Quarterly report pursuant to Section 13 or 15(d)

Correction of Immaterial Error in Prior Consolidated Financial Statements

v3.23.3
Correction of Immaterial Error in Prior Consolidated Financial Statements
9 Months Ended
Sep. 30, 2023
Correction of Immaterial Error in Prior Consolidated Financial Statements  
Correction of Immaterial Error in Prior Consolidated Financial Statements

Note 14 — Correction of Immaterial Error in Prior Consolidated Financial Statements

During the quarter ended September 30, 2023, the Company identified a prior period accounting error in the Company’s previously reported unaudited interim consolidated financial statements beginning June 30, 2022. The prior period accounting error resulted from the incorrect accounting for granted but unvested restricted stock units. Based on management’s evaluation of the error in consideration of the SEC Staff’s Accounting Bulletins Topic 1.M, Materiality and Topic 1.N, Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements and interpretations therewith, the Company concluded the error is not material to the Company’s previously reported financial statements. Accordingly, the Company’s consolidated balance sheet as of December 31, 2022 and the related consolidated statements of operations and changes in stockholders’ equity for the three and nine months ended September 30, 2022 reflect the correction of these immaterial errors.

Consolidated Balance Sheet as of December 31, 2022

    

As Reported

    

As Revised

Class A Common Stock Units

3,252,764

2,900,000

Class A Common Stock Amount

$

3,253

$

2,900

APIC

$

8,224,012

$

8,224,365

Consolidated Statement of Operations for the Nine Months Ended September 30, 2022

    

As Reported

    

As Revised

Weighted-average number of shares of common stock outstanding - basic

11,996,969

11,846,601

Consolidated Statement of Operations for the Three Months Ended September 30, 2022

    

As Reported

    

As Revised

Weighted-average number of shares of common stock outstanding - basic

14,545,241

14,178,000

Consolidated Statement of Changes in Stockholders' Equity as of December 31, 2022

    

As Reported

    

As Revised

Class A Common Stock Units

3,252,764

2,900,000

Class A Common Stock Amount

$

3,253

$

2,900

APIC

$

8,224,012

$

8,224,365

Consolidated Statement of Changes in Stockholders' Equity as of June 30, 2023

    

As Reported

    

As Revised

Class A Common Stock Units

3,519,780

2,988,916

Class A Common Stock Amount

$

3,520

$

2,989

APIC

$

8,539,858

$

8,540,389

Consolidated Statement of Changes in Stockholders' Equity as of June 30, 2022

    

As Reported

    

As Revised

Class A Common Stock Units

3,163,214

2,800,000

Class A Common Stock Amount

$

3,163

$

2,800

APIC

$

7,747,250

$

7,747,613