v3.26.1
Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]  
SCHEDULE OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The restatement impacts to the Company’s condensed consolidated balance sheet were as shown below (amount in thousands):

 

 

                
   As of March 31, 2026 
   As Previously         
   Reported   Adjustments   As Restated 
ASSETS               
Current assets               
Prepaid expenses and other current assets  $1,469   $(263)  $1,206 
Total current assets   3,113    (263)   2,850 
TOTAL ASSETS  $58,730   $(263)  $58,467 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY               
Current liabilities               
Accounts payable   14,169    385    14,554 
Deferred revenue   1,840    (827)   1,013 
Total current liabilities   56,108    (442)   55,666 
Total liabilities   59,344    (442)   58,902 
                
Stockholders’ equity (deficit)               
Accumulated deficit   (78,490)   179    (78,311)
Total stockholders’ equity (deficit)   (614)   179    (435)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $58,730   $(263)  $58,467 

 

The restatement impacts to the Company’s condensed consolidated statements of operations were as shown below (amount in thousands, except per share amounts):

 

                
   For the three months ended 
   March 31, 2026 
   As Previously         
   Reported   Adjustments   As Restated 
Revenues, net  $478   $691   $1,169 
Cost of revenues   311    563    874 
Gross profit   167    128    295 
                
Operating expenses:               
General and administration   2,772    (51)   2,721 
Loss from operations   (2,605)   179    (2,426)
                
Loss from operations before income taxes   (3,980)   179    (3,801)
Loss from continuing operations after income taxes   (5,354)   179    (5,175)
Net loss  $(5,354)  $179   $(5,175)
                
Net earnings (loss) per share:               
Loss from continuing operations, basic and diluted  $(0.43)  $0.01   $(0.42)
Net loss (earnings) per share, basic and diluted  $(0.43)  $0.01   $(0.42)

 

 

The restatement impacts to the Company’s condensed consolidated statements of changes in stockholders’ equity were as shown below (amount in thousands):

 

   Accumulated Deficit  

Total

Stockholders’ Deficit

 
   For the three months ended 
   March 31, 2026 
   Accumulated Deficit  

Total

Stockholders’ Deficit

 
As Previously Reported         
Net loss  $(5,354)  $(5,354)
Balance at March 31, 2026  $(78,490)  $(614)
           
Adjustments  $179   $179 
           
As Restated        
Net loss  $(5,175)  $(5,175)
Balance at March 31, 2026  $(78,311)  $(435)

 

 

The restatement impacts to the Company’s condensed consolidated statement of cash flows were as shown below (amount in thousands):

 

                
   For the three months ended 
   March 31, 2026 
   As Previously         
   Reported   Adjustments   As Restated 
Cash flows from operating activities:               
Net loss from continuing operations  $(5,354)  $179   $(5,175)
Changes in operating assets and liabilities:               
Prepaid expenses and other current assets   (104)   263    159 
Accounts payable and accrued expenses   1,180    385    1,565 
Deferred revenue   484    (827)   (343)
Net cash used in operating activities - continuing operations   (748)   -    (748)
Net cash used in operating activities  $(748)  $-   $(748)