| 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.
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Consolidated Balance Sheet as of December 31, 2022 |
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As Reported |
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As Revised |
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Class A Common Stock Units |
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3,252,764 |
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2,900,000 |
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Class A Common Stock Amount |
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$ |
3,253 |
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$ |
2,900 |
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APIC |
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$ |
8,224,012 |
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$ |
8,224,365 |
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Consolidated Statement of Operations for the Nine Months Ended September 30, 2022 |
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As Reported |
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As Revised |
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Weighted-average number of shares of common stock outstanding - basic |
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11,996,969 |
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11,846,601 |
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Consolidated Statement of Operations for the Three Months Ended September 30, 2022 |
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As Reported |
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As Revised |
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Weighted-average number of shares of common stock outstanding - basic |
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14,545,241 |
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14,178,000 |
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Consolidated Statement of Changes in Stockholders' Equity as of December 31, 2022 |
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As Reported |
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As Revised |
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Class A Common Stock Units |
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3,252,764 |
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2,900,000 |
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Class A Common Stock Amount |
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$ |
3,253 |
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$ |
2,900 |
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APIC |
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$ |
8,224,012 |
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$ |
8,224,365 |
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Consolidated Statement of Changes in Stockholders' Equity as of June 30, 2023 |
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As Reported |
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As Revised |
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Class A Common Stock Units |
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3,519,780 |
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2,988,916 |
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Class A Common Stock Amount |
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$ |
3,520 |
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$ |
2,989 |
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APIC |
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$ |
8,539,858 |
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$ |
8,540,389 |
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Consolidated Statement of Changes in Stockholders' Equity as of June 30, 2022 |
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As Reported |
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As Revised |
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Class A Common Stock Units |
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3,163,214 |
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2,800,000 |
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Class A Common Stock Amount |
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$ |
3,163 |
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$ |
2,800 |
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APIC |
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$ |
7,747,250 |
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$ |
7,747,613 |
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