Revision for Immaterial Misstatements

3 Months Ended

Mar. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

As disclosed in Note 1 – Description of Business, subsequent to the issuance of the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023, during the quarter ended June 30, 2023, the Company identified misstatements related to the elimination of intercompany balances and right of return assets. Although the Company concluded that these misstatements were not material, either individually or in the aggregate, the Company elected to revise its previously issued consolidated financial statements to correct for these misstatements. The revision to the accompanying unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) and Condensed Consolidated Statements of Cash Flows and related disclosures in Note 13 – Net Loss Attributable to Common Stockholders are detailed in the tables below.

As of December 31, 2022 and March 31, 2023, accumulated deficit was overstated $2.8 million and $4.7 million, respectively, and as such, previously reported stockholders’ equity of $164.3 million and $147.7 million was revised to $167.1 million and $152.4 million, respectively. There were no other changes to the unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) that have not otherwise been reflected in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) as detailed in the tables below.


	Three Months Ended March 31, 2023
Condensed Consolidated Statement of Comprehensive Income (Loss) (in thousands, except per share amounts)	As Previously Reported		Adjustment		As Revised
Foreign currency transaction loss (gain), net	$	877	$	(2,026)	$	(1,149)
Loss before provision for income taxes	$	(25,947)	$	2,026	$	(23,921)
Net loss	$	(22,285)	$	2,026	$	(20,259)
Comprehensive loss	$	(21,397)	$	2,026	$	(19,371)
Net loss per share - Basic	$	(0.17)	$	0.02	$	(0.15)
Net loss per share - Diluted	$	(0.17)	$	0.02	$	(0.15)


	Three Months Ended March 31, 2023
Condensed Consolidated Statement of Cash Flows (in thousands)	As Previously Reported		Adjustment		As Revised
Net loss	$	(22,285)	$	2,026	$	(20,259)
Adjustments to reconcile net loss to net cash from operating activities:
Other, net	$	1,511	$	(2,026)	$	(515)
Change in operating assets and liabilities:
Inventories	$	(15,771)	$	1,866	$	(13,905)
Prepaid expenses, other current assets, and income tax receivable	$	(203)	$	(1,122)	$	(1,325)
Accounts payable, accrued expenses, and income tax payable	$	(3,085)	$	(744)	$	(3,829)