | ​ | ​ | (76,435) | ​ | ​ | (14) | ​ | ​ | (108) | ​ | ​ | (76,557)
​ | ​ | Total equity
Consolidated net loss | ​ | ​ | (23,815) | ​ | ​ | (45) | ​ | ​ | (343) | ​ | ​ | (24,203)
Balance at March 31, 2022 | ​ | $ | (62,377) | ​ | $ | (45) | ​ | $ | (343) | ​ | $ | (62,765)
Schedule of cumulative effect of changes for the adoption of the new lease standard | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balances at December 31, | ​ | Adjustments from Adoption of New Lease | ​ | Balances at January 1,
​ | ​ | 2021 |  | Standard |  | 2022
​ | ​ | (in thousands)
Assets |  | (As Restated)
Prepaid expenses | ​ | $ | 11,101 | ​ | $ | (1,094) | ​ | $ | 10,007
Operating lease ROU assets | ​ | ​ | — | ​ | ​ | 201,728 | ​ | ​ | 201,728
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current lease liabilities | ​ | $ | — | ​ | $ | 63,415 | ​ | $ | 63,415
Other current liabilities | ​ | ​ | 457 | ​ | ​ | (457) | ​ | ​ | —
Long-term lease liabilities | ​ | ​ | — | ​ | ​ | 145,144 | ​ | ​ | 145,144
Other long-term liabilities | ​ | ​ | 7,468 | ​ | ​ | (7,468) | ​ | ​ | —

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