| The following tables summarize the effects of the restatement. |
Consolidated
Balance Sheet
December 31, 2024
The following
tables summarize the effects of the restatement. Amounts are in thousands, except per-share amounts.
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Inventories, net | |
$ | 20,267 | | |
$ | (4,651 | ) | |
$ | 15,616 | |
| Total current assets | |
| 29,348 | | |
| (4,651 | ) | |
| 24,697 | |
| Total assets | |
| 50,002 | | |
| (4,651 | ) | |
| 45,351 | |
| Accumulated deficit | |
| (100,428 | ) | |
| (4,651 | ) | |
| (105,079 | ) |
| Total stockholders’ equity | |
| 14,946 | | |
| (4,651 | ) | |
| 10,295 | |
| Total liabilities and stockholders’ equity | |
| 50,002 | | |
| (4,651 | ) | |
| 45,351 | |
Consolidated
Statement of Operations
Year Ended December 31, 2024
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Cost of revenue | |
$ | 36,159 | | |
$ | 3,136 | | |
$ | 39,295 | |
| Gross profit | |
| 16,188 | | |
| (3,136 | ) | |
| 13,052 | |
| Income from operations | |
| 5,132 | | |
| (3,136 | ) | |
| 1,996 | |
| Net income | |
| 4,235 | | |
| (3,136 | ) | |
| 1,099 | |
Net
Income (Loss) Per Common Share
Year Ended December 31, 2024
| | |
As Previously
Reported | | |
Restatement Adjustment | | |
As Restated | |
| Basic | |
$ | 0.07 | | |
$ | (0.05 | ) | |
$ | 0.02 | |
| Diluted | |
| 0.07 | | |
| (0.05 | ) | |
| 0.02 | |
Consolidated
Statement of Stockholders’ Equity
Year Ended December 31, 2024
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Accumulated deficit at December 31, 2023 | |
$ | (104,663 | ) | |
$ | (1,515 | ) | |
$ | (106,178 | ) |
| Net income | |
| 4,235 | | |
| (3,136 | ) | |
| 1,099 | |
| Accumulated deficit at December 31, 2024 | |
| (100,428 | ) | |
| (4,651 | ) | |
| (105,079 | ) |
| Total stockholders’ equity at December 31, 2024 | |
| 14,946 | | |
| (4,651 | ) | |
| 10,295 | |
Consolidated
Statement of Cash Flows
Year Ended December 31, 2024
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Net income | |
$ | 4,235 | | |
$ | (3,136 | ) | |
$ | 1,099 | |
| Change in inventories | |
| (10,236 | ) | |
| 3,136 | | |
| (7,100 | ) |
| Net cash provided by operating activities | |
| 1,971 | | |
| — | | |
| 1,971 | |
Consolidated
Balance Sheet
December 31, 2023
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Inventories, net | |
$ | 10,031 | | |
$ | (1,515 | ) | |
$ | 8,516 | |
| Total current assets | |
| 16,302 | | |
| (1,515 | ) | |
| 14,787 | |
| Total assets | |
| 32,881 | | |
| (1,515 | ) | |
| 31,366 | |
| Accumulated deficit | |
| (104,663 | ) | |
| (1,515 | ) | |
| (106,178 | ) |
| Total stockholders’ equity | |
| 1,902 | | |
| (1,515 | ) | |
| 387 | |
| Total liabilities and stockholders’ equity | |
| 32,881 | | |
| (1,515 | ) | |
| 31,366 | |
Consolidated
Statement of Operations
Year Ended December 31, 2023
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Cost of revenue | |
$ | 29,472 | | |
$ | 547 | | |
$ | 30,019 | |
| Gross profit | |
| 7,825 | | |
| (547 | ) | |
| 7,278 | |
| Loss from operations | |
| (3,546 | ) | |
| (547 | ) | |
| (4,093 | ) |
| Net loss | |
| (4,390 | ) | |
| (547 | ) | |
| (4,937 | ) |
Net
Income (Loss) Per Common Share
Year Ended December 31, 2023
| | |
As Previously
Reported | | |
Restatement Adjustment | | |
As Restated | |
| Basic | |
$ | (0.09 | ) | |
$ | (0.01 | ) | |
$ | (0.10 | ) |
| Diluted | |
| (0.09 | ) | |
| (0.01 | ) | |
| (0.10 | ) |
Consolidated
Statement of Stockholders’ Equity
Year Ended December 31, 2023
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Accumulated deficit at December 31, 2022, after adoption of the expected-credit-loss standard | |
$ | (100,273 | ) | |
$ | (968 | ) | |
$ | (101,241 | ) |
| Net loss | |
| (4,390 | ) | |
| (547 | ) | |
| (4,937 | ) |
| Accumulated deficit at December 31, 2023 | |
| (104,663 | ) | |
| (1,515 | ) | |
| (106,178 | ) |
| Total stockholders’ equity at December 31, 2023 | |
| 1,902 | | |
| (1,515 | ) | |
| 387 | |
Consolidated
Statement of Cash Flows
Year Ended December 31, 2023
| | |
As Previously
Reported | | |
Restatement
Adjustment | | |
As Restated | |
| Net loss | |
$ | (4,390 | ) | |
$ | (547 | ) | |
$ | (4,937 | ) |
| Change in inventories | |
| (1,192 | ) | |
| 547 | | |
| (645 | ) |
| Net cash used in operating activities | |
| (2,006 | ) | |
| — | | |
| (2,006 | ) |
|