| Summary of Revision of Previously Issued Financial Statements |
A summary of the adjustments to previously issued 2020 Financial Statements to correct the error in accounting for employee earned vacation, as well as certain other known immaterial errors, is as follows (in thousands):
Balance Sheet as of December 31, 2020
|
|
|
As Previously Reported (1)
|
|
|
Corrections
|
|
|
As Adjusted Prior to Recast
|
|
|
Recast (2)
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|
|
As Adjusted
|
|
|
Prepaid expenses and other assets (3)
|
|
$
|
2,815
|
|
|
$
|
5,395
|
|
|
$
|
8,210
|
|
|
$
|
(270
|
)
|
|
$
|
7,940
|
|
|
Total current assets (3)
|
|
|
147,362
|
|
|
|
5,395
|
|
|
|
152,757
|
|
|
|
—
|
|
|
|
152,757
|
|
|
Total assets (3)
|
|
|
231,343
|
|
|
|
5,395
|
|
|
|
236,738
|
|
|
|
—
|
|
|
|
236,738
|
|
|
Accrued expenses and other liabilities (3)
|
|
|
7,670
|
|
|
|
7,281
|
|
|
|
14,951
|
|
|
|
(1,188
|
)
|
|
|
13,763
|
|
|
Current liabilities of discontinued operations (4)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
63,807
|
|
|
|
63,807
|
|
|
Total current liabilities (3)
|
|
|
98,412
|
|
|
|
7,281
|
|
|
|
105,693
|
|
|
|
—
|
|
|
|
105,693
|
|
|
Total liabilities (3)
|
|
|
104,981
|
|
|
|
7,281
|
|
|
|
112,262
|
|
|
|
—
|
|
|
|
112,262
|
|
|
Retained earnings
|
|
|
11,067
|
|
|
|
(1,886
|
)
|
|
|
9,181
|
|
|
|
—
|
|
|
|
9,181
|
|
|
Total shareholders' equity
|
|
|
126,362
|
|
|
|
(1,886
|
)
|
|
|
124,476
|
|
|
|
—
|
|
|
|
124,476
|
|
|
Total liabilities and shareholders’ equity (3)
|
|
|
231,343
|
|
|
|
5,395
|
|
|
|
236,738
|
|
|
|
—
|
|
|
|
236,738
|
|
Statement of Operations for the year ended December 31, 2020
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|
|
As Previously Reported (1)
|
|
|
Corrections
|
|
|
As Adjusted Prior to Recast
|
|
|
Recast (2)
|
|
|
As Adjusted
|
|
|
Cost of revenue
|
|
$
|
268,710
|
|
|
$
|
(242
|
)
|
|
$
|
268,468
|
|
|
$
|
(142,872
|
)
|
|
$
|
125,596
|
|
|
Gross loss
|
|
|
(17,751
|
)
|
|
|
242
|
|
|
|
(17,509
|
)
|
|
|
9,642
|
|
|
|
(7,867
|
)
|
|
General and administrative expense
|
|
|
13,858
|
|
|
|
293
|
|
|
|
14,151
|
|
|
|
(1,426
|
)
|
|
|
12,725
|
|
|
Operating loss
|
|
|
(27,159
|
)
|
|
|
(51
|
)
|
|
|
(27,210
|
)
|
|
|
13,307
|
|
|
|
(13,903
|
)
|
|
Loss before income taxes
|
|
|
(27,427
|
)
|
|
|
(51
|
)
|
|
|
(27,478
|
)
|
|
|
13,307
|
|
|
|
(14,171
|
)
|
|
Net loss
|
|
|
(27,375
|
)
|
|
|
(51
|
)
|
|
|
(27,426
|
)
|
|
|
—
|
|
|
|
(27,426
|
)
|
Statement of Cash Flows for the year ended December 31, 2020
|
|
|
As Previously Reported (1)
|
|
|
Corrections
|
|
|
As Adjusted (5)
|
|
|
Net loss
|
|
$
|
(27,375
|
)
|
|
$
|
(51
|
)
|
|
$
|
(27,426
|
)
|
|
Accrued expenses and other current liabilities
|
|
|
(2,427
|
)
|
|
|
51
|
|
|
|
(2,376
|
)
|
|
|
(1)
|
Represents amounts as reported in our previously issued 2020 Financial Statements which do not reflect discontinued operations presentation.
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(2)
|
Reflects adjustments to recast previously issued 2020 Financial Statement amounts on a discontinued operations basis.
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(3)
|
The error corrections include a $5.4 million increase to prepaid expenses and other assets, and corresponding increase to accrued expenses and other liabilities, to reflect the “gross up” of insurance recoveries and associated workers’ compensation obligations as discussed further above.
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(4)
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Recast amount includes $0.2 million associated with the earned vacation liability error correction that is reflected within discontinued operations.
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(5)
|
Discontinued operations are not presented separately on our Statement of Cash Flows.
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