| Schedule of Restated Balance Sheet |
The
restated balance sheet line items for the second fiscal quarter of 2025 is as follows:
Schedule
of Restated Balance Sheet
| |
|
Originally Reported |
|
|
Adjustment |
|
|
Restated |
|
| |
|
June 30, 2025 (Unaudited) |
|
| |
|
As Previously
Reported
|
|
|
Restatement
Adjustment
|
|
|
As Restated |
|
| Total Assets |
|
$ |
7,124,000 |
|
|
$ |
— |
|
|
$ |
7,124,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Greenshoe Rights liability |
|
|
— |
|
|
|
28,736,000 |
|
|
|
28,736,000 |
|
| Total Liabilities |
|
|
2,307,000 |
|
|
|
28,736,000 |
|
|
|
31,043,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Mezzanine Equity |
|
|
1,956,000 |
|
|
|
— |
|
|
|
1,956,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible Preferred stock |
|
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
| Common stock |
|
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
| Additional paid in capital |
|
|
700,378,000 |
|
|
|
— |
|
|
|
700,378,000 |
|
| Accumulated deficit |
|
|
(697,521,000 |
) |
|
|
(28,736,000 |
) |
|
|
(726,257,000 |
) |
| Total Stockholders’ Equity (Deficit) |
|
|
2,861,000 |
|
|
|
(28,736,000 |
) |
|
|
(25,875,000 |
) |
| Total Liabilities and Stockholders’ Equity (Deficit) |
|
$ |
7,124,000 |
|
|
$ |
— |
|
|
$ |
7,124,000 |
|
|
| Schedule of Restated Statement of Operations |
The
restated line items of the statement of operations for the three months ended June 30, 2025 is as follows:
Schedule
of Restated Statement of Operations
| |
|
Originally Reported |
|
|
Adjustment |
|
|
Restated |
|
| |
|
Three Months Ended June 30, 2025 (Unaudited) |
|
| |
|
As Previously
Reported
|
|
|
Restatement
Adjustment
|
|
|
As Restated |
|
| Loss from Operations |
|
$ |
(1,513,000 |
) |
|
$ |
— |
|
|
$ |
(1,513,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on initial recognition of Greenshoe Rights liability |
|
|
— |
|
|
|
(28,736,000 |
) |
|
|
(28,736,000 |
) |
| Total Other Income (Expense) |
|
|
80,000 |
|
|
|
(28,736,000 |
) |
|
|
(28,656,000 |
) |
| Net Loss |
|
|
(1,433,000 |
) |
|
|
(28,736,000 |
) |
|
|
(30,169,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend on Series L Preferred Stock |
|
|
(85,000 |
) |
|
|
— |
|
|
|
(85,000 |
) |
| Net Loss attributable to common stockholders’ |
|
|
(1,518,000 |
) |
|
|
(28,736,000 |
) |
|
|
(30,254,000 |
) |
| Net Loss Per Share - Basic and Diluted |
|
$ |
(0.55 |
) |
|
$ |
(10.37 |
) |
|
$ |
(10.92 |
) |
| Weighted average common shares outstanding - basic and diluted |
|
|
2,771,765 |
|
|
|
— |
|
|
|
2,771,765 |
|
The
restated line items of the statement of operations for the six months ended June 30, 2025 is as follows:
| |
|
Originally Reported |
|
|
Adjustment |
|
|
Restated |
|
| |
|
Six Months Ended June 30, 2025 (Unaudited) |
|
| |
|
As Previously
Reported
|
|
|
Restatement
Adjustment
|
|
|
As Restated |
|
| Loss from Operations |
|
$ |
(3,445,000 |
) |
|
$ |
— |
|
|
$ |
(3,445,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on initial recognition of Greenshoe Rights liability |
|
|
— |
|
|
|
(28,736,000 |
) |
|
|
(28,736,000 |
) |
| Total Other Income (Expense) |
|
|
1,236,000 |
|
|
|
(28,736,000 |
) |
|
|
(27,500,000 |
) |
| Net Loss |
|
|
(2,209,000 |
) |
|
|
(28,736,000 |
) |
|
|
(30,945,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend on Series L Preferred Stock |
|
|
(85,000 |
) |
|
|
— |
|
|
|
(85,000 |
) |
| Net Loss attributable to common stockholders’ |
|
|
(2,294,000 |
) |
|
|
(28,736,000 |
) |
|
|
(31,030,000 |
) |
| Net Loss Per Share - Basic and Diluted |
|
$ |
(0.90 |
) |
|
$ |
(11.22 |
) |
|
$ |
(12.12 |
) |
| Weighted average common shares outstanding - basic and diluted |
|
|
2,559,604 |
|
|
|
— |
|
|
|
2,559,604 |
|
|
| Schedule of Restated Statement of Cash Flows |
The
restated line items of the statement of cash flows for the six months ended June 30, 2025 is as follows:
Schedule
of Restated Statement of Cash Flows
| |
|
Originally Reported |
|
|
Adjustment |
|
|
Restated |
|
| |
|
Six Months Ended June 30, 2025 (Unaudited) |
|
| |
|
As Previously
Reported
|
|
|
Restatement
Adjustment
|
|
|
As Restated |
|
| Net Loss |
|
$ |
(2,209,000 |
) |
|
$ |
(28,736,000 |
) |
|
$ |
(30,945,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on initial recognition of Greenshoe Rights liability |
|
|
— |
|
|
|
28,736,000 |
|
|
|
28,736,000 |
|
| Net cash used in operating activities |
|
$ |
(5,216,000 |
) |
|
$ |
— |
|
|
$ |
(5,216,000 |
) |
|