Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

GAIA, INC.

Consolidated Balance Sheet

	As of December 31, 2022
(in thousands)	As Previously Reported			Adjustment			Reference	As Restated
ASSETS
Real estate, investment and other assets, net		30,979			(3,125	)	(c)		27,854		(1)
Total assets	$	138,303		$	(3,125	)		$	135,178
LIABILITIES AND EQUITY
Accumulated deficit		(75,198	)		(4,195	)	(c) (d)		(79,393	)
Total Gaia, Inc. shareholders’ equity		88,984			(4,195	)			84,789
Noncontrolling interests		—			1,070		(d)		1,070
Total equity		88,984			(3,125	)			85,859
Total liabilities and equity	$	138,303		$	(3,125	)		$	135,178

(1) To conform with current period presentation in our consolidated balance sheets for the periods ended December 31, 2023 and 2022, we made certain reclassification adjustments as further described within Note 2, including adjusting the equity method investment portion of real estate, investment and other assets, net into a separate line item, equity method investment.

GAIA, INC.

Consolidated Statement of Operations

	Year Ended December 31, 2022
(in thousands, except per share data)	As Previously Reported			Adjustment			Reference	As Restated
Equity method investment loss	$	-		$	(500	)	(c)	$	(500	)	(1)
Net loss before income taxes		(2,533	)		(500	)			(3,033	)
Net loss from continuing operations		(2,735	)		(500	)			(3,235	)
Net loss	$	(3,095	)	$	(500	)		$	(3,595	)
Net income attributable to noncontrolling interests	$	—		$	296		(d)	$	296
Net loss attributable to common shareholders	$	(3,095	)	$	(796	)	(d)	$	(3,891	)
Loss per share:
Basic
Continuing operations (attributable to common shareholders)	$	(0.13	)	$	(0.04	)		$	(0.17	)
Basic loss per share	$	(0.15	)	$	(0.04	)		$	(0.19	)
Diluted
Continuing operations (attributable to common shareholders)	$	(0.13	)	$	(0.04	)		$	(0.17	)
Diluted loss per share	$	(0.15	)	$	(0.04	)		$	(0.19	)

(1) To conform with current period presentation in our consolidated statement of operations for the periods ended December 31, 2023 and 2022, we made certain reclassification adjustments as further described within Note 2, including adjusting the equity method investment loss portion of interest and other expense, net into a separate line item, equity method investment loss.

GAIA, INC.

Consolidated Statement of Changes in Equity

(in thousands, except shares)	Common Stock Shares		Accumulated Deficit			Common Stock Amount		Additional Paid-in Capital		Non-controlling interests		Total Equity			Reference
As Previously Reported
Balance at January 1, 2022		20,461,337	$	(72,103	)	$	2	$	162,316	$	—	$	90,215
Net loss		—		(3,095	)		—		—		—		(3,095	)
Balance at December 31, 2022		20,806,186	$	(75,198	)	$	2	$	164,180	$	—	$	88,984
Adjustment
Balance at January 1, 2022		—	$	(3,399	)	$	—	$	—	$	774	$	(2,625	)	(c) (d)
Net (loss) income		—		(796	)		—		—		296		(500	)	(c) (d)
Balance at December 31, 2022		—	$	(4,195	)	$	—	$	—	$	1,070	$	(3,125	)
As Restated
Balance at January 1, 2022		20,461,337	$	(75,502	)	$	2	$	162,316	$	774	$	87,590
Net (loss) income		—		(3,891	)		—		—		296		(3,595	)
Balance at December 31, 2022		20,806,186	$	(79,393	)	$	2	$	164,180	$	1,070	$	85,859

GAIA, INC.

Consolidated Statement of Cash Flows

	Years ended December 31, 2022
(in thousands)	As Previously Reported			Adjustment			Reference	As Restated
Cash flows from operating activities:
Net loss	$	(3,095	)	$	(500	)	(c)	$	(3,595	)
Loss from continuing operations		(2,735	)		(500	)			(3,235	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity method investment losses		—			500		(c)		500
Additions to media library		—			(9,840	)	(a)		(9,840	)
Net cash provided by operating activities - continuing operations		11,880			(9,840	)			2,040
Net cash provided by operating activities		11,520			(9,840	)			1,680
Cash flows from investing activities:
Additions to property and equipment		(18,257	)		9,840		(a)		(8,417	)
Net cash used in investing activities		(19,104	)		9,840				(9,264	)
Cash flows from financing activities:
Proceeds from short-term borrowings		9,000			7,500		(b)		16,500
Repayment of debt		(166	)		(7,500	)	(b)		(7,666	)
Net cash provided by financing activities		8,877			—				8,877