Quarterly report [Sections 13 or 15(d)]

Restatement of Previously Issued Quarterly Financial Statements (Unaudited) (Tables)

v3.25.4
Restatement of Previously Issued Quarterly Financial Statements (Unaudited) (Tables)
6 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Schedule of Restated Balance Sheet

The restated balance sheet line items for the second fiscal quarter of 2025 is as follows:

 

    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:

 

    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:

 

    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 )