| Summary of Adjustments to Previously Issued Quarterly Financial Statements |
A summary of the adjustments to our previously issued 2021 quarterly Financial Statements and previously reported segment results to correct the immaterial errors is as follows (in thousands):
Balance Sheet
|
|
|
As Previously Reported (1)
|
|
|
Corrections
|
|
|
As Adjusted
|
|
|
As of March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
$
|
2,817
|
|
|
$
|
5,395
|
|
|
$
|
8,212
|
|
|
Total current assets
|
|
|
153,271
|
|
|
|
5,395
|
|
|
|
158,666
|
|
|
Total assets
|
|
|
213,426
|
|
|
|
5,395
|
|
|
|
218,821
|
|
|
Accrued expenses and other liabilities
|
|
|
9,993
|
|
|
|
7,177
|
|
|
|
17,170
|
|
|
Total current liabilities
|
|
|
100,777
|
|
|
|
7,177
|
|
|
|
107,954
|
|
|
Total liabilities
|
|
|
105,492
|
|
|
|
7,177
|
|
|
|
112,669
|
|
|
Accumulated deficit
|
|
|
(7,574
|
)
|
|
|
(1,782
|
)
|
|
|
(9,356
|
)
|
|
Total shareholders' equity
|
|
|
107,934
|
|
|
|
(1,782
|
)
|
|
|
106,152
|
|
|
Total liabilities and shareholders’ equity
|
|
|
213,426
|
|
|
|
5,395
|
|
|
|
218,821
|
|
|
|
(1)
|
Represents amounts as reported in our previously issued 2021 quarterly Financial Statements which do not reflect discontinued operations presentation as such change did not occur until the second quarter 2021.
|
|
|
|
As Previously Reported
|
|
|
Corrections
|
|
|
As Adjusted
|
|
|
As of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
$
|
5,962
|
|
|
$
|
5,395
|
|
|
$
|
11,357
|
|
|
Total current assets
|
|
|
100,115
|
|
|
|
5,395
|
|
|
|
105,510
|
|
|
Total assets
|
|
|
143,679
|
|
|
|
5,395
|
|
|
|
149,074
|
|
|
Accrued expenses and other liabilities
|
|
|
8,197
|
|
|
|
7,055
|
|
|
|
15,252
|
|
|
Total current liabilities
|
|
|
27,651
|
|
|
|
7,055
|
|
|
|
34,706
|
|
|
Total liabilities
|
|
|
38,340
|
|
|
|
7,055
|
|
|
|
45,395
|
|
|
Accumulated deficit
|
|
|
(10,525
|
)
|
|
|
(1,660
|
)
|
|
|
(12,185
|
)
|
|
Total shareholders' equity
|
|
|
105,339
|
|
|
|
(1,660
|
)
|
|
|
103,679
|
|
|
Total liabilities and shareholders’ equity
|
|
|
143,679
|
|
|
|
5,395
|
|
|
|
149,074
|
|
|
As of September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
$
|
6,361
|
|
|
$
|
5,395
|
|
|
$
|
11,756
|
|
|
Total current assets
|
|
|
93,712
|
|
|
|
5,395
|
|
|
|
99,107
|
|
|
Total assets
|
|
|
135,876
|
|
|
|
5,395
|
|
|
|
141,271
|
|
|
Accrued expenses and other liabilities
|
|
|
8,372
|
|
|
|
6,979
|
|
|
|
15,351
|
|
|
Total current liabilities
|
|
|
23,132
|
|
|
|
6,979
|
|
|
|
30,111
|
|
|
Total liabilities
|
|
|
24,722
|
|
|
|
6,979
|
|
|
|
31,701
|
|
|
Accumulated deficit
|
|
|
(5,213
|
)
|
|
|
(1,584
|
)
|
|
|
(6,797
|
)
|
|
Total shareholders' equity
|
|
|
111,154
|
|
|
|
(1,584
|
)
|
|
|
109,570
|
|
|
Total liabilities and shareholders’ equity
|
|
|
135,876
|
|
|
|
5,395
|
|
|
|
141,271
|
|
Statement of Operations
|
|
|
As Previously Reported (1)
|
|
|
Corrections
|
|
|
As Adjusted Prior to Recast
|
|
|
Recast (2)
|
|
|
As Adjusted
|
|
|
Three months ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
51,370
|
|
|
$
|
(104
|
)
|
|
$
|
51,266
|
|
|
$
|
(27,506
|
)
|
|
$
|
23,760
|
|
|
Gross profit
|
|
|
7,581
|
|
|
|
104
|
|
|
|
7,685
|
|
|
|
(7,660
|
)
|
|
|
25
|
|
|
General and administrative expense
|
|
|
3,127
|
|
|
|
—
|
|
|
|
3,127
|
|
|
|
(340
|
)
|
|
|
2,787
|
|
|
Operating loss
|
|
|
(18,458
|
)
|
|
|
104
|
|
|
|
(18,354
|
)
|
|
|
16,121
|
|
|
|
(2,233
|
)
|
|
Loss before income taxes
|
|
|
(18,652
|
)
|
|
|
104
|
|
|
|
(18,548
|
)
|
|
|
16,121
|
|
|
|
(2,427
|
)
|
|
Net loss
|
|
|
(18,641
|
)
|
|
|
104
|
|
|
|
(18,537
|
)
|
|
|
—
|
|
|
|
(18,537
|
)
|
|
Basic and diluted loss per common share
|
|
|
(1.21
|
)
|
|
|
0.01
|
|
|
|
(1.20
|
)
|
|
|
—
|
|
|
|
(1.20
|
)
|
|
|
(1)
|
Represents amounts as reported in our previously issued 2021 quarterly Financial Statements which do not reflect discontinued operations presentation as such change did not occur until the second quarter 2021.
|
|
|
(2)
|
Reflects adjustments to recast previously issued 2021 quarterly Financial Statement amounts on a discontinued operations basis.
|
|
|
|
As Previously Reported
|
|
|
Corrections
|
|
|
As Adjusted
|
|
|
Three months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
23,164
|
|
|
$
|
(117
|
)
|
|
$
|
23,047
|
|
|
Gross profit
|
|
|
1,104
|
|
|
|
117
|
|
|
|
1,221
|
|
|
General and administrative expense
|
|
|
3,093
|
|
|
|
(5
|
)
|
|
|
3,088
|
|
|
Operating loss
|
|
|
(1,609
|
)
|
|
|
122
|
|
|
|
(1,487
|
)
|
|
Loss before income taxes
|
|
|
(1,704
|
)
|
|
|
122
|
|
|
|
(1,582
|
)
|
|
Loss from continuing operations
|
|
|
(1,700
|
)
|
|
|
122
|
|
|
|
(1,578
|
)
|
|
Net loss
|
|
|
(2,951
|
)
|
|
|
122
|
|
|
|
(2,829
|
)
|
|
Basic and diluted loss from continuing operations
|
|
|
(0.11
|
)
|
|
|
0.01
|
|
|
|
(0.10
|
)
|
|
Basic and diluted loss per common share
|
|
|
(0.19
|
)
|
|
|
0.01
|
|
|
|
(0.18
|
)
|
|
Three months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
19,785
|
|
|
$
|
(63
|
)
|
|
$
|
19,722
|
|
|
Gross loss
|
|
|
(198
|
)
|
|
|
63
|
|
|
|
(135
|
)
|
|
General and administrative expense
|
|
|
3,224
|
|
|
|
(13
|
)
|
|
|
3,211
|
|
|
Operating loss
|
|
|
(3,682
|
)
|
|
|
76
|
|
|
|
(3,606
|
)
|
|
Income before income taxes
|
|
|
5,321
|
|
|
|
76
|
|
|
|
5,397
|
|
|
Income from continuing operations
|
|
|
5,312
|
|
|
|
76
|
|
|
|
5,388
|
|
|
Net Income
|
|
|
5,312
|
|
|
|
76
|
|
|
|
5,388
|
|
|
Basic and diluted income from continuing operations
|
|
|
0.34
|
|
|
|
0.01
|
|
|
|
0.35
|
|
|
Basic and diluted income per common share
|
|
|
0.34
|
|
|
|
0.01
|
|
|
|
0.35
|
|
|
Six months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
47,028
|
|
|
$
|
(221
|
)
|
|
$
|
46,807
|
|
|
Gross profit
|
|
|
1,025
|
|
|
|
221
|
|
|
|
1,246
|
|
|
General and administrative expense
|
|
|
5,880
|
|
|
|
(5
|
)
|
|
|
5,875
|
|
|
Operating loss
|
|
|
(3,946
|
)
|
|
|
226
|
|
|
|
(3,720
|
)
|
|
Loss before income taxes
|
|
|
(4,235
|
)
|
|
|
226
|
|
|
|
(4,009
|
)
|
|
Loss from continuing operations
|
|
|
(4,220
|
)
|
|
|
226
|
|
|
|
(3,994
|
)
|
|
Net loss
|
|
|
(21,592
|
)
|
|
|
226
|
|
|
|
(21,366
|
)
|
|
Basic and diluted loss from continuing operations
|
|
|
(0.27
|
)
|
|
|
0.01
|
|
|
|
(0.26
|
)
|
|
Basic and diluted loss per common share
|
|
|
(1.40
|
)
|
|
|
0.02
|
|
|
|
(1.38
|
)
|
|
Nine months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
66,813
|
|
|
$
|
(284
|
)
|
|
$
|
66,529
|
|
|
Gross profit
|
|
|
827
|
|
|
|
284
|
|
|
|
1,111
|
|
|
General and administrative expense
|
|
|
9,104
|
|
|
|
(18
|
)
|
|
|
9,086
|
|
|
Operating loss
|
|
|
(7,628
|
)
|
|
|
302
|
|
|
|
(7,326
|
)
|
|
Income before income taxes
|
|
|
1,086
|
|
|
|
302
|
|
|
|
1,388
|
|
|
Income from continuing operations
|
|
|
1,092
|
|
|
|
302
|
|
|
|
1,394
|
|
|
Net loss
|
|
|
(16,280
|
)
|
|
|
302
|
|
|
|
(15,978
|
)
|
|
Basic and diluted income from continuing operations
|
|
|
0.07
|
|
|
|
0.02
|
|
|
|
0.09
|
|
|
Basic and diluted loss per common share
|
|
|
(1.05
|
)
|
|
|
0.02
|
|
|
|
(1.03
|
)
|
Statement of Cash Flows
|
|
|
As Previously Reported
|
|
|
Corrections
|
|
|
As Adjusted
|
|
|
Three months ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(18,641
|
)
|
|
$
|
104
|
|
|
$
|
(18,537
|
)
|
|
Accrued expenses and other current liabilities
|
|
|
2,303
|
|
|
|
(104
|
)
|
|
|
2,199
|
|
|
Six months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(21,592
|
)
|
|
$
|
226
|
|
|
$
|
(21,366
|
)
|
|
Accrued expenses and other current liabilities
|
|
|
1,330
|
|
|
|
(226
|
)
|
|
|
1,104
|
|
|
Nine months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(16,280
|
)
|
|
$
|
302
|
|
|
$
|
(15,978
|
)
|
|
Accrued expenses and other current liabilities
|
|
|
1,206
|
|
|
|
(302
|
)
|
|
|
904
|
|
Segment Information
|
|
|
Three Months Ended March 31, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit, as reported (1)
|
|
$
|
1,042
|
|
|
$
|
6,539
|
|
|
$
|
—
|
|
|
$
|
7,581
|
|
|
Corrections
|
|
|
58
|
|
|
|
46
|
|
|
|
—
|
|
|
|
104
|
|
|
Gross profit (loss), as adjusted prior to recast
|
|
|
1,100
|
|
|
|
6,585
|
|
|
|
—
|
|
|
|
7,685
|
|
|
Recast for discontinued operations (2)
|
|
|
—
|
|
|
|
(7,660
|
)
|
|
|
—
|
|
|
|
(7,660
|
)
|
|
Gross profit from continuing operations, as adjusted
|
|
$
|
1,100
|
|
|
$
|
(1,075
|
)
|
|
$
|
—
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported (1)
|
|
$
|
981
|
|
|
$
|
(17,450
|
)
|
|
$
|
(1,989
|
)
|
|
$
|
(18,458
|
)
|
|
Corrections
|
|
|
58
|
|
|
|
46
|
|
|
|
—
|
|
|
|
104
|
|
|
Operating income (loss), as adjusted prior to recast
|
|
|
1,039
|
|
|
|
(17,404
|
)
|
|
|
(1,989
|
)
|
|
|
(18,354
|
)
|
|
Recast for discontinued operations (2)
|
|
|
—
|
|
|
|
16,121
|
|
|
|
—
|
|
|
|
16,121
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
1,039
|
|
|
$
|
(1,283
|
)
|
|
$
|
(1,989
|
)
|
|
$
|
(2,233
|
)
|
|
|
(1)
|
Represents amounts as reported in our previously issued 2021 quarterly Financial Statements which do not reflect discontinued operations presentation as such change did not occur until the second quarter 2021.
|
|
|
(2)
|
Reflects adjustments to recast previously issued 2021 quarterly Financial Statement amounts on a discontinued operations basis.
|
|
|
|
Three Months Ended June 30, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit (loss), as reported
|
|
$
|
2,241
|
|
|
$
|
(1,059
|
)
|
|
$
|
(78
|
)
|
|
$
|
1,104
|
|
|
Corrections
|
|
|
63
|
|
|
|
54
|
|
|
|
—
|
|
|
|
117
|
|
|
Gross profit (loss) from continuing operations, as adjusted
|
|
$
|
2,304
|
|
|
$
|
(1,005
|
)
|
|
$
|
(78
|
)
|
|
$
|
1,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported
|
|
$
|
1,656
|
|
|
$
|
(1,119
|
)
|
|
$
|
(2,146
|
)
|
|
$
|
(1,609
|
)
|
|
Corrections
|
|
|
63
|
|
|
|
55
|
|
|
|
4
|
|
|
|
122
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
1,719
|
|
|
$
|
(1,064
|
)
|
|
$
|
(2,142
|
)
|
|
$
|
(1,487
|
)
|
|
|
|
Three Months Ended September 30, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit (loss), as reported
|
|
$
|
1,112
|
|
|
$
|
(1,252
|
)
|
|
$
|
(58
|
)
|
|
$
|
(198
|
)
|
|
Corrections
|
|
|
48
|
|
|
|
15
|
|
|
|
—
|
|
|
|
63
|
|
|
Gross profit (loss) from continuing operations, as adjusted
|
|
$
|
1,160
|
|
|
$
|
(1,237
|
)
|
|
$
|
(58
|
)
|
|
$
|
(135
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported
|
|
$
|
379
|
|
|
$
|
(1,896
|
)
|
|
$
|
(2,165
|
)
|
|
$
|
(3,682
|
)
|
|
Corrections
|
|
|
48
|
|
|
|
15
|
|
|
|
13
|
|
|
|
76
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
427
|
|
|
$
|
(1,881
|
)
|
|
$
|
(2,152
|
)
|
|
$
|
(3,606
|
)
|
|
|
|
Six Months Ended June 30, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit (loss), as reported
|
|
$
|
3,228
|
|
|
$
|
(2,037
|
)
|
|
$
|
(166
|
)
|
|
$
|
1,025
|
|
|
Corrections
|
|
|
121
|
|
|
|
100
|
|
|
|
—
|
|
|
|
221
|
|
|
Gross profit (loss) from continuing operations, as adjusted
|
|
$
|
3,349
|
|
|
$
|
(1,937
|
)
|
|
$
|
(166
|
)
|
|
$
|
1,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported
|
|
$
|
2,517
|
|
|
$
|
(2,370
|
)
|
|
$
|
(4,093
|
)
|
|
$
|
(3,946
|
)
|
|
Corrections
|
|
|
121
|
|
|
|
101
|
|
|
|
4
|
|
|
|
226
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
2,638
|
|
|
$
|
(2,269
|
)
|
|
$
|
(4,089
|
)
|
|
$
|
(3,720
|
)
|
|
|
|
Nine Months Ended September 30, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit (loss), as reported
|
|
$
|
4,340
|
|
|
$
|
(3,289
|
)
|
|
$
|
(224
|
)
|
|
$
|
827
|
|
|
Corrections
|
|
|
169
|
|
|
|
115
|
|
|
|
—
|
|
|
|
284
|
|
|
Gross profit (loss) from continuing operations, as adjusted
|
|
$
|
4,509
|
|
|
$
|
(3,174
|
)
|
|
$
|
(224
|
)
|
|
$
|
1,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported
|
|
$
|
2,896
|
|
|
$
|
(4,266
|
)
|
|
$
|
(6,258
|
)
|
|
$
|
(7,628
|
)
|
|
Corrections
|
|
|
169
|
|
|
|
116
|
|
|
|
17
|
|
|
|
302
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
3,065
|
|
|
$
|
(4,150
|
)
|
|
$
|
(6,241
|
)
|
|
$
|
(7,326
|
)
|
|