| Revision of Previously Issued Condensed Consolidated Interim Financial Statements |
Note 16. Revision of Previously Issued Condensed Consolidated Interim Financial Statements
As discussed in Note 1, during the fourth quarter of 2023, the Company identified errors related to revenue, other assets and contract assets which also impacted the interim periods in 2023 as originally presented in the Company’s quarterly reports on Form 10-Q. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors including the
classification of stock-based compensation as cost of revenue for the three and nine months ended September 30, 2023. The Company concluded that these errors were not material, either individually or in the aggregate, to its previously issued unaudited condensed consolidated interim financial statements. There were no changes to previously issued total cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. The Company revised the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 to reflect the corrections of these immaterial errors in this Quarterly Report.
The impact of the revision is as follows:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2023 |
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September 30, 2023 |
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As Previously
Reported |
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Adjustment |
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As Revised |
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As Previously
Reported |
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Adjustment |
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As Revised |
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Revenue |
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3D Printer |
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$ |
21,428 |
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$ |
(641 |
) |
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$ |
20,787 |
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$ |
69,193 |
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$ |
(768 |
) |
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$ |
68,425 |
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Recurring payment |
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|
531 |
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— |
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|
531 |
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1,141 |
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— |
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1,141 |
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Support services |
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1,849 |
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— |
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1,849 |
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5,422 |
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— |
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5,422 |
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Total Revenue |
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23,808 |
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(641 |
) |
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23,167 |
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75,756 |
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(768 |
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74,988 |
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Cost of revenue |
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3D Printer |
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20,273 |
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499 |
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20,772 |
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61,975 |
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1,017 |
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62,992 |
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Recurring payment |
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111 |
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— |
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111 |
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893 |
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— |
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893 |
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Support services |
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1,936 |
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185 |
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2,121 |
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5,495 |
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377 |
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5,872 |
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Total cost of revenue |
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22,320 |
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684 |
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23,004 |
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68,363 |
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1,394 |
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69,757 |
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Gross profit |
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1,488 |
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(1,325 |
) |
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163 |
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7,393 |
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(2,162 |
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5,231 |
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Operating expenses |
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Research and development |
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9,819 |
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(329 |
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9,490 |
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32,820 |
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(675 |
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32,145 |
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Selling and marketing |
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5,772 |
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— |
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5,772 |
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18,054 |
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— |
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18,054 |
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General and administrative |
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11,118 |
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(355 |
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10,763 |
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31,569 |
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(719 |
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30,850 |
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Total operating expenses |
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26,709 |
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(684 |
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26,025 |
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82,443 |
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(1,394 |
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81,049 |
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Loss from operations |
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(25,221 |
) |
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(641 |
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(25,862 |
) |
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(75,050 |
) |
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(768 |
) |
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(75,818 |
) |
Interest expense |
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(1,107 |
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(1,911 |
) |
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(3,018 |
) |
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(1,671 |
) |
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(1,911 |
) |
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(3,582 |
) |
Gain (loss) on fair value of
warrants |
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1,587 |
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— |
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1,587 |
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(138 |
) |
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— |
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(138 |
) |
Gain (loss) on fair value of
contingent earnout
liabilities |
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10,810 |
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— |
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10,810 |
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3,000 |
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— |
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3,000 |
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Gain (loss) on fair value of debt derivatives |
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(3,648 |
) |
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484 |
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(3,164 |
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(3,648 |
) |
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484 |
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(3,164 |
) |
Loss on debt extinguishment |
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(253 |
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— |
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(253 |
) |
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(253 |
) |
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— |
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(253 |
) |
Other income, net |
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436 |
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— |
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436 |
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965 |
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— |
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|
965 |
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Loss before provision
for income taxes |
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(17,396 |
) |
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(2,068 |
) |
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(19,464 |
) |
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(76,795 |
) |
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(2,195 |
) |
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(78,990 |
) |
Provision for income taxes |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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(17,396 |
) |
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(2,068 |
) |
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(19,464 |
) |
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(76,795 |
) |
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(2,195 |
) |
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(78,990 |
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Net loss per share–basic and diluted |
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$ |
(3.01 |
) |
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$ |
— |
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$ |
(3.37 |
) |
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$ |
(13.58 |
) |
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$ |
— |
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$ |
(13.96 |
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Shares used in computing net loss per share–basic and diluted |
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5,771,465 |
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— |
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5,771,465 |
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5,656,713 |
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— |
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5,656,713 |
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Net loss |
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$ |
(17,396 |
) |
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$ |
(2,068 |
) |
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$ |
(19,464 |
) |
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$ |
(76,795 |
) |
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$ |
(2,195 |
) |
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$ |
(78,990 |
) |
Net unrealized holding gain
on available-for-sale
investments |
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149 |
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— |
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|
149 |
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|
585 |
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|
— |
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|
585 |
|
Total comprehensive loss |
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$ |
(17,247 |
) |
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$ |
(2,068 |
) |
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$ |
(19,315 |
) |
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$ |
(76,210 |
) |
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$ |
(2,195 |
) |
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$ |
(78,405 |
) |
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