Correction of Immaterial Error

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Correction of Immaterial Error

3. Correction of Immaterial Error

Subsequent to filing our consolidated financial statements for the quarter ended June 30, 2023, we identified immaterial errors relating to tax effects recognized in other comprehensive income and related equal but offsetting errors recognized in income tax expense(benefit) of our income statement. We incorrectly recognized tax effects on components of other comprehensive income after establishing a full valuation allowance on our net deferred tax asset encompassing the period April 1, 2022 through June 30, 2023. The specific tax effect components within the Consolidated Statements of Comprehensive Loss giving rise to the aforementioned error and the resultant components affected within our Consolidated Balance Sheets are presented below.

Consolidated Statements of Comprehensive Loss	Consolidated Balance Sheet
Tax effect on actuarial gain or loss Tax effect on holding gain or loss Tax effect on reclassification of gain or loss	Retained (deficit) earnings Accumulated other comprehensive loss

In accordance with the SEC Staff Accounting Bulletins Topics 1.M and 1.N, the Company evaluated the materiality of this error both quantitatively and qualitatively and determined that it was not material to our current fiscal reporting year nor our previous fiscal reporting year. Accordingly, the current reporting period reflects an out-of-period adjustment for the cumulative effect of the immaterial error.

For clarity, illustrated below is the impact to the components of our Consolidated Statement of Stockholders’ (Deficit) Equity. The impact of the cumulative immaterial error of $512 thousand and ($512) thousand, respectively, is denoted with an asterisk and results in net effect of zero to our total stockholders’ (deficit) equity balance.

	Ended September 30, 2023
	Three Months		Nine Months
Retained (Deficit) Earnings
Balance, beginning of period	$	(84,458)	$	(33,407)
Net loss		(21,508)		(72,559)
Correction of immaterial error related to tax		512		512	*
Balance, end of period		(105,454)		(105,454)
Accumulated Other Comprehensive (Loss) Income
Balance, beginning of period		(5,489)		(8,492)
Additional minimum pension liability, net of tax		44		93
Unrealized holding gains (losses) arising during period, net of tax		1,154		3,047
Reclassification adjustment for (gains) losses included in net income, net of tax		123		1,184
Correction of immaterial error related to tax		(512)		(512)	*
Balance, end of period	$	(4,680)	$	(4,680)