| QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
As discussed in Note 1, we have made adjustments to our previously issued 2020 Financial Statements to correct prior period immaterial errors. In connection therewith, we have made adjustments to our previously issued 2021 quarterly Financial Statements and previously reported segment results to correct the immaterial misstatements for such periods. 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
|
)
|
|