XML 36 R27.htm IDEA: XBRL DOCUMENT v3.22.1

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Sep. 30, 2021

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

​

​	​	​	​	​	​	​	​	​	​
​	​	As Previously		​	​		​	​
​		Reported			Adjustments			As Restated
Net sales	​	$	3,474		​	—	​	$	3,474
Cost of goods sold	​		2,752		​	—	​		2,752
Gross profit	​		722		​	—	​		722
​	​	​	​	​	​	​	​	​	​
Operating expenses:	​				​		​
Research and development	​		54		​	—	​		54
Selling and marketing	​		544		​	—	​		544
General and administrative	​		663		​	—	​		663
Total operating expenses	​		1,261		​	—	​		1,261
Operating loss	​		(539)		​		​		(539)
Other expenses:	​				​		​
Interest expense	​		37		​	1	​		38
Total other expense	​		37		​	1	​		38
Net loss	​	$	(576)	​	$	(1)	​	$	(577)
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding: basic and diluted	​		9,809,264	​		—	​		10,254,686
Net loss per common share basic and diluted	​	$	(0.06)	​	$	—	​	$	(0.06)

​

​	​	​	​	​	​	​	​	​	​
​		As Previously
​	​	Reported		​	Adjustments		​	As Restated
Net sales	​	$	1,757		​	—	​	$	1,757
Cost of goods sold	​		1,304		​	—	​		1,304
Gross profit	​		453		​	—	​		453
​	​	​	​	​	​	​	​	​	​
Operating expenses:	​				​		​
Research and development	​		27		​	—	​		27
Selling and marketing	​		283		​	—	​		283
General and administrative	​		450		​	—	​		450
Total operating expenses	​		760		​	—	​		760
Operating loss	​		(307)		​		​		(307)
Other (income) expenses:	​				​		​
Unrealized gain	​		—		​	(20)	​		(20)
Interest expense	​		82		​	1	​		83
Total other (income) expense	​		82		​	(19)	​		63
Net loss	​	$	(389)	​	$	19	​	$	(370)
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding: basic and diluted	​		5,666,667	​		—	​		5,568,660
Net loss per common share basic and diluted	​	$	(0.07)	​	​	—	​	$	(0.07)

​

​	​	​	​	​	​	​	​	​	​
​		September 30,				​			​
​	​	2021		​	​	​	​	​	​
​	​	As		​	​	​	​	​	​
​	​	Previously		​	​	​	​	​	​
​	​	Reported		​	Adjustments		​	As Restated
Assets		​			​			​
Current Assets:		​			​			​
Cash and cash equivalents	​	$	11,029	​	$	1	​	$	11,030
Accounts receivable, net	​		898	​		—	​		898
Inventories, net	​		1,911	​		—	​		1,911
Prepaid expenses and other	​		642	​		—	​		642
Total Current Assets	​		14,480	​		1	​		14,481
Long-Term Assets:	​			​			​
Property, plant and equipment, net	​		8	​		—	​		8
Intangibles, net	​		911	​		—	​		911
Goodwill	​		287	​		—	​		287
Other assets	​		16	​		—	​		16
Total Long-Term Assets	​		1,222	​		—	​		1,222
Total Assets	​	$	15,702	​	$	1	​	$	15,703
​	​	​	​	​	​	​	​	​	​
Liabilities And Stockholders’ Equity (Deficit)	​			​			​
Current Liabilities:	​			​			​
Accounts payable	​	$	1,841	​	$	—	​	$	1,841
Accrued expenses	​		402	​		—	​		402
Customer deposits	​		2,709	​		—	​		2,709
Line of credit	​		—	​		—	​		—
Notes payable – current	​		110	​		—	​		110
Unearned warranty revenue	​		34	​		—	​		34
Total Current Liabilities	​		5,096	​		—	​		5,096
​	​	​	​	​	​	​	​	​	​
Long-Term Liabilities:	​			​			​
Notes payable, net of current portion	​		588	​		—	​		588
Deferred rent	​		25	​		—	​		25
Total Long-Term Liabilities	​		613	​		—	​		613
Total Liabilities	​		5,709	​		—	​		5,709
Stockholders’ Equity (Deficit)	​			​			​
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 shares issued and outstanding at September 30, 2021	​		—	​		—	​		—
Additional paid-in capital	​		10,172	​		2,139	​		12,311
​	​	​	​	​	​	​	​	​	​
Accumulated deficit	​		(179)	​		(2,138)	​		(2,317)
Total Stockholders’ Equity (Deficit)	​		9,993	​		1	​		9,994
Total Liabilities and Stockholders’ Equity (Deficit)	​	$	15,702	​	$	1	​	$	15,703

​

​	​	​	​	​	​	​	​	​	​
​		June 30,						​
​	​	2021		​	​		​	​
​	​	As		​	​		​	​
​	​	Previously		​	​		​	​
​	​	Reported		​	Adjustments		​	As Restated
Assets		​			​			​
Current Assets:		​			​			​
Cash and cash equivalents	​	$	1,269	​	$	1	​	$	1,270
Accounts receivable, net	​		454	​		—	​		454
Inventories, net	​		1,534	​		—	​		1,534
Prepaid expenses and other	​		86	​		9	​		95
Total Current Assets	​		3,343	​		10	​		3,353
Long-Term Assets:	​			​			​
Property, plant and equipment, net	​		21	​		—	​		21
Intangibles, net	​		935	​		—	​		935
Goodwill	​		287	​		—	​		287
Other assets	​		1,133	​		—	​		1,133
Total Long-Term Assets	​		2,376	​		—	​		2,376
Total Assets	​	$	5,719	​		10	​	$	5,729
​	​	​	​	​	​	​	​	​	​
Liabilities And Stockholders’ Equity (Deficit)	​			​			​
Current Liabilities:	​			​			​
Accounts payable	​	$	1,911	​		—	​	$	1,911
Accrued expenses	​		620	​		—	​		620
Customer deposits	​		1,339	​		—	​		1,339
Line of credit	​		590	​		—	​		590
Notes payable – related party	​		1,272	​		(1,272)	​		—
Notes payable – current	​		237	​		—	​		237
Unearned warranty revenue	​		34	​		—	​		34
Total Current Liabilities	​		6,003	​		(1,272)	​		4,731
​	​	​	​	​	​	​	​	​	​
Long-Term Liabilities:	​			​			​
Notes payable, net of current portion	​		1,702	​		—	​		1,702
Deferred rent	​		25	​		—	​		25
Total Long-Term Liabilities	​		1,727	​		—	​		1,727
Total Liabilities	​		7,730	​		(1,272)	​		6,458
Stockholders’ Equity (Deficit)	​			​			​
Common stock, $0.00001 par value, 100,000,000 shares authorized, 5,666,667 shares issued and outstanding at June 30, 2021	​		—	​		—	​		—
Additional paid-in capital	​		—	​		1,011	​		1,011
Members deficit	​		(2,011)	​		2,011	​		—
Accumulated deficit	​		—	​		(1,740)	​		(1,740)
Total Stockholders’ Equity (Deficit)	​		(2,011)	​		1,282	​		(729)
Total Liabilities and Stockholders’ Equity (Deficit)	​	$	5,719	​		10	​	$	5,729

​

​	​	​	​	​	​	​	​	​	​
​	​	Three months ended		​	​	​	​	Three months ended
​	​	September 30,		​	​	​	​	September 30,
​	​	2021		​	​	​	​	2021
​		As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:	​			​			​
​	​	​	​	​	​	​	​	​	​
Net loss	​	$	(576)	​	$	(1)	​	$	(577)
Adjustments to reconcile net loss to net cash used in operating activities:	​			​		—	​
Provision for doubtful accounts	​		(90)	​		—	​		(90)
Depreciation expense	​		13	​		—	​		13
Amortization expense	​		24	​		—	​		24
Stock option compensation expense	​		56	​		—	​		56
Changes in operating assets and liabilities	​			​		​	​
Accounts receivable	​		(354)	​		—	​		(354)
Inventories	​		(377)	​		—	​		(377)
Prepaid expenses and other	​		(554)	​		7	​		(547)
Accounts payable	​		(70)	​		—	​		(70)
Accrued expenses	​		(219)	​		2	​		(217)
Customer deposits	​		1,370	​		—	​		1,370
Net cash used in operating activities	​		(777)	​		8	​		(769)
Cash flows from financing activities	​			​			​
Cash acquired through Exchange Agreement	​		8	​		(8)	​		—
Net proceeds from initial public offering	​		12,360	​		—	​		12,360
Net payments on notes payable	​		(1,241)	​		—	​		(1,241)
Payments on line of credit	​		(590)	​		—	​		(590)
Net cash provided by financing activities	​		10,537	​		(8)	​		10,529
Net increase in cash and cash equivalents	​		9,760	​			​		9,760
Cash and cash equivalents, beginning of the period	​		1,269	​		1	​		1,270
Cash and cash equivalents, end of the period	​	$	11,029	​	$	1	​	$	11,030

​

​	​	​	​	​	​	​	​	​	​
​	​	Three months ended		​	​	​	​	Three months ended
​	​	September 30,		​	​	​	​	September 30,
​	​	2020		​	​	​	​	2020
​		As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Net loss	​	$	(389)	​	$	19	​	$	(370)
Adjustments to reconcile net loss to net cash used in operating activities:	​			​			​
Provision for doubtful accounts	​		40	​		—	​		40
Depreciation expense	​		34	​		—	​		34
Amortization expense	​		24	​		—	​		24
Deferred rent	​		2	​		—	​		2
Unrealized gain on investments	​		—	​		(20)	​		(20)
Changes in operating assets and liabilities	​			​			​
Accounts receivable	​		171	​		—	​		171
Inventories	​		(25)	​		—	​		(25)
Prepaid expenses and other	​		(148)	​		1	​		(147)
Accounts payable	​		(167)	​		(1)	​		(168)
Accrued expenses	​		(133)	​		1	​		(132)
Unearned warranty revenue	​		(9)	​		—	​		(9)
Customer deposits	​		(249)	​		—	​		(249)
Net cash used in operating activities	​		(849)	​		​	​		(849)
Cash flows from financing activities	​			​			​
Net borrowings on notes payable	​		14	​		—	​		14
Payments on line of credit	​		(60)	​		—	​		(60)
Proceeds from private placement	​		784	​		—	​		784
Net cash provided by financing activities	​		738	​		—	​		738
Net decrease in cash and cash equivalents	​		(111)	​		​	​		(111)
Cash and cash equivalents, beginning of the period	​		1,058	​		1	​		1,059
Cash and cash equivalents, end of the period	​	$	947	​	$	1	​	$	948

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Common Stock				​	​	Additional Paid-In	​	​	Accumulated	​	​	LLC Members	​	​	​
​		Shares		Amount			Capital			Deficit			Equity (Deficit)			Total
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance as of July 1, 2020, as previously reported		—	​	$	—	​	$	—	​	$	—	​	$	(969)	​	$	(969)
Adjustment		—	​		—	​		—	​		​	​		969	​		969
Outstanding shares of MiT, Inc., as of July 1, 2020 (see note 1)		2,650,000	​		—	​		101	​		—	​		—	​		101
Share exchange (see note 1)		2,350,000	​		—	​		126	​		(1,095)	​		—	​		(969)
Balance as of July 1, 2020, as restated		5,000,000	​		​	​		227	​		(1,095)	​			​		(868)
Shares issued in Private placement	​	666,667	​	​	​	​	​	784	​	​	​	​	​	​	​	​	784
Net loss, as previously reported		—	​		—	​		—	​		(389)	​		—	​		(389)
Adjustment to net loss for restatement		—	​		—	​		—	​		19	​		—	​		19
Balance as of September 30, 2020, as restated		5,666,667	​	$	—	​	$	1,011	​	$	(1,465)	​	$	—	​	$	(454)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance as of July 1, 2021, as previously reported		—	​	$	—	​	$	—	​	$	—	​	$	(2,011)	​	$	(2,011)
Adjustment		5,666,667	​		—	​		1,011	​		(1,740)	​		2,011	​		1,282
Balance as of July 1, 2021, as restated		5,666,667	​		—	​		1,011	​		(1,740)	​		—	​		(729)
Reverse recapitalization, as previously reported		3,316,667	​		—	​		—	​		—	​		1,280	​		1,280
Adjustment		(3,316,667)	​		—	​		—	​		—	​		1,280	​		(1,280)
Common shares issued for LLC Members’ interest, as previously reported		2,350,000	​		—	​		(1,128)	​		397	​		731	​		—
Adjustment		(2,350,000)	​		—	​		1,128	​		(397)	​		(731)	​		—
Shares of common stock issued for cash, net of costs		4,830,000	​		—	​		11,244	​		—	​		—	​		11,244
Cashless exercise of warrants		139,611	​		—	​		—	​		—	​		—	​		—
Stock option compensation expense		—	​		—	​		56	​		—	​		—	​		56
Net loss, as previously reported		—	​		—	​		—	​		(576)	​		—	​		(576)
Adjustment to net loss for restatement		—	​		—	​		—	​		(1)	​		—	​		(1)
Balance as of September 30, 2021, as restated		10,636,278	​	$	—	​	$	12,311	​	$	(2,317)	​	$	—	​	$	9,994

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

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration