Revision of Interim Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impact of the correction on the Company's previously issued quarterly consolidated financial statements was as follows (in thousands, except per share data):

Adjustments to the period ended March 31, 2021
	Three Months Ended March 31, 2021
	Previously Reported	Error Correction	As Adjusted
Condensed Consolidated Statement of Operations
Cost of sales - Services	39,602	(112)	39,490
Costs and expenses	41,400	(112)	41,288
General and administrative	19,964	112	20,076
Selling, general and administrative expenses	27,851	112	27,963

Condensed Consolidated Statement of Cash Flows
Changes in other operating assets and liabilities	$	(9,584)	$	2,436	$	(7,148)
Cash used in operating activities	(9,318)		2,436		(6,882)
Distribution to Telos ID Class B member - non-controlling interest	—		(2,436)		(2,436)
Cash used in financing activities	(321)		(2,436)		(2,757)

Adjustments to the period ended June 30, 2021
	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
	Previously Reported		Error Correction		As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Operations
Revenue - Services	$	47,618	$	1,385	$	49,003	$	99,676	$	1,385	$	101,061
Revenue - Products	4,941		(300)		4,641		8,641		(300)		$	8,341
Revenue	52,559		1,085		53,644		108,317		1,085		$	109,402
Cost of sales - Services	29,501		(892)		28,609		69,103		(1,004)		$	68,099
Costs and expenses	32,002		(892)		31,110		73,402		(1,004)		$	72,398
General and administrative	28,743		892		29,635		48,708		1,004		$	49,712
Selling, general and administrative expenses	39,113		892		40,005		66,965		1,004		$	67,969
Operating loss	(18,556)		1,085		(17,471)		(32,050)		1,085		$	(30,965)
Loss before income taxes	(18,716)		1,085		(17,631)		(33,460)		1,085		$	(32,375)
Net loss	(18,729)		1,085		(17,644)		(33,507)		1,085		$	(32,422)
Net loss attributable to Telos Corporation	(18,729)		1,085		(17,644)		(33,507)		1,085		$	(32,422)
Net loss per share attributable to Telos Corporation
Basic	$	(0.28)	$	0.02	$	(0.26)	$	(0.51)	$	0.02	$	(0.49)
Diluted	$	(0.28)	$	0.02	$	(0.26)	$	(0.51)	$	0.02	$	(0.49)

	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
	Previously Reported		Error Correction		As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Comprehensive Loss
Net loss	$	(18,729)	$	1,085	$	(17,644)	$	(33,507)	$	1,085	$	(32,422)
Comprehensive loss attributable to Telos Corporation	(18,724)		1,085		(17,639)		(33,534)		1,085		(32,449)

	June 30, 2021
	Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Balance Sheet
Accounts receivable, net of reserve	$	39,412	$	1,085	$	40,497
Total current assets	178,403		1,085		179,488
Total assets	220,094		1,085		221,179
Accumulated deficit	(177,350)		1,085		(176,265)
Total stockholders' equity	164,700		1,085		165,785
Total liabilities and stockholders' equity	220,094		1,085		221,179

	Six Months Ended June 30, 2021
	Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Cash Flows
Net loss	$	(33,507)	$	1,085	(32,422)
Changes in other operating assets and liabilities	(10,074)		1,351		(8,723)
Cash used in operating activities	(5,790)		2,436		(3,354)
Distribution to Telos ID Class B member - non-controlling interest	—		(2,436)		(2,436)
Cash provided by financing activities	35,474		(2,436)		33,038

	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
	Previously Reported		Error Correction		As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Changes in Stockholders' Equity
Net loss	$	(18,729)	$	1,085	$	(17,644)	$	(33,507)	$	1,085	$	(32,422)
Accumulated deficit	(177,350)		1,085		(176,265)		(177,350)		1,085		(176,265)
Total Stockholders' equity	164,700		1,085		165,785		164,700		1,085		165,785

Adjustments to the period ended September 30, 2021
	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
	Previously Reported		Error Correction	As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Operations
Revenue - Services	63,690		(735)	62,955		$	163,366	$	650	$	164,016
Revenue - Products	6,376		(350)	6,026		15,017		(650)		14,367
Revenue	70,066		(1,085)	68,981		178,383		—		178,383
Cost of sales - Services	40,031		106	40,137		109,134		(898)		108,236
Costs and expenses	43,998		106	44,104		117,400		(898)		116,502
Research and development	5,396		(533)	4,863		14,783		(533)		14,250
General and administrative	20,562		(823)	19,739		69,271		181		69,452
Selling, general and administrative expenses	31,321		(1,356)	29,965		98,287		(352)		97,935
Operating loss	(5,253)		165	(5,088)		(37,304)		1,250		(36,054)
Loss before income taxes	(5,428)		165	(5,263)		(38,888)		1,250		(37,638)
Net loss	(5,387)		165	(5,222)		(38,894)		1,250		(37,644)
Net loss attributable to Telos Corporation	(5,387)		165	(5,222)		(38,894)		1,250		(37,644)
Net loss per share attributable to Telos Corporation
Basic	$	(0.08)	—	$	(0.08)	$	(0.59)	$	0.02	$	(0.57)
Diluted	$	(0.08)	—	$	(0.08)	$	(0.59)	$	0.02	$	(0.57)

	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Previously Reported		Error Correction		As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Comprehensive Loss
Net loss	$	(5,387)	$	165	$	(5,222)	$	(38,894)	$	1,250	$	(37,644)
Comprehensive loss attributable to Telos Corporation	(5,400)		165		(5,235)		(38,934)		1,250		(37,684)

	September 30, 2021
	Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Balance Sheet
Accounts receivable, net of reserve	$	49,759	$	(1,085)	$	48,674
Total current assets	192,300		(1,085)		191,215
Goodwill	16,642		1,280		17,922
Intangible assets, net	17,102		(747)		16,355
Total assets	242,667		(552)		242,115
Accounts payable and other accrued liabilities	35,102		(898)		34,204
Total current liabilities	54,410		(898)		53,512
Total liabilities	71,176		(898)		70,278
Additional paid-in capital	354,119		181		354,300
Accumulated deficit	(182,737)		165		(182,572)
Total stockholders' equity	171,491		346		171,837
Total liabilities and stockholders' equity	242,667		(552)		242,115

	Nine Months Ended September 30, 2021
	Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Cash Flows
Net loss	$	(38,894)	$	1,250	$	(37,644)
Stock-based compensation	47,197		181		47,378
Changes in other operating assets and liabilities	(5,900)		1,538		(4,362)
Cash used in operating activities	6,668		2,969		9,637
Capitalized software development costs	(6,139)		(533)		(6,672)
Cash used in investing activities	(13,709)		(533)		(14,242)
Distribution to Telos ID Class B member - non-controlling interest	—		(2,436)		(2,436)
Cash provided by financing activities	35,131		(2,436)		32,695

	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Previously Reported		Error Correction		As Adjusted		Previously Reported		Error Correction		As Adjusted
Condensed Consolidated Statement of Changes in Stockholders' Equity
Net loss	$	(5,387)	$	165	$	(5,222)	$	(38,894)	$	1,250	$	(37,644)
Additional paid-in capital	354,119		181		354,300		354,119		181		354,300
Accumulated deficit - beginning balance	(177,350)		1,085		(176,265)		(143,843)		—		(143,843)
Accumulated deficit - ending balance	(182,737)		165		(182,572)		(182,737)		165		(182,572)
Total Stockholders' Equity	171,491		346		171,837		171,491		346		171,837