| 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):
SCHEDULE
OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
| |
|
|
|
|
|
|
|
|
|
|
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|
| |
|
As of March 31, 2026 |
|
| |
|
As Previously |
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|
|
|
|
|
|
| |
|
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 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 |
) |
|