Note 3 - Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

3. Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

In connection with the preparation of the Company's condensed consolidated financial statements required to be included in this Quarterly Report on Form 10-Q as of and for the nine months ended September 30, 2022, management identified a classification error, between current assets (prepaid expenses and other current assets) and noncurrent assets (other noncurrent assets), in the Company's historical financial statements, resulting in a conclusion that for comparability purposes a correction should be made to the Company's consolidated financial statements as of December 31, 2021. The Company has revised its balance sheet as of the year ended December 31, 2021 accordingly and included such revisions herein. Based on an analysis of quantitative and qualitative factors, the Company concluded this error was not material to its consolidated financial position as of December 31, 2021 and had no impact on the Company’s results of operations, including net (loss) earnings per share or cash flows as presented in the Company’s previously issued financial statements. As a result, amendment of such reports is not required.

The adjustment to “prepaid expenses and other current assets” and “other noncurrent assets” within the Company’s consolidated balance sheet as of the year ended December 31, 2021 are as follows:

	December 31, 2021
	As Reported		Adjustment			As Adjusted
ASSETS
Current assets:
Cash and cash equivalents	$	10,495	$	—		$	10,495
Prepaid expenses and other current assets		1,879		(868	)		1,011
Total current assets		12,374		(868	)		11,506
Restricted cash		26		—			26
Right-of-use asset		109		—			109
Other noncurrent assets		—		868			868
Property and equipment, net		3		—			3
Total assets	$	12,512	$	—		$	12,512