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Restatement of Previously Issued Financial Statements
 6 Months Ended
Jun. 30, 2022
Restatement of Previously Issued Financial Statements
Note 2 Restatement of Previously-Issued Financial Statements
In connection with the preparation of the Company’s June 30, 2022 unaudited condensed consolidated financial statements, management became aware of a classification error in the condensed consolidated statements of cash flows for the six months ended June 30, 2021.
The Company previously presented cash flow from Member advances, which includes disbursements, collection
s
and service revenues, as an operating activit
ies
. The Company identified that the disbursements and collections of Member advances should be part of investing activities while revenues are part of operating activities.
The Company corrected this error by reclassifying the net disbursements and collections portion of the cash flows to investing activities under “Net disbursements and collections of Member advances” in the condensed consolidated statements of cash flows. The Company also updated the financial line item for the service revenue portion from “Mem
ber advances” in operating activities to “Member advances, service revenue”. This error only impacts the condensed consolidated statements of cash flows.
The following table presents the impact of this error correction in the condensed consolidated statements of cash flows for the six months ended June 30, 2021, (in thousands):
 

 
  
For the Six Months Ended June 30, 2021
 
 
  
As Reported
 
  
Adjustment
 
  
As Restated
 
Operating Activities
  
      
  
      
  
      
Member advances, service revenue
  
$
 
(16,145
) 
  
$
 
15,196
 
  
$
 
(949
) 
Net cash (used in) operating activities
   
$
(16,078
)
 		   
$
15,196
    
$
(882
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing Activities
  
      
  
      
  
      
Net disbursements and collections of Member advances
  
$
 
—  
 
  
$
(15,196
) 
  
$
(15,196
) 
Net cash (used in) investing activities
   
$
1,622
    
$
 
(15,196
)
 		   
$
(13,574
)