Annual report [Section 13 and 15(d), not S-K Item 405]

Restatement of Previously Issued Consolidated Financial Statements (Tables)

v3.25.1
Restatement of Previously Issued Consolidated Financial Statements (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Schedule of Restatement Consolidated Financial Statements

The following tables present a reconciliation of the as previously reported consolidated financial statements to the restated amounts as of and for the year ended December 31, 2023.

 

INTERPACE BIOSCIENCES, INC.

CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

 

                       
    December 31, 2023  
    As Previously Reported     Restatement Amount     Restatement Reference   As Restated  
                       
ASSETS                            
Current assets:                            
Cash and cash equivalents   $ 3,498     $ -         $ 3,498  
Accounts receivable     4,983       95      (b)     5,078  
Other current assets     1,841                   1,841  
Total current assets     10,322       95           10,417  
Property and equipment, net     790       -           790  
Operating lease right of use assets     1,864       -           1,864  
Other long-term assets     45       -           45  
Total assets   $ 13,021     $ 95         $ 13,116  
                             
LIABILITIES AND STOCKHOLDERS’ DEFICIT                            
Current liabilities:                            
Accounts payable   $ 1,544     $ -         $ 1,544  
Accrued salary and bonus     1,969       -           1,969  
Other accrued expenses     8,201       (6,038 )    (a)     2,163  
Note payable at fair value, current     5,100       -           5,100  
Current liabilities of discontinued operations     660       -           660  
Total current liabilities     17,474       (6,038 )         11,436  
Operating lease liabilities, net of current portion     1,472       -           1,472  
Note payable at fair value     4,243       -           4,243  
Other long-term liabilities     4,968       -           4,968  
Total liabilities     28,157       (6,038 )         22,119  
                             
Redeemable preferred stock, $.01 par value; 5,000,000 shares authorized, 47,000 shares Series B issued and outstanding     46,536       -           46,536  
                             
Stockholders’ deficit:                            
Common stock, $.01 par value; 100,000,000 shares authorized;                            
4,447,489  shares issued and 4,351,445 shares outstanding;     405       -           405  
Additional paid-in capital     188,146       -           188,146  
Accumulated deficit     (248,215 )     6,133      (a) (b)     (242,082 )
Treasury stock, at cost (96,044 shares)     (2,008 )     -           (2,008 )
Total stockholders’ deficit     (61,672 )     6,133           (55,539 )
Total liabilities and stockholders’ deficit     (33,515 )     95           (33,420 )
                             
Total liabilities, preferred stock and stockholders’ deficit   $ 13,021     $ 95         $ 13,116  

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 

INTERPACE BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATION

(in thousands, except for per share data)

 

    As Previously Reported     Restatement Amount     Restatement Reference   As Restated  
    For the Year Ended December 31, 2023  
    As Previously Reported     Restatement Amount     Restatement Reference   As Restated  
                       
Revenue, net   $ 40,214     $ (178 )    (b)   $ 40,036  
Cost of revenue     16,310       (1,330 )    (a)     14,980  
Gross profit     23,904       1,152           25,056  
Operating expenses:                            
Sales and marketing     10,233       -           10,233  
Research and development     636       -           636  
General and administrative     9,363       -           9,363  
Acquisition related amortization expense     861       -           861  
Change in fair value of contingent consideration     7       -           7  
Total operating expenses     21,100       -           21,100  
                             
Operating income from continuing operations     2,804       1,152           3,956  
Interest accretion expense     (112 )     -           (112 )
Note payable interest expense     (896 )     -           (896 )
Other expense, net     (667 )     -           (667 )
Income from continuing operations before tax     1,129       1,152           2,281  
Provision for income taxes     17       -           17  
Income from continuing operations     1,112       1,152           2,264  
                             
Loss from discontinued operations, net of tax     (310 )     -           (310 )
                             
Net income   $ 802     $ 1,152         $ 1,954  
                             
Basic net income (loss) per share of common stock:                            
From continuing operations   $ 0.26     $ 0.27         $ 0.52  
From discontinued operations     (0.07 )     -           (0.07 )
Net income (loss) per basic share of common stock   $ 0.19     $ 0.27         $ 0.45  
                             
Diluted net income (loss) per share of common stock:                            
From continuing operations   $ 0.25     $ 0.26         $ 0.52  
From discontinued operations     (0.07 )     -           (0.07 )
Net income (loss) per diluted share of common stock   $ 0.18     $ 0.26         $ 0.45  
                             
Weighted average number of common shares and common share equivalents outstanding:                            
Basic     4,317       4,317           4,317  
Diluted     4,364       4,364           4,364  

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 

Consolidated Statement of Stockholders’ Deficit

 

    Shares     Amount     Shares     Amount     Capital     Deficit     Total  
                            Additional              
    Common Stock     Treasury Stock     Paid in     Accumulated        
    Shares     Amount     Shares     Amount     Capital     Deficit     Total  
                                           
Balance -December 31, 2023 as reported     4,447,489     $ 405       96,044     $ (2,008 )   $ 188,146     $ (248,215 )   $ (61,672 )
                                                         
Cumulative adjustments to accumulated deficit in prior years     -       -       -       -       -       4,981       4,981  
Cumulative adjustments to net income     -       -       -       -       -       1,152       1,152  
                                                         
Balance -December 31, 2023 as restated     4,447,489     $ 405       96,044     $ (2,008 )   $ 188,146     $ (242,082 )   $ (55,539 )

 

 

INTERPACE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited, in thousands)

 

    As Previously Reported     Restatement Amount     Restatement Reference   As Restated  
    For The Year Ended December 31,  
    2023               2023  
    As Previously Reported     Restatement Amount     Restatement Reference   As Restated  
                       
Cash Flows From Operating Activities                            
Net income   $ 802     $ 1,152      (a) (b)   $ 1,954  
Adjustments to reconcile net income to net cash used in operating activities:                            
Depreciation and amortization     1,026       -           1,026  
Interest accretion expense     112       -           112  
Amortization of deferred financing fees     42       -           42  
Amortization on operating lease right of use asset     575                   575  
Stock-based compensation     630       -           630  
Credit loss expense     -       -           -  
Change in fair value of note payable     678       -           678  
Change in fair value of contingent consideration     7                   7  
Other changes in operating assets and liabilities:                            
Accounts receivable     49       178      (b)     227  
Other current assets     (89 )     -           (89 )
Accounts payable     489       -           489  
Accrued salaries and bonus     513       -           513  
Other accrued expenses     (936 )     (1,330 )    (a)     (2,266 )
Operating lease liabilities     (376 )                 (376 )
Long-term liabilities     267       -           267  
Net cash provided by operating activities     3,789       -           3,789  
                             
Cash Flows From Investing Activity                            
Proceeds from sale of Interpace Pharma Solutions, net     383                   383  
Purchase of property and equipment     (470 )     -           (470 )
Net cash used in investing activities     (87 )     -           (87 )
                             
Cash Flows From Financing Activities                            
Payment of BroadOak terminal payment     (2,500 )                 (2,500 )
Payments on line of credit     (2,500 )                 (2,500 )
Cash paid for repurchase of restricted shares     (32 )     -           (32 )
Net cash used in financing activities     (5,032 )     -           (5,032 )
                             
Net decrease in cash and cash equivalents     (1,330 )     -           (1,330 )
Cash and cash equivalents  from continuing operations– beginning     4,828       -           4,828  
Cash and cash equivalents from discontinued operations– beginning     -       -           -  
Cash and cash equivalents – beginning   $ 4,828     $ -         $ 4,828  
Cash and cash equivalents  from continuing operations– ending   $ 3,498     $ -         $ 3,498  
Cash and cash equivalents from discontinued operations– ending     -       -           -  
Cash and cash equivalents – ending   $ 3,498     $ -         $ 3,498