Summary of Corrections of Previously Reported Unaudited Condensed Consolidated Statement of Income (Loss) and Comprehensive Income (Loss) |
Unaudited condensed consolidated statement of income (loss) and comprehensive income (loss):
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|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2024 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Revenue |
$ |
59,293 |
|
|
$ |
(634 |
) |
|
$ |
58,659 |
|
Gross profit |
|
35,324 |
|
|
|
(634 |
) |
|
|
34,690 |
|
General and administrative |
|
18,635 |
|
|
|
(457 |
) |
|
|
18,178 |
|
Amortization |
|
7,962 |
|
|
|
2,874 |
|
|
|
10,836 |
|
Acquisition and integration costs |
|
7,753 |
|
|
|
(776 |
) |
|
|
6,977 |
|
Remeasurement of contingent consideration |
|
1,263 |
|
|
|
801 |
|
|
|
2,064 |
|
Total operating expenses |
|
54,706 |
|
|
|
2,442 |
|
|
|
57,148 |
|
Operating loss |
|
(19,382 |
) |
|
|
(3,076 |
) |
|
|
(22,458 |
) |
Related party interest expense |
|
(6,591 |
) |
|
|
390 |
|
|
|
(6,201 |
) |
Interest income |
|
2,319 |
|
|
|
(1,085 |
) |
|
|
1,234 |
|
Loss before provision of income taxes |
|
(23,436 |
) |
|
|
(3,771 |
) |
|
|
(27,207 |
) |
Benefit for income taxes |
|
2,955 |
|
|
|
4,743 |
|
|
|
7,698 |
|
Net loss |
|
(20,481 |
) |
|
|
972 |
|
|
|
(19,509 |
) |
Total comprehensive loss |
|
(17,930 |
) |
|
|
972 |
|
|
|
(16,958 |
) |
Net loss per common share: |
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|
|
|
|
|
|
|
Basic |
$ |
(0.49 |
) |
|
$ |
0.02 |
|
|
$ |
(0.47 |
) |
Diluted |
$ |
(0.49 |
) |
|
$ |
0.02 |
|
|
$ |
(0.47 |
) |
|
Summary of Corrections of Previously Reported Unaudited Condensed Consolidated Statement of Cash Flows |
Unaudited condensed consolidated statement of cash flows:
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Three months ended March 31, 2024 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
$ |
(20,481 |
) |
|
$ |
972 |
|
|
$ |
(19,509 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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|
|
|
|
|
|
Amortization |
|
8,064 |
|
|
|
2,874 |
|
|
|
10,938 |
|
Provision for bad debt |
|
814 |
|
|
|
(457 |
) |
|
|
357 |
|
Deferred tax provision |
|
(2,955 |
) |
|
|
(5,283 |
) |
|
|
(8,238 |
) |
Remeasurement of contingent consideration |
|
1,263 |
|
|
|
801 |
|
|
|
2,064 |
|
Net foreign exchange loss |
|
- |
|
|
|
(54 |
) |
|
|
(54 |
) |
Changes in operating assets and liabilities: |
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|
|
|
|
|
|
|
Accounts receivable |
|
(4,791 |
) |
|
|
1,147 |
|
|
|
(3,644 |
) |
Prepaid expenses and other current assets (liabilities) |
|
191 |
|
|
|
(806 |
) |
|
|
(615 |
) |
Accrued expenses and other liabilities |
|
(3,385 |
) |
|
|
430 |
|
|
|
(2,955 |
) |
Income tax payable |
|
- |
|
|
|
361 |
|
|
|
361 |
|
Contract liabilities |
|
10,498 |
|
|
|
(548 |
) |
|
|
9,950 |
|
Other assets (liabilities) |
|
(241 |
) |
|
|
363 |
|
|
|
122 |
|
Net cash used in operating activities |
$ |
(1,553 |
) |
|
$ |
(200 |
) |
|
$ |
(1,753 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
Cash pool arrangements with Parent |
|
5,741 |
|
|
|
715 |
|
|
|
6,456 |
|
Net transfer to Parent |
|
(3,540 |
) |
|
|
(515 |
) |
|
|
(4,055 |
) |
Net cash provided by financing activities |
$ |
2,201 |
|
|
$ |
200 |
|
|
$ |
2,401 |
|
|