Annual report pursuant to Section 13 and 15(d)

Organization and Summary of Significant Accounting Policies (Tables)

v3.22.1
Organization and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
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)

 

 

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

 

 

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.

 

(2)

Reflects adjustments to recast previously issued 2020 Financial Statement amounts on a discontinued operations basis.

 

(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.

 

(4)

Recast amount includes $0.2 million associated with the earned vacation liability error correction that is reflected within discontinued operations.  

 

(5)

Discontinued operations are not presented separately on our Statement of Cash Flows.