| Summary of Error Impact |
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As of June 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
Assets |
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|
|
|
|
Notes receivable, short term portion |
$ |
8,536,535 |
|
$ |
(8,536,535) |
|
$ |
— |
Total current assets |
$ |
43,221,164 |
|
$ |
(8,536,535) |
|
$ |
34,684,629 |
Notes receivable, long-term portion |
$ |
4,437,850 |
|
$ |
(4,437,850) |
|
$ |
— |
Total assets |
$ |
75,195,414 |
|
$ |
(12,974,385) |
|
$ |
62,221,029 |
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|
|
|
|
Liabilities and Stockholders' Equity |
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|
|
|
|
|
|
Accumulated deficit |
$ |
(234,895,079) |
|
$ |
(12,974,385) |
|
$ |
(247,869,464) |
Total stockholders' equity |
$ |
34,387,251 |
|
$ |
(12,974,385) |
|
$ |
21,412,866 |
Total liabilities and stockholders' equity |
$ |
75,195,414 |
|
$ |
(12,974,385) |
|
$ |
62,221,029 |
A summary of the impact of the error on the condensed consolidated statement of operations for the three and nine months ended June 30, 2023 is as follows:
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Three Months Ended June 30, 2023 |
|
As Reported |
|
Adjustment |
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As Restated |
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Gain on sale of ENTADFI® assets |
$ |
17,456,814 |
|
$ |
(12,733,191) |
|
$ |
4,723,623 |
Operating income (loss) |
$ |
4,859,345 |
|
$ |
(12,733,191) |
|
$ |
(7,873,846) |
Other income, net |
$ |
372,327 |
|
$ |
(241,194) |
|
$ |
131,133 |
Total non-operating income |
$ |
1,512,410 |
|
$ |
(241,194) |
|
$ |
1,271,216 |
Income (loss) before income taxes |
$ |
6,371,755 |
|
$ |
(12,974,385) |
|
$ |
(6,602,630) |
Net income (loss) |
$ |
6,314,204 |
|
$ |
(12,974,385) |
|
$ |
(6,660,181) |
Net income (loss) per basic common shares outstanding |
$ |
0.07 |
|
$ |
(0.15) |
|
$ |
(0.08) |
Net income (loss) per diluted common shares outstanding |
$ |
0.07 |
|
$ |
(0.15) |
|
$ |
(0.08) |
Diluted weighted average common shares outstanding |
|
88,301,516 |
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|
(35,364) |
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|
88,266,152 |
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Nine Months Ended June 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
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Gain on sale of ENTADFI® assets |
$ |
17,456,814 |
|
$ |
(12,733,191) |
|
$ |
4,723,623 |
Operating loss |
$ |
(70,147,580) |
|
$ |
(12,733,191) |
|
$ |
(82,880,771) |
Other income, net |
$ |
650,253 |
|
$ |
(241,194) |
|
$ |
409,059 |
Total non-operating income |
$ |
749,413 |
|
$ |
(241,194) |
|
$ |
508,219 |
Loss before income taxes |
$ |
(69,398,167) |
|
$ |
(12,974,385) |
|
$ |
(82,372,552) |
Net loss |
$ |
(69,320,881) |
|
$ |
(12,974,385) |
|
$ |
(82,295,266) |
Net loss per basic common shares outstanding |
$ |
(0.83) |
|
$ |
(0.16) |
|
$ |
(0.99) |
Net loss per diluted common shares outstanding |
$ |
(0.83) |
|
$ |
(0.16) |
|
$ |
(0.99) |
A summary of the impact of the error on the condensed consolidated statement of cash flows for the nine months ended June 30, 2023 is as follows:
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Nine Months Ended June 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
OPERATING ACTIVITIES |
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Net loss |
$ |
(69,320,881) |
|
$ |
(12,974,385) |
|
$ |
(82,295,266) |
Gain on sale of ENTADFI® assets |
$ |
(17,456,814) |
|
$ |
12,733,191 |
|
$ |
(4,723,623) |
Other |
$ |
(45,317) |
|
$ |
241,194 |
|
$ |
195,877 |
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