Quarterly report pursuant to Section 13 or 15(d)

Organization and Description of Business (Tables)

v3.22.1
Organization and Description of Business (Tables)
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Effects Of Reclassification Adjustment On The Line Items Of Consolidated Statements Of Operations
The following table summarizes the effects of reclassification adjustment on the line items within the Company’s unaudited interim condensed consolidated statements of operations:
             
Prior Year’s Line item
   
Reclassified Amount
     
Current Year’s Line item
Depreciation and amortization
    $ 542      Selling, general and administrative expenses
Depreciation and amortization
      (542 )     Depreciation and amortization
Summary of Effects Of the Adjustment On The Line items Within Consolidated Financial Statements
The effect of the adjustments on the line items within the Company’s consolidated balance sheet as of December 31, 2021 is as follows:
 
 
  
December 31, 2021
 
 
  
As
previously
reported
 
  
Adjustment
 
  
As adjusted
 
Inventories
  
$
30,447
 
  
$
(1,755
) 
  
$
28,692
 
Current assets
  
 
55,401
 
  
 
(1,755
) 
  
 
53,646
 
Total assets
  
 
346,744
 
  
 
(1,755
) 
  
 
344,989
 
Accrued and other current liabilities
  
 
99,446
 
  
 
(513
) 
  
 
98,933
 
Current liabilities
  
 
285,821
 
  
 
(513
) 
  
 
285,308
 
Total liabilities
  
 
369,141
 
  
 
(513
) 
  
 
368,628
 
Accumulated deficit
  
 
(800,390
) 
  
 
(1,242
) 
  
 
(801,632
) 
Total shareholders’ deficit
  
 
(22,397
) 
  
 
(1,242
) 
  
 
(23,639
) 
Total liabilities and shareholders’ deficit
  
 
346,744
 
  
 
(1,755
) 
  
 
344,989
 
The effect of the adjustments on the line items within the Company’s consolidated statement of operations as of December 31, 2021 is as follows:
 
 
  
Year Ended December 31, 2021
 
 
  
As
previously
reported
 
  
Adjustment
 
  
As adjusted
 
Costs and expenses applicable to revenues
  
$
(91,735
) 
  
$
(1,755
) 
  
$
(93,490
) 
Gross profit
  
 
111,283
 
  
 
(1,755
) 
  
 
109,528
 
Loss from operations
  
 
(22,025
) 
  
 
(1,755
) 
  
 
(23,780
) 
Loss from operations before income tax
  
 
(53,999
) 
  
 
(1,755
) 
  
 
(55,754
) 
Income tax expense
  
 
22,249
 
  
 
(513
) 
  
 
21,736
 
Net loss
  
 
(76,248
) 
  
 
(1,242
) 
  
 
(77,490
) 
Earnings per share
  
 
(0.44
) 
  
 
(0.01
) 
  
 
(0.45
) 
The effect of the adjustments on the line items within the Company’s interim condensed consolidated statements of changes in shareholders’ deficit for the three months ended March 31, 2022 is as follows:
 
 
  
March 31, 2022
 
 
  
As
previously
reported
 
  
Adjustment
 
  
As adjusted
 
Accumulated deficit – Balance January 1, 2022
  
$
(800,390
) 
  
$
(1,242
) 
  
$
(801,632
) 
Total Shareholders’ deficit – Balance January 1, 2022
  
 
(22,397
) 
  
 
(1,242
) 
  
 
(23,639
)