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)
9 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Schedule of Restated Balance Sheet

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

 

                   
    September 30, 2025 (Unaudited)  
    As Previously Reported    

Restatement

Adjustment
   

As

Restated
 
Total Assets   $ 4,321,000     $     $ 4,321,000  
                         
Greenshoe Rights liability                  
Total Liabilities     1,321,000             1,321,000  
                         
Convertible Preferred stock     1,000             1,000  
Common stock     3,000             3,000  
Additional paid in capital     703,772,000       17,323,000       721,095,000  
Accumulated deficit     (700,779,000 )     (17,323,000 )     (718,102,000 )
Total Stockholders’ Equity (Deficit)     3,000,000             3,000,000  
Total Liabilities and Stockholders’ Equity (Deficit)   $ 4,321,000     $     $ 4,321,000  
Schedule of Restated Statement of Operations

The restated line items of the statement of operations for the three months ended September 30, 2025, is as follows:

 

                   
    Three Months Ended September 30, 2025 (Unaudited)  
    As Previously Reported    

Restatement

Adjustment
   

As

Restated
 
Loss from Operations   $ (3,382,000 )   $     $ (3,382,000 )
                         
Change in fair value of Greenshoe Rights liability           11,413,000       11,413,000  
Total Other Income (Expense)     268,000       11,413,000       11,681,000  
Net Loss     (3,114,000 )     11,413,000       8,299,000  
                         
Dividend on Series L Preferred Stock     (144,000 )           (144,000 )
Deemed dividend           (4,058,000 )     (4,058,000 )
Net Loss attributable to common stockholders’     (3,258,000 )     7,355,000       4,097,000  
Net Loss Per Share - Basic and Diluted   $ (0.83 )   $ 1.87     $ 1.04  
Weighted average common shares outstanding - basic and diluted     3,940,714             3,940,714  

 

The restated line items of the statement of operations for the nine months ended September 30, 2025, is as follows:

 

                   
    Nine Months Ended September 30, 2025 (Unaudited)  
    As Previously Reported    

Restatement

Adjustment
   

As

Restated
 
Loss from Operations   $ (6,827,000 )   $     $ (6,827,000 )
                         
Loss on initial recognition of Greenshoe Rights liability             (28,736,000 )     (28,736,000 )
Change in fair value of Greenshoe Rights liability           11,413,000       11,413,000  
Total Other Income (Expense)     1,504,000       (17,323,000 )     (15,819,000 )
Net Loss     (5,323,000 )     (17,323,000 )     (22,646,000 )
                         
Dividend on Series L Preferred Stock     (229,000 )           (229,000 )
Deemed dividend           (4,058,000 )     (4,058,000 )
Net Loss attributable to common stockholders’     (5,552,000 )     (21,381,000 )     (26,933,000 )
Net Loss Per Share - Basic and Diluted   $ (1.84 )   $ (7.06 )   $ (8.90 )
Weighted average common shares outstanding - basic and diluted     3,025,033             3,025,033  
Schedule of Restated Statement of Cash Flows

The restated line items of the statement of cash flows for the nine months ended September 30, 2025, is as follows:

 

                   
    Nine Months Ended September 30, 2025 (Unaudited)  
    As Previously Reported    

Restatement

Adjustment
   

As

Restated
 
Net Loss   $ (5,323,000 )   $ (17,323,000 )   $ (22,646,000 )
                         
Loss on initial recognition of Greenshoe Rights liability             28,736,000       28,736,000  
Change in fair value of Greenshoe Rights liability           (11,413,000 )     (11,413,000 )
Net cash used in operating activities   $ (8,893,000 )   $     $ (8,893,000 )
                         
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES                        
Reclassification of Greenshoe Rights liability to equity         $ 17,323,000     $ 17,323,000