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Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements
 9 Months Ended
Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As described in Notes 2 and 16 to the Consolidated Financial Statements included within Part II, Item 8 contained on Form 10-K for the fiscal year ended December 31, 2023, the Company restated its consolidated financial statements as of and for the year ended December 31, 2022 and the unaudited interim condensed consolidated financial statements for each of interim periods within the year ended December 31, 2023.
Description of Restatement Errors

The errors identified as of and for the three and nine months ended September 30, 2023 are as follows:

a.Rental revenue - The Company determined that it miscalculated sales tax payable related to certain customer lease payments going back multiple years. The Company performed an assessment of its sales tax liability across all jurisdictions for potential additional exposure and determined that there was an overstatement of rental revenue and an understatement of sales tax payable included in accrued liabilities. The impact to the condensed consolidated financial statements is as follows:
i.Rental revenues decreased $0.4 million and $1.5 million for the three and nine months ended September 30, 2023, respectively, within the condensed consolidated statements of operations and comprehensive loss.
ii.Sales tax payable increased $6.5 million as of September 30, 2023 which is included in accrued liabilities in the condensed consolidated balance sheet.

b.Cost of revenue- Correction to depreciation expense of $0.9 million and $2.7 million for the three and nine months ended September 30, 2023 related to property held for lease, net of accumulated depreciation and impairment, included
in cost of revenue, for certain leases originated on or before September 30, 2023. The impact to the balance sheet as of September 30, 2023 to correct this error is a decrease to property held for lease, net of accumulated depreciation and impairment of $2.5 million and a decrease to prepaid expenses and other current assets of $0.2 million.

c.Unearned revenue - Correction to increase unearned revenue $2.6 million as of September 30, 2023 in our condensed consolidated balance sheet.

d.Stockholders’ deficit - The impact to the unaudited interim condensed consolidated statement of stockholders’ deficit as of September 30, 2023 is an increase to accumulated deficit of $12.8 million.

e.Other errors - There are other errors not described in items (a), (b) or (c) of this note. These errors and related restatement adjustments were not material for the three and nine months ended September 30, 2023.

The following tables present a reconciliation of the as-previously-reported condensed consolidated financial statements to the restated amounts as of and for the three and nine months ended September 30, 2023 which include the following: (1) as restated condensed consolidated balance sheet, (2) as restated condensed consolidated statement of operations and comprehensive loss and (3) as restated condensed consolidated statement of cash flows. Presented below are the changes to each financial statement line item which changed as a result of the restatement.
Condensed Consolidated Balance Sheet
As of September 30, 2023
As Previously ReportedRestatement AdjustmentsAs Restated
Property held for lease, net of accumulated depreciation and impairment$53,581 $(1,911)$51,670 
Prepaid expenses and other current assets$6,777 $(1,801)$4,976 
Total current assets$99,227 $(3,712)$95,515 
Total assets$102,303 $(3,712)$98,591 
Accrued liabilities $15,747 $6,451 $22,198 
Unearned revenue$2,124 $2,631 $4,755 
Total current liabilities$18,903 $9,082 $27,985 
Total liabilities$104,192 $9,082 $113,274 
Accumulated deficit$(95,114)$(12,794)$(107,908)
Total stockholders' deficit$(1,889)$(12,794)$(14,683)
Total liabilities and stockholders' deficit$102,303 $(3,712)$98,591 
Condensed Consolidated Statement of Operations and Comprehensive Loss

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
As Previously ReportedRestatement AdjustmentsAs RestatedAs Previously ReportedRestatement AdjustmentsAs Restated
Rental revenue$54,481 $(439)$54,042 $163,079 $(1,467)$161,612 
Total revenue$55,250 $(439)$54,811 $165,497 $(1,467)$164,030 
Cost of revenue$42,439 $903 $43,342 $128,486 $2,738 $131,224 
Gross profit$12,811 $(1,342)$11,469 $37,011 $(4,205)$32,806 
Total operating expenses$12,111 $(202)$11,909 $41,559 $(606)$40,953 
Loss from operations$700 $(1,140)$(440)$(4,548)$(3,599)$(8,147)
Loss before income taxes$(2,895)$(1,140)$(4,035)$(18,385)$(3,599)$(21,984)
Net loss$(2,914)$(1,140)$(4,054)$(18,438)$(3,599)$(22,037)
Net loss per common share - basic and diluted$(0.71)$(0.28)$(0.98)$(4.54)$(0.89)$(5.43)

Condensed Consolidated Statement of Cash Flow
Nine Months Ended September 30, 2023
As Previously ReportedRestatement AdjustmentsAs Restated
Net loss$(18,438)$(3,599)$(22,037)
Depreciation and amortization$90,439 $1,895 $92,334 
Net book value of property held for lease buyouts$18,909 $456 $19,365 
Impairment on property held for lease expense$15,356 $138 $15,494 
Property held for lease$(127,327)$(1,137)$(128,464)
Prepaid expenses and other current assets$1,738 $1,387 $3,125 
Accrued liabilities$734 $860 $1,594 
Net cash used in operating activities$(7,720)$— $(7,720)