Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (Unaudited) (Tables)

v3.22.1
Quarterly Financial Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
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

)