| Summary of impacts of the error on the consolidated financial statements |
The impact of the revisions to the quarterly period ending March 31, 2022 is presented as follows (in thousands): Revised Condensed Consolidated Statement of Operations and Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022 |
|
As Previously Reported |
|
Adjustment |
|
As Revised |
| Revenue: |
|
|
|
|
|
| Product revenue |
$ |
5,194 |
|
|
$ |
— |
|
|
$ |
5,194 |
|
| Subscription revenue |
3,020 |
|
|
(16) |
|
|
3,004 |
|
| Service revenue |
501 |
|
|
11 |
|
|
512 |
|
| Total revenue |
8,715 |
|
|
(5) |
|
|
8,710 |
|
| Cost of revenue: |
|
|
|
|
|
| Cost of product revenue |
5,576 |
|
|
(370) |
|
|
5,206 |
|
| Cost of subscription revenue |
1,065 |
|
|
477 |
|
|
1,542 |
|
| Cost of service revenue |
448 |
|
|
617 |
|
|
1,065 |
|
| Total cost of revenue |
7,089 |
|
|
724 |
|
|
7,813 |
|
| Gross profit |
1,626 |
|
|
(729) |
|
|
897 |
|
| Operating expenses: |
|
|
|
|
|
| Research and development |
4,286 |
|
|
(111) |
|
|
4,175 |
|
| Sales and marketing expense |
12,053 |
|
|
(2,381) |
|
|
9,672 |
|
| General and administrative |
11,093 |
|
|
(276) |
|
|
10,817 |
|
| Loss from impairment of property and equipment |
96 |
|
|
— |
|
|
96 |
|
| Total operating expenses |
27,528 |
|
|
(2,768) |
|
|
24,760 |
|
| Loss from operations |
(25,902) |
|
|
2,039 |
|
|
(23,863) |
|
| Other income (expense), net: |
|
|
|
|
|
| Interest expense |
(142) |
|
|
— |
|
|
(142) |
|
| Interest income |
209 |
|
|
(141) |
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of contingent earn-out liability |
4,226 |
|
|
(1,148) |
|
|
3,078 |
|
| Change in fair value of contingently issuable common stock liability |
1,472 |
|
|
— |
|
|
1,472 |
|
| Change in fair value of public warrant liability |
5,586 |
|
|
— |
|
|
5,586 |
|
|
|
|
|
|
|
| Total other income (expense), net |
11,351 |
|
|
(1,289) |
|
|
10,062 |
|
| Net loss |
$ |
(14,551) |
|
|
$ |
750 |
|
|
$ |
(13,801) |
|
|
|
|
|
|
|
| Weighted average common shares outstanding - basic and diluted |
142,878,406 |
|
|
— |
|
|
142,878,406 |
|
| Net loss per share - basic and diluted |
$ |
(0.10) |
|
|
$ |
— |
|
|
$ |
(0.10) |
|
Revised Condensed Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022 |
|
As Previously Reported |
Adjustment |
As Revised |
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ |
(14,551) |
|
$ |
750 |
|
$ |
(13,801) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
948 |
|
138 |
|
1,086 |
|
| Write-off of inventory |
324 |
|
— |
|
324 |
|
| Adjustment to property and equipment for sales type leases |
(321) |
|
(304) |
|
(625) |
|
| Loss from impairment of property and equipment |
96 |
|
— |
|
96 |
|
|
|
|
|
| Stock-based compensation |
5,190 |
|
(1,263) |
|
3,927 |
|
| Non-cash interest expense |
5 |
|
— |
|
5 |
|
| Non-cash lease expense |
197 |
|
— |
|
197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of earn-out liability |
(4,226) |
|
1,148 |
|
(3,078) |
|
| Change in fair value of contingently issuable common stock |
(1,472) |
|
— |
|
(1,472) |
|
| Change in fair value of public warrant liability |
(5,586) |
|
— |
|
(5,586) |
|
| Changes in operating assets and liabilities |
|
|
|
| Accounts receivable |
(2,112) |
|
— |
|
(2,112) |
|
| Inventory |
(6,985) |
|
5,675 |
|
(1,310) |
|
| Commission assets |
(351) |
|
— |
|
(351) |
|
| Contract assets |
108 |
|
— |
|
108 |
|
| Other assets |
— |
|
141 |
|
141 |
|
| Prepaid expenses and other current assets |
(5,280) |
|
(291) |
|
(5,571) |
|
| Accounts payable |
(1,867) |
|
1,012 |
|
(855) |
|
| Deferred revenue |
2,778 |
|
(201) |
|
2,577 |
|
| Deferred rent |
(468) |
|
468 |
|
— |
|
|
|
|
|
| Accrued expenses and other current liabilities |
(2,065) |
|
(368) |
|
(2,433) |
|
| Operating lease liability |
(229) |
|
(468) |
|
(697) |
|
| Net cash used in operating activities |
(35,867) |
|
6,437 |
|
(29,430) |
|
| Cash flows from investing activities: |
|
|
|
| Development of internal-use software |
(646) |
|
(82) |
|
(728) |
|
| Purchases of property and equipment |
(323) |
|
(6,366) |
|
(6,689) |
|
| Net cash used in investing activities |
(969) |
|
(6,448) |
|
(7,417) |
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Proceeds from exercise of stock options |
216 |
|
11 |
|
227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by financing activities |
216 |
|
11 |
|
227 |
|
|
|
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
(36,620) |
|
— |
|
(36,620) |
|
| Cash, cash equivalents and restricted cash |
|
|
|
| Cash, cash equivalents and restricted cash at beginning of period |
308,167 |
|
— |
|
308,167 |
|
| Cash, cash equivalents and restricted cash at end of period |
$ |
271,547 |
|
$ |
— |
|
$ |
271,547 |
|
| Supplemental disclosure of non-cash activities |
|
|
|
| Transfer of inventory to property and equipment |
$ |
4,620 |
|
$ |
(4,620) |
|
$ |
— |
|
| Capital expenditures incurred but not yet paid |
1,693 |
|
698 |
|
2,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|