Schedule of Restatement Unaudited Quarterly Results |
Schedule
of Restatement Unaudited Quarterly Results
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
March 31, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,596 |
|
|
$ |
- |
|
|
|
|
$ |
5,596 |
|
Accounts receivable |
|
|
4,715 |
|
|
|
102 |
|
|
(b) |
|
|
4,817 |
|
Other current assets |
|
|
2,173 |
|
|
|
- |
|
|
|
|
|
2,173 |
|
Total current assets |
|
|
12,484 |
|
|
|
102 |
|
|
|
|
|
12,586 |
|
Property and equipment, net |
|
|
506 |
|
|
|
- |
|
|
|
|
|
506 |
|
Other intangible assets, net |
|
|
544 |
|
|
|
- |
|
|
|
|
|
544 |
|
Operating lease right of use assets |
|
|
2,298 |
|
|
|
- |
|
|
|
|
|
2,298 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
15,877 |
|
|
$ |
102 |
|
|
|
|
$ |
15,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,582 |
|
|
$ |
- |
|
|
|
|
$ |
1,582 |
|
Accrued salary and bonus |
|
|
888 |
|
|
|
- |
|
|
|
|
|
888 |
|
Other accrued expenses |
|
|
8,323 |
|
|
|
(5,042 |
) |
|
(a) |
|
|
3,281 |
|
Note payable at fair value, current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit - current |
|
|
2,200 |
|
|
|
- |
|
|
|
|
|
2,200 |
|
Current liabilities of discontinued operations |
|
|
858 |
|
|
|
- |
|
|
|
|
|
858 |
|
Total current liabilities |
|
|
13,851 |
|
|
|
(5,042 |
) |
|
|
|
|
8,809 |
|
Contingent consideration |
|
|
368 |
|
|
|
- |
|
|
|
|
|
368 |
|
Operating lease liabilities, net of current portion |
|
|
1,748 |
|
|
|
- |
|
|
|
|
|
1,748 |
|
Note payable at fair value |
|
|
11,132 |
|
|
|
- |
|
|
|
|
|
11,132 |
|
Other long-term liabilities |
|
|
4,780 |
|
|
|
- |
|
|
|
|
|
4,780 |
|
Total liabilities |
|
|
31,879 |
|
|
|
(5,042 |
) |
|
|
|
|
26,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,390,826 shares issued and 4,311,414 shares outstanding; |
|
|
405 |
|
|
|
- |
|
|
|
|
|
405 |
|
Additional paid-in capital |
|
|
187,708 |
|
|
|
- |
|
|
|
|
|
187,708 |
|
Accumulated deficit |
|
|
(248,666 |
) |
|
|
5,144 |
|
|
(a) (b) |
|
|
(243,522 |
) |
Treasury stock, at cost (79,412 shares) |
|
|
(1,985 |
) |
|
|
- |
|
|
|
|
|
(1,985 |
) |
Total stockholders’ deficit |
|
|
(62,538 |
) |
|
|
5,144 |
|
|
|
|
|
(57,394 |
) |
Total liabilities and stockholders’ deficit |
|
|
(30,659 |
) |
|
|
102 |
|
|
|
|
|
(30,557 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
15,877 |
|
|
$ |
102 |
|
|
|
|
$ |
15,979 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For the Three Months Ended March 31, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Revenue, net |
|
$ |
9,826 |
|
|
$ |
(171 |
) |
|
(b) |
|
$ |
9,655 |
|
Cost of revenue |
|
|
3,848 |
|
|
|
(334 |
) |
|
(a) |
|
|
3,514 |
|
Gross profit |
|
|
5,978 |
|
|
|
163 |
|
|
|
|
|
6,141 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,342 |
|
|
|
- |
|
|
|
|
|
2,342 |
|
Research and development |
|
|
149 |
|
|
|
- |
|
|
|
|
|
149 |
|
General and administrative |
|
|
2,494 |
|
|
|
- |
|
|
|
|
|
2,494 |
|
Acquisition related amortization expense |
|
|
318 |
|
|
|
- |
|
|
|
|
|
318 |
|
Total operating expenses |
|
|
5,303 |
|
|
|
- |
|
|
|
|
|
5,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations |
|
|
675 |
|
|
|
163 |
|
|
|
|
|
838 |
|
Interest accretion expense |
|
|
(35 |
) |
|
|
- |
|
|
|
|
|
(35 |
) |
Note payable interest expense |
|
|
(225 |
) |
|
|
- |
|
|
|
|
|
(225 |
) |
Other expense, net |
|
|
19 |
|
|
|
- |
|
|
|
|
|
19 |
|
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
Income from continuing operations |
|
|
430 |
|
|
|
163 |
|
|
|
|
|
593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(79 |
) |
|
|
- |
|
|
|
|
|
(79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
351 |
|
|
$ |
163 |
|
|
|
|
$ |
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.10 |
|
|
$ |
0.04 |
|
|
|
|
$ |
0.14 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
Net income (loss) per basic share of common stock |
|
$ |
0.08 |
|
|
$ |
0.04 |
|
|
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.10 |
|
|
$ |
0.04 |
|
|
|
|
$ |
0.14 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
0.08 |
|
|
$ |
0.04 |
|
|
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,307 |
|
|
|
4,307 |
|
|
|
|
|
4,307 |
|
Diluted |
|
|
4,308 |
|
|
|
4,308 |
|
|
|
|
|
4,308 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statements of Stockholders’ Deficit (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2023 as reported |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(248,666 |
) |
|
$ |
(62,538 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,981 |
|
|
|
4,981 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
163 |
|
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2023 as restated |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(243,522 |
) |
|
$ |
(57,394 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited,
in thousands)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For The Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
|
|
|
|
2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
351 |
|
|
$ |
163 |
|
|
(a) (b) |
|
$ |
514 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
356 |
|
|
|
- |
|
|
|
|
|
356 |
|
Interest accretion expense |
|
|
35 |
|
|
|
- |
|
|
|
|
|
35 |
|
Amortization of deferred financing fees |
|
|
14 |
|
|
|
- |
|
|
|
|
|
14 |
|
Stock-based compensation |
|
|
192 |
|
|
|
- |
|
|
|
|
|
192 |
|
Bad
debt expense reversal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loss expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of note payable |
|
|
(33 |
) |
|
|
- |
|
|
|
|
|
(33 |
) |
Amortization on operating lease right of use asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
317 |
|
|
|
171 |
|
|
(b) |
|
|
488 |
|
Other current assets |
|
|
107 |
|
|
|
- |
|
|
|
|
|
107 |
|
Operating
lease right of use assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
532 |
|
|
|
- |
|
|
|
|
|
532 |
|
Accrued salaries and bonus |
|
|
(568 |
) |
|
|
- |
|
|
|
|
|
(568 |
) |
Other accrued expenses |
|
|
(249 |
) |
|
|
(334 |
) |
|
(a) |
|
|
(583 |
) |
Operating
lease liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
79 |
|
|
|
- |
|
|
|
|
|
79 |
|
Net cash provided by operating activities |
|
|
1,133 |
|
|
|
- |
|
|
|
|
|
1,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of Interpace Pharma Solutions, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working
capital adjustment on sale of Interpace Pharma Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(65 |
) |
|
|
- |
|
|
|
|
|
(65 |
) |
Net cash used in investing activities |
|
|
(65 |
) |
|
|
- |
|
|
|
|
|
(65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments made on note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on line of credit |
|
|
(300 |
) |
|
|
- |
|
|
|
|
|
(300 |
) |
Net cash (used in) provided by financing activities |
|
|
(300 |
) |
|
|
- |
|
|
|
|
|
(300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
768 |
|
|
|
- |
|
|
|
|
|
768 |
|
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 |
|
$ |
5,596 |
|
|
$ |
- |
|
|
|
|
$ |
5,596 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
5,596 |
|
|
$ |
- |
|
|
|
|
$ |
5,596 |
|
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
BALANCE SHEET
(unaudited,
in thousands, except share and per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
June 30, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,079 |
|
|
$ |
- |
|
|
|
|
$ |
5,079 |
|
Accounts receivable |
|
|
5,529 |
|
|
|
121 |
|
|
(b) |
|
|
5,650 |
|
Other current assets |
|
|
2,367 |
|
|
|
- |
|
|
|
|
|
2,367 |
|
Total current assets |
|
|
12,975 |
|
|
|
121 |
|
|
|
|
|
13,096 |
|
Property and equipment, net |
|
|
606 |
|
|
|
- |
|
|
|
|
|
606 |
|
Other intangible assets, net |
|
|
226 |
|
|
|
- |
|
|
|
|
|
226 |
|
Operating lease right of use assets |
|
|
2,090 |
|
|
|
- |
|
|
|
|
|
2,090 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
15,942 |
|
|
$ |
121 |
|
|
|
|
$ |
16,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,689 |
|
|
$ |
- |
|
|
|
|
$ |
1,689 |
|
Accrued salary and bonus |
|
|
1,127 |
|
|
|
- |
|
|
|
|
|
1,127 |
|
Other accrued expenses |
|
|
8,391 |
|
|
|
(5,407 |
) |
|
(a) |
|
|
2,984 |
|
Line of credit - current |
|
|
1,500 |
|
|
|
- |
|
|
|
|
|
1,500 |
|
Current liabilities of discontinued operations |
|
|
858 |
|
|
|
- |
|
|
|
|
|
858 |
|
Total current liabilities |
|
|
13,565 |
|
|
|
(5,407 |
) |
|
|
|
|
8,158 |
|
Contingent consideration |
|
|
231 |
|
|
|
- |
|
|
|
|
|
231 |
|
Operating lease liabilities, net of current portion |
|
|
1,646 |
|
|
|
- |
|
|
|
|
|
1,646 |
|
Note payable at fair value |
|
|
11,307 |
|
|
|
- |
|
|
|
|
|
11,307 |
|
Other long-term liabilities |
|
|
4,863 |
|
|
|
- |
|
|
|
|
|
4,863 |
|
Total liabilities |
|
|
31,612 |
|
|
|
(5,407 |
) |
|
|
|
|
26,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,390,826 shares issued and 4,311,414 shares outstanding; |
|
|
405 |
|
|
|
- |
|
|
|
|
|
405 |
|
Additional paid-in capital |
|
|
187,865 |
|
|
|
- |
|
|
|
|
|
187,865 |
|
Accumulated deficit |
|
|
(248,491 |
) |
|
|
5,528 |
|
|
(a) (b) |
|
|
(242,963 |
) |
Treasury stock, at cost (79,412 shares) |
|
|
(1,985 |
) |
|
|
- |
|
|
|
|
|
(1,985 |
) |
Total stockholders’ deficit |
|
|
(62,206 |
) |
|
|
5,528 |
|
|
|
|
|
(56,678 |
) |
Total liabilities and stockholders’ deficit |
|
|
(30,594 |
) |
|
|
121 |
|
|
|
|
|
(30,473 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
15,942 |
|
|
$ |
121 |
|
|
|
|
$ |
16,063 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For the Three Months Ended June 30, 2023 |
|
|
For the Six Months Ended June 30, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Revenue, net |
|
$ |
11,026 |
|
|
$ |
19 |
|
|
(b) |
|
$ |
11,045 |
|
|
$ |
20,853 |
|
|
$ |
(152 |
) |
|
(b) |
|
$ |
20,701 |
|
Cost of revenue |
|
|
4,191 |
|
|
|
(365 |
) |
|
(a) |
|
|
3,826 |
|
|
|
8,039 |
|
|
|
(699 |
) |
|
(a) |
|
|
7,340 |
|
Gross profit |
|
|
6,835 |
|
|
|
384 |
|
|
|
|
|
7,219 |
|
|
|
12,814 |
|
|
|
547 |
|
|
|
|
|
13,361 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,605 |
|
|
|
- |
|
|
|
|
|
2,605 |
|
|
|
4,947 |
|
|
|
- |
|
|
|
|
|
4,947 |
|
Research and development |
|
|
186 |
|
|
|
- |
|
|
|
|
|
186 |
|
|
|
335 |
|
|
|
- |
|
|
|
|
|
335 |
|
General and administrative |
|
|
2,894 |
|
|
|
- |
|
|
|
|
|
2,894 |
|
|
|
5,389 |
|
|
|
- |
|
|
|
|
|
5,389 |
|
Acquisition related amortization expense |
|
|
318 |
|
|
|
- |
|
|
|
|
|
318 |
|
|
|
635 |
|
|
|
- |
|
|
|
|
|
635 |
|
Total operating expenses |
|
|
6,003 |
|
|
|
- |
|
|
|
|
|
6,003 |
|
|
|
11,306 |
|
|
|
- |
|
|
|
|
|
11,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations |
|
|
832 |
|
|
|
384 |
|
|
|
|
|
1,216 |
|
|
|
1,508 |
|
|
|
547 |
|
|
|
|
|
2,055 |
|
Interest accretion expense |
|
|
(31 |
) |
|
|
- |
|
|
|
|
|
(31 |
) |
|
|
(66 |
) |
|
|
- |
|
|
|
|
|
(66 |
) |
Note payable interest expense |
|
|
(228 |
) |
|
|
- |
|
|
|
|
|
(228 |
) |
|
|
(453 |
) |
|
|
- |
|
|
|
|
|
(453 |
) |
Other expense, net |
|
|
(174 |
) |
|
|
- |
|
|
|
|
|
(174 |
) |
|
|
(156 |
) |
|
|
- |
|
|
|
|
|
(156 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
|
|
8 |
|
|
|
- |
|
|
|
|
|
8 |
|
Income from continuing operations |
|
|
395 |
|
|
|
384 |
|
|
|
|
|
779 |
|
|
|
825 |
|
|
|
547 |
|
|
|
|
|
1,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(220 |
) |
|
|
- |
|
|
|
|
|
(220 |
) |
|
|
(299 |
) |
|
|
- |
|
|
|
|
|
(299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
175 |
|
|
$ |
384 |
|
|
|
|
$ |
559 |
|
|
$ |
526 |
|
|
$ |
547 |
|
|
|
|
$ |
1,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
0.13 |
|
|
|
|
$ |
0.32 |
|
From discontinued operations |
|
|
(0.05 |
) |
|
|
- |
|
|
|
|
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
- |
|
|
|
|
|
(0.07 |
) |
Net income (loss) per basic share of common stock |
|
$ |
0.04 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.13 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
0.13 |
|
|
|
|
$ |
0.32 |
|
From discontinued operations |
|
|
(0.05 |
) |
|
|
- |
|
|
|
|
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
- |
|
|
|
|
|
(0.07 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
0.04 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.13 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,311 |
|
|
|
4,311 |
|
|
|
|
|
4,311 |
|
|
|
4,309 |
|
|
|
4,309 |
|
|
|
|
|
4,309 |
|
Diluted |
|
|
4,316 |
|
|
|
4,316 |
|
|
|
|
|
4,316 |
|
|
|
4,313 |
|
|
|
4,313 |
|
|
|
|
|
4,313 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statements of Stockholders’ Deficit (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2023 as reported |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(248,666 |
) |
|
$ |
(62,538 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,981 |
|
|
|
4,981 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
163 |
|
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2023 as restated |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(243,522 |
) |
|
$ |
(57,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2023 as reported |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,865 |
|
|
$ |
(248,491 |
) |
|
$ |
(62,206 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,144 |
|
|
|
5,144 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
384 |
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2023 as restated |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,865 |
|
|
$ |
(242,963 |
) |
|
$ |
(56,678 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited,
in thousands)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For The Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
|
|
|
|
2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
526 |
|
|
$ |
547 |
|
|
(a) (b) |
|
$ |
1,073 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
714 |
|
|
|
- |
|
|
|
|
|
714 |
|
Interest accretion expense |
|
|
66 |
|
|
|
- |
|
|
|
|
|
66 |
|
Amortization of deferred financing fees |
|
|
28 |
|
|
|
- |
|
|
|
|
|
28 |
|
Stock-based compensation |
|
|
349 |
|
|
|
- |
|
|
|
|
|
349 |
|
Change in fair value of note payable |
|
|
142 |
|
|
|
- |
|
|
|
|
|
142 |
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
(497 |
) |
|
|
152 |
|
|
(b) |
|
|
(345 |
) |
Other current assets |
|
|
(101 |
) |
|
|
- |
|
|
|
|
|
(101 |
) |
Operating lease right of use assets |
|
|
349 |
|
|
|
- |
|
|
|
|
|
349 |
|
Accounts payable |
|
|
610 |
|
|
|
- |
|
|
|
|
|
610 |
|
Accrued salaries and bonus |
|
|
(329 |
) |
|
|
- |
|
|
|
|
|
(329 |
) |
Other accrued expenses |
|
|
(138 |
) |
|
|
(699 |
) |
|
(a) |
|
|
(837 |
) |
Operating lease liabilities |
|
|
(337 |
) |
|
|
|
|
|
|
|
|
(337 |
) |
Long-term liabilities |
|
|
162 |
|
|
|
- |
|
|
|
|
|
162 |
|
Net cash provided by operating activities |
|
|
1,544 |
|
|
|
- |
|
|
|
|
|
1,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital adjustment on sale of Interpace Pharma Solutions |
|
|
(117 |
) |
|
|
- |
|
|
|
|
|
(117 |
) |
Purchase of property and equipment |
|
|
(176 |
) |
|
|
- |
|
|
|
|
|
(176 |
) |
Net cash used in investing activities |
|
|
(293 |
) |
|
|
- |
|
|
|
|
|
(293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on line of credit |
|
|
(1,000 |
) |
|
|
- |
|
|
|
|
|
(1,000 |
) |
Net cash used in financing activities |
|
|
(1,000 |
) |
|
|
- |
|
|
|
|
|
(1,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
251 |
|
|
|
- |
|
|
|
|
|
251 |
|
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 |
|
$ |
5,079 |
|
|
$ |
- |
|
|
|
|
$ |
5,079 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
5,079 |
|
|
$ |
- |
|
|
|
|
$ |
5,079 |
|
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
BALANCE SHEET
(unaudited,
in thousands, except share and per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
September 30, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,032 |
|
|
$ |
- |
|
|
|
|
$ |
5,032 |
|
Accounts receivable |
|
|
4,830 |
|
|
|
246 |
|
|
(b) |
|
|
5,076 |
|
Other current assets |
|
|
1,576 |
|
|
|
- |
|
|
|
|
|
1,576 |
|
Total current assets |
|
|
11,438 |
|
|
|
246 |
|
|
|
|
|
11,684 |
|
Property and equipment, net |
|
|
762 |
|
|
|
- |
|
|
|
|
|
762 |
|
Other intangible assets, net |
|
|
27 |
|
|
|
- |
|
|
|
|
|
27 |
|
Operating lease right of use assets |
|
|
1,978 |
|
|
|
- |
|
|
|
|
|
1,978 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
14,250 |
|
|
$ |
246 |
|
|
|
|
$ |
14,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,352 |
|
|
$ |
- |
|
|
|
|
$ |
1,352 |
|
Accrued salary and bonus |
|
|
1,299 |
|
|
|
- |
|
|
|
|
|
1,299 |
|
Other accrued expenses |
|
|
8,815 |
|
|
|
(5,710 |
) |
|
(a) |
|
|
3,105 |
|
Current liabilities of discontinued operations |
|
|
858 |
|
|
|
- |
|
|
|
|
|
858 |
|
Total current liabilities |
|
|
12,324 |
|
|
|
(5,710 |
) |
|
|
|
|
6,614 |
|
Operating lease liabilities, net of current portion |
|
|
1,556 |
|
|
|
- |
|
|
|
|
|
1,556 |
|
Note payable at fair value |
|
|
11,565 |
|
|
|
- |
|
|
|
|
|
11,565 |
|
Other long-term liabilities |
|
|
4,949 |
|
|
|
- |
|
|
|
|
|
4,949 |
|
Total liabilities |
|
|
30,394 |
|
|
|
(5,710 |
) |
|
|
|
|
24,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,407,492 shares issued and 4,321,772 shares outstanding; |
|
|
405 |
|
|
|
- |
|
|
|
|
|
405 |
|
Additional paid-in capital |
|
|
188,017 |
|
|
|
- |
|
|
|
|
|
188,017 |
|
Accumulated deficit |
|
|
(249,105 |
) |
|
|
5,956 |
|
|
(a) (b) |
|
|
(243,149 |
) |
Treasury stock, at cost (85,720 shares) |
|
|
(1,997 |
) |
|
|
- |
|
|
|
|
|
(1,997 |
) |
Total stockholders’ deficit |
|
|
(62,680 |
) |
|
|
5,956 |
|
|
|
|
|
(56,724 |
) |
Total liabilities and stockholders’ deficit |
|
|
(32,286 |
) |
|
|
246 |
|
|
|
|
|
(32,040 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
14,250 |
|
|
$ |
246 |
|
|
|
|
$ |
14,496 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For the Three Months Ended September 30, 2023 |
|
|
For the Nine Months Ended September 30, 2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Revenue, net |
|
$ |
9,078 |
|
|
$ |
125 |
|
|
(b) |
|
$ |
9,203 |
|
|
$ |
29,931 |
|
|
$ |
(27 |
) |
|
(b) |
|
$ |
29,904 |
|
Cost of revenue |
|
|
4,124 |
|
|
|
(303 |
) |
|
(a) |
|
|
3,821 |
|
|
|
12,163 |
|
|
|
(1,002 |
) |
|
(a) |
|
|
11,161 |
|
Gross profit |
|
|
4,954 |
|
|
|
428 |
|
|
|
|
|
5,382 |
|
|
|
17,768 |
|
|
|
975 |
|
|
|
|
|
18,743 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,498 |
|
|
|
- |
|
|
|
|
|
2,498 |
|
|
|
7,444 |
|
|
|
- |
|
|
|
|
|
7,444 |
|
Research and development |
|
|
149 |
|
|
|
- |
|
|
|
|
|
149 |
|
|
|
484 |
|
|
|
- |
|
|
|
|
|
484 |
|
General and administrative |
|
|
2,124 |
|
|
|
- |
|
|
|
|
|
2,124 |
|
|
|
7,515 |
|
|
|
- |
|
|
|
|
|
7,515 |
|
Acquisition related amortization expense |
|
|
199 |
|
|
|
- |
|
|
|
|
|
199 |
|
|
|
834 |
|
|
|
- |
|
|
|
|
|
834 |
|
Total operating expenses |
|
|
4,970 |
|
|
|
- |
|
|
|
|
|
4,970 |
|
|
|
16,277 |
|
|
|
- |
|
|
|
|
|
16,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income from continuing operations |
|
|
(16 |
) |
|
|
428 |
|
|
|
|
|
412 |
|
|
|
1,491 |
|
|
|
975 |
|
|
|
|
|
2,466 |
|
Interest accretion expense |
|
|
(26 |
) |
|
|
- |
|
|
|
|
|
(26 |
) |
|
|
(92 |
) |
|
|
- |
|
|
|
|
|
(92 |
) |
Note payable interest expense |
|
|
(230 |
) |
|
|
- |
|
|
|
|
|
(230 |
) |
|
|
(682 |
) |
|
|
- |
|
|
|
|
|
(682 |
) |
Other expense, net |
|
|
(252 |
) |
|
|
- |
|
|
|
|
|
(252 |
) |
|
|
(408 |
) |
|
|
- |
|
|
|
|
|
(408 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
|
|
12 |
|
|
|
- |
|
|
|
|
|
12 |
|
(Loss) income from continuing operations |
|
|
(528 |
) |
|
|
428 |
|
|
|
|
|
(100 |
) |
|
|
297 |
|
|
|
975 |
|
|
|
|
|
1,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(86 |
) |
|
|
- |
|
|
|
|
|
(86 |
) |
|
|
(385 |
) |
|
|
- |
|
|
|
|
|
(385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(614 |
) |
|
$ |
428 |
|
|
|
|
$ |
(186 |
) |
|
$ |
(88 |
) |
|
$ |
975 |
|
|
|
|
$ |
887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
(0.12 |
) |
|
$ |
0.10 |
|
|
|
|
$ |
(0.02 |
) |
|
$ |
0.07 |
|
|
$ |
0.23 |
|
|
|
|
$ |
0.29 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
- |
|
|
|
|
|
(0.09 |
) |
Net income (loss) per basic share of common stock |
|
$ |
(0.14 |
) |
|
$ |
0.10 |
|
|
|
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.23 |
|
|
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
(0.12 |
) |
|
$ |
0.10 |
|
|
|
|
$ |
(0.02 |
) |
|
$ |
0.07 |
|
|
$ |
0.22 |
|
|
|
|
$ |
0.29 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
- |
|
|
|
|
|
(0.09 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
(0.14 |
) |
|
$ |
0.10 |
|
|
|
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.22 |
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,319 |
|
|
|
4,319 |
|
|
|
|
|
4,319 |
|
|
|
4,313 |
|
|
|
4,313 |
|
|
|
|
|
4,313 |
|
Diluted |
|
|
4,319 |
|
|
|
4,319 |
|
|
|
|
|
4,319 |
|
|
|
4,355 |
|
|
|
4,355 |
|
|
|
|
|
4,355 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statement of Stockholders’ Deficit (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2023 as reported |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(248,666 |
) |
|
$ |
(62,538 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,981 |
|
|
|
4,981 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
163 |
|
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2023 as restated |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,708 |
|
|
$ |
(243,522 |
) |
|
$ |
(57,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2023 as reported |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,865 |
|
|
$ |
(248,491 |
) |
|
$ |
(62,206 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,144 |
|
|
|
5,144 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
384 |
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2023 as restated |
|
|
4,390,826 |
|
|
$ |
405 |
|
|
|
79,412 |
|
|
$ |
(1,985 |
) |
|
$ |
187,865 |
|
|
$ |
(242,963 |
) |
|
$ |
(56,678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -September 30, 2023 as reported |
|
|
4,407,492 |
|
|
$ |
405 |
|
|
|
85,720 |
|
|
$ |
(1,997 |
) |
|
$ |
188,017 |
|
|
$ |
(249,105 |
) |
|
$ |
(62,680 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,528 |
|
|
|
5,528 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
428 |
|
|
|
428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -September 30, 2023 as restated |
|
|
4,407,492 |
|
|
$ |
405 |
|
|
|
85,720 |
|
|
$ |
(1,997 |
) |
|
$ |
188,017 |
|
|
$ |
(243,149 |
) |
|
$ |
(56,724 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited,
in thousands)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For The Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
|
|
|
|
2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(88 |
) |
|
$ |
975 |
|
|
(a) (b) |
|
$ |
887 |
|
Adjustments to reconcile net (loss) income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
954 |
|
|
|
- |
|
|
|
|
|
954 |
|
Interest accretion expense |
|
|
92 |
|
|
|
- |
|
|
|
|
|
92 |
|
Amortization of deferred financing fees |
|
|
42 |
|
|
|
- |
|
|
|
|
|
42 |
|
Stock-based compensation |
|
|
501 |
|
|
|
- |
|
|
|
|
|
501 |
|
Change in fair value of note payable |
|
|
400 |
|
|
|
- |
|
|
|
|
|
400 |
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
202 |
|
|
|
27 |
|
|
(b) |
|
|
229 |
|
Other current assets |
|
|
176 |
|
|
|
- |
|
|
|
|
|
176 |
|
Operating lease right of use assets |
|
|
461 |
|
|
|
- |
|
|
|
|
|
461 |
|
Accounts payable |
|
|
228 |
|
|
|
- |
|
|
|
|
|
228 |
|
Accrued salaries and bonus |
|
|
(157 |
) |
|
|
- |
|
|
|
|
|
(157 |
) |
Other accrued expenses |
|
|
(118 |
) |
|
|
(1,002 |
) |
|
(a) |
|
|
(1,120 |
) |
Operating lease liabilities |
|
|
(292 |
) |
|
|
|
|
|
|
|
|
(292 |
) |
Long-term liabilities |
|
|
248 |
|
|
|
- |
|
|
|
|
|
248 |
|
Net cash provided by operating activities |
|
|
2,649 |
|
|
|
- |
|
|
|
|
|
2,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of Interpace Pharma Solutions, net |
|
|
500 |
|
|
|
- |
|
|
|
|
|
500 |
|
Working capital adjustment on sale of Interpace Pharma Solutions |
|
|
(117 |
) |
|
|
- |
|
|
|
|
|
(117 |
) |
Purchase of property and equipment |
|
|
(328 |
) |
|
|
- |
|
|
|
|
|
(328 |
) |
Net cash provided by investing activities |
|
|
55 |
|
|
|
- |
|
|
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on line of credit |
|
|
(2,500 |
) |
|
|
- |
|
|
|
|
|
(2,500 |
) |
Net cash used in financing activities |
|
|
(2,500 |
) |
|
|
- |
|
|
|
|
|
(2,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
204 |
|
|
|
- |
|
|
|
|
|
204 |
|
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 |
|
$ |
5,032 |
|
|
$ |
- |
|
|
|
|
$ |
5,032 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
5,032 |
|
|
$ |
- |
|
|
|
|
$ |
5,032 |
|
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
BALANCE SHEET
(unaudited,
in thousands, except share and per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
March 31, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,812 |
|
|
$ |
- |
|
|
|
|
$ |
2,812 |
|
Accounts receivable |
|
|
5,006 |
|
|
|
- |
|
|
|
|
|
5,006 |
|
Other current assets |
|
|
1,598 |
|
|
|
- |
|
|
|
|
|
1,598 |
|
Total current assets |
|
|
9,416 |
|
|
|
- |
|
|
|
|
|
9,416 |
|
Property and equipment, net |
|
|
925 |
|
|
|
- |
|
|
|
|
|
925 |
|
Operating lease right of use assets |
|
|
1,756 |
|
|
|
- |
|
|
|
|
|
1,756 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
12,142 |
|
|
$ |
- |
|
|
|
|
$ |
12,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,363 |
|
|
$ |
- |
|
|
|
|
$ |
1,363 |
|
Accrued salary and bonus |
|
|
878 |
|
|
|
- |
|
|
|
|
|
878 |
|
Other accrued expenses |
|
|
8,574 |
|
|
|
(6,373 |
) |
|
(a) |
|
|
2,201 |
|
Note payable at fair value, current |
|
|
7,498 |
|
|
|
- |
|
|
|
|
|
7,498 |
|
Current liabilities of discontinued operations |
|
|
660 |
|
|
|
- |
|
|
|
|
|
660 |
|
Total current liabilities |
|
|
18,973 |
|
|
|
(6,373 |
) |
|
|
|
|
12,600 |
|
Operating lease liabilities, net of current portion |
|
|
1,359 |
|
|
|
- |
|
|
|
|
|
1,359 |
|
Note payable at fair value |
|
|
1,343 |
|
|
|
- |
|
|
|
|
|
1,343 |
|
Other long-term liabilities |
|
|
5,072 |
|
|
|
- |
|
|
|
|
|
5,072 |
|
Total liabilities |
|
|
26,747 |
|
|
|
(6,373 |
) |
|
|
|
|
20,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,487,157 shares issued and 4,376,398 shares outstanding; |
|
|
406 |
|
|
|
- |
|
|
|
|
|
406 |
|
Additional paid-in capital |
|
|
188,224 |
|
|
|
- |
|
|
|
|
|
188,224 |
|
Accumulated deficit |
|
|
(247,747 |
) |
|
|
6,373 |
|
|
(a) |
|
|
(241,374 |
) |
Treasury stock, at cost (110,759 shares) |
|
|
(2,024 |
) |
|
|
- |
|
|
|
|
|
(2,024 |
) |
Total stockholders’ deficit |
|
|
(61,141 |
) |
|
|
6,373 |
|
|
|
|
|
(54,768 |
) |
Total liabilities and stockholders’ deficit |
|
|
(34,394 |
) |
|
|
- |
|
|
|
|
|
(34,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
12,142 |
|
|
$ |
- |
|
|
|
|
$ |
12,142 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For the Three Months Ended March 31, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Revenue, net |
|
$ |
10,273 |
|
|
$ |
(95 |
) |
|
(b) |
|
$ |
10,178 |
|
Cost of revenue |
|
|
4,202 |
|
|
|
(335 |
) |
|
(a) |
|
|
3,867 |
|
Gross profit |
|
|
6,071 |
|
|
|
240 |
|
|
|
|
|
6,311 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,821 |
|
|
|
- |
|
|
|
|
|
2,821 |
|
Research and development |
|
|
137 |
|
|
|
- |
|
|
|
|
|
137 |
|
General and administrative |
|
|
2,239 |
|
|
|
- |
|
|
|
|
|
2,239 |
|
Total operating expenses |
|
|
5,197 |
|
|
|
- |
|
|
|
|
|
5,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations |
|
|
874 |
|
|
|
240 |
|
|
|
|
|
1,114 |
|
Interest accretion expense |
|
|
(19 |
) |
|
|
- |
|
|
|
|
|
(19 |
) |
Note payable interest expense |
|
|
(197 |
) |
|
|
- |
|
|
|
|
|
(197 |
) |
Other expense, net |
|
|
(82 |
) |
|
|
- |
|
|
|
|
|
(82 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
Income from continuing operations |
|
|
572 |
|
|
|
240 |
|
|
|
|
|
812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(104 |
) |
|
|
- |
|
|
|
|
|
(104 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
468 |
|
|
$ |
240 |
|
|
|
|
$ |
708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.13 |
|
|
$ |
0.05 |
|
|
|
|
$ |
0.19 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
Net income (loss) per basic share of common stock |
|
$ |
0.11 |
|
|
$ |
0.05 |
|
|
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.13 |
|
|
$ |
0.05 |
|
|
|
|
$ |
0.19 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
0.11 |
|
|
$ |
0.05 |
|
|
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,370 |
|
|
|
4,370 |
|
|
|
|
|
4,370 |
|
Diluted |
|
|
4,384 |
|
|
|
4,384 |
|
|
|
|
|
4,384 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statement of Stockholders’ Deficit (unaudited)
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2024 as reported |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,747 |
) |
|
$ |
(61,141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,133 |
|
|
|
6,133 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
240 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2024 as restated |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,507 |
) |
|
$ |
(54,768 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited,
in thousands)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For The Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
|
|
|
|
2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
468 |
|
|
$ |
240 |
|
|
|
|
$ |
708 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
52 |
|
|
|
- |
|
|
|
|
|
52 |
|
Interest accretion expense |
|
|
19 |
|
|
|
- |
|
|
|
|
|
19 |
|
Bad debt expense reversal |
|
|
(100 |
) |
|
|
- |
|
|
|
|
|
(100 |
) |
Stock-based compensation |
|
|
79 |
|
|
|
- |
|
|
|
|
|
79 |
|
Credit loss expense |
|
|
26 |
|
|
|
- |
|
|
|
|
|
26 |
|
Change in fair value of note payable |
|
|
98 |
|
|
|
- |
|
|
|
|
|
98 |
|
Amortization on operating lease right of use asset |
|
|
108 |
|
|
|
|
|
|
|
|
|
108 |
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
(49 |
) |
|
|
95 |
|
|
(b) |
|
|
46 |
|
Other current assets |
|
|
343 |
|
|
|
- |
|
|
|
|
|
343 |
|
Accounts payable |
|
|
(176 |
) |
|
|
- |
|
|
|
|
|
(176 |
) |
Accrued salaries and bonus |
|
|
(1,091 |
) |
|
|
- |
|
|
|
|
|
(1,091 |
) |
Other accrued expenses |
|
|
176 |
|
|
|
(335 |
) |
|
(a) |
|
|
(159 |
) |
Operating lease liabilities |
|
|
(115 |
) |
|
|
|
|
|
|
|
|
(115 |
) |
Long-term liabilities |
|
|
104 |
|
|
|
- |
|
|
|
|
|
104 |
|
Net cash used in operating activities |
|
|
(58 |
) |
|
|
- |
|
|
|
|
|
(58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(28 |
) |
|
|
- |
|
|
|
|
|
(28 |
) |
Net cash used in investing activities |
|
|
(28 |
) |
|
|
- |
|
|
|
|
|
(28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments made on note payable |
|
|
(600 |
) |
|
|
- |
|
|
|
|
|
(600 |
) |
Net cash used in financing activities |
|
|
(600 |
) |
|
|
- |
|
|
|
|
|
(600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(686 |
) |
|
|
- |
|
|
|
|
|
(686 |
) |
Cash and cash equivalents from continuing operations– beginning |
|
|
3,498 |
|
|
|
- |
|
|
|
|
|
3,498 |
|
Cash and cash equivalents from discontinued operations– beginning |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – beginning |
|
$ |
3,498 |
|
|
$ |
- |
|
|
|
|
$ |
3,498 |
|
Cash and cash equivalents from continuing operations– ending |
|
$ |
2,812 |
|
|
$ |
- |
|
|
|
|
$ |
2,812 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
2,812 |
|
|
$ |
- |
|
|
|
|
$ |
2,812 |
|
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
BALANCE SHEET
(unaudited,
in thousands, except share and per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
June 30, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,019 |
|
|
$ |
- |
|
|
|
|
$ |
2,019 |
|
Accounts receivable |
|
|
6,206 |
|
|
|
- |
|
|
|
|
|
6,206 |
|
Other current assets |
|
|
1,941 |
|
|
|
- |
|
|
|
|
|
1,941 |
|
Total current assets |
|
|
10,166 |
|
|
|
- |
|
|
|
|
|
10,166 |
|
Property and equipment, net |
|
|
1,126 |
|
|
|
- |
|
|
|
|
|
1,126 |
|
Operating lease right of use assets |
|
|
1,635 |
|
|
|
- |
|
|
|
|
|
1,635 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
12,972 |
|
|
$ |
- |
|
|
|
|
$ |
12,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,761 |
|
|
$ |
- |
|
|
|
|
$ |
1,761 |
|
Accrued salary and bonus |
|
|
1,243 |
|
|
|
- |
|
|
|
|
|
1,243 |
|
Other accrued expenses |
|
|
8,582 |
|
|
|
(6,748 |
) |
|
(a) |
|
|
1,834 |
|
Note payable at fair value, current |
|
|
6,784 |
|
|
|
- |
|
|
|
|
|
6,784 |
|
Current liabilities of discontinued operations |
|
|
660 |
|
|
|
- |
|
|
|
|
|
660 |
|
Total current liabilities |
|
|
19,030 |
|
|
|
(6,748 |
) |
|
|
|
|
12,282 |
|
Operating lease liabilities, net of current portion |
|
|
1,286 |
|
|
|
- |
|
|
|
|
|
1,286 |
|
Other long-term liabilities |
|
|
5,146 |
|
|
|
- |
|
|
|
|
|
5,146 |
|
Total liabilities |
|
|
25,462 |
|
|
|
(6,748 |
) |
|
|
|
|
18,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,487,157 shares issued and 4,376,398 shares outstanding; |
|
|
406 |
|
|
|
- |
|
|
|
|
|
406 |
|
Additional paid-in capital |
|
|
188,277 |
|
|
|
- |
|
|
|
|
|
188,277 |
|
Accumulated deficit |
|
|
(245,685 |
) |
|
|
6,748 |
|
|
(a) |
|
|
(238,937 |
) |
Treasury stock, at cost (110,759 shares) |
|
|
(2,024 |
) |
|
|
- |
|
|
|
|
|
(2,024 |
) |
Total stockholders’ deficit |
|
|
(59,026 |
) |
|
|
6,748 |
|
|
|
|
|
(52,278 |
) |
Total liabilities and stockholders’ deficit |
|
|
(33,564 |
) |
|
|
- |
|
|
|
|
|
(33,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
12,972 |
|
|
$ |
- |
|
|
|
|
$ |
12,972 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As
Previously Reported |
|
|
Restatement
Amount |
|
|
Restatement
Reference |
|
As
Restated |
|
|
As
Previously Reported |
|
|
Restatement
Amount |
|
|
Restatement
Reference |
|
As
Restated |
|
|
|
For the Three Months Ended June 30, 2024 |
|
|
For the Six Months Ended June 30, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Revenue, net |
|
$ |
12,042 |
|
|
$ |
- |
|
|
|
|
$ |
12,042 |
|
|
$ |
22,314 |
|
|
$ |
(95 |
) |
|
(b) |
|
$ |
22,219 |
|
Cost of revenue |
|
|
4,611 |
|
|
|
(375 |
) |
|
(a) |
|
|
4,236 |
|
|
|
8,812 |
|
|
|
(710 |
) |
|
(a) |
|
|
8,102 |
|
Gross profit |
|
|
7,431 |
|
|
|
375 |
|
|
|
|
|
7,806 |
|
|
|
13,502 |
|
|
|
615 |
|
|
|
|
|
14,117 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,887 |
|
|
|
- |
|
|
|
|
|
2,887 |
|
|
|
5,707 |
|
|
|
- |
|
|
|
|
|
5,707 |
|
Research and development |
|
|
146 |
|
|
|
- |
|
|
|
|
|
146 |
|
|
|
283 |
|
|
|
- |
|
|
|
|
|
283 |
|
General and administrative |
|
|
2,141 |
|
|
|
- |
|
|
|
|
|
2,141 |
|
|
|
4,381 |
|
|
|
- |
|
|
|
|
|
4,381 |
|
Total operating expenses |
|
|
5,174 |
|
|
|
- |
|
|
|
|
|
5,174 |
|
|
|
10,371 |
|
|
|
- |
|
|
|
|
|
10,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations |
|
|
2,257 |
|
|
|
375 |
|
|
|
|
|
2,632 |
|
|
|
3,131 |
|
|
|
615 |
|
|
|
|
|
3,746 |
|
Interest accretion expense |
|
|
(12 |
) |
|
|
- |
|
|
|
|
|
(12 |
) |
|
|
(30 |
) |
|
|
- |
|
|
|
|
|
(30 |
) |
Note payable interest expense |
|
|
(176 |
) |
|
|
- |
|
|
|
|
|
(176 |
) |
|
|
(373 |
) |
|
|
- |
|
|
|
|
|
(373 |
) |
Other expense, net |
|
|
71 |
|
|
|
- |
|
|
|
|
|
71 |
|
|
|
(12 |
) |
|
|
- |
|
|
|
|
|
(12 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
|
|
8 |
|
|
|
- |
|
|
|
|
|
8 |
|
Income from continuing operations |
|
|
2,136 |
|
|
|
375 |
|
|
|
|
|
2,511 |
|
|
|
2,708 |
|
|
|
615 |
|
|
|
|
|
3,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(74 |
) |
|
|
- |
|
|
|
|
|
(74 |
) |
|
|
(178 |
) |
|
|
- |
|
|
|
|
|
(178 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,062 |
|
|
$ |
375 |
|
|
|
|
$ |
2,437 |
|
|
$ |
2,530 |
|
|
$ |
615 |
|
|
|
|
$ |
3,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.49 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.57 |
|
|
$ |
0.62 |
|
|
$ |
0.14 |
|
|
|
|
$ |
0.76 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
- |
|
|
|
|
|
(0.04 |
) |
Net income (loss) per basic share of common stock |
|
$ |
0.47 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.56 |
|
|
$ |
0.58 |
|
|
$ |
0.14 |
|
|
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.49 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.57 |
|
|
$ |
0.62 |
|
|
$ |
0.14 |
|
|
|
|
$ |
0.76 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
- |
|
|
|
|
|
(0.04 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
0.47 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
0.14 |
|
|
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,376 |
|
|
|
4,376 |
|
|
|
|
|
4,376 |
|
|
|
4,373 |
|
|
|
4,373 |
|
|
|
|
|
4,373 |
|
Diluted |
|
|
4,401 |
|
|
|
4,401 |
|
|
|
|
|
4,401 |
|
|
|
4,393 |
|
|
|
4,393 |
|
|
|
|
|
4,393 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statement of Stockholders’ Deficit (unaudited)
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2024 as reported |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,747 |
) |
|
$ |
(61,141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,133 |
|
|
|
6,133 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
240 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2024 as restated |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,507 |
) |
|
$ |
(54,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2024 as reported |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,277 |
|
|
$ |
(245,685 |
) |
|
$ |
(59,026 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,373 |
|
|
|
6,373 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375 |
|
|
|
375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2024 as restated |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,277 |
|
|
$ |
(245,310 |
) |
|
$ |
(52,278 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited,
in thousands)
|
|
As
Previously Reported |
|
|
Restatement
Amount |
|
|
Restatement
Reference |
|
As
Restated |
|
|
|
For The Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
|
|
|
|
2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,530 |
|
|
$ |
615 |
|
|
(a) |
|
$ |
3,145 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
119 |
|
|
|
- |
|
|
|
|
|
119 |
|
Interest accretion expense |
|
|
30 |
|
|
|
- |
|
|
|
|
|
30 |
|
Bad debt expense reversal |
|
|
(100 |
) |
|
|
- |
|
|
|
|
|
(100 |
) |
Stock-based compensation |
|
|
132 |
|
|
|
- |
|
|
|
|
|
132 |
|
Credit loss expense |
|
|
26 |
|
|
|
- |
|
|
|
|
|
26 |
|
Change in fair value of note payable |
|
|
41 |
|
|
|
- |
|
|
|
|
|
41 |
|
Amortization on operating lease right of use asset |
|
|
229 |
|
|
|
|
|
|
|
|
|
229 |
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
(1,249 |
) |
|
|
95 |
|
|
(b) |
|
|
(1,154 |
) |
Other current assets |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Accounts payable |
|
|
(13 |
) |
|
|
- |
|
|
|
|
|
(13 |
) |
Accrued salaries and bonus |
|
|
(726 |
) |
|
|
- |
|
|
|
|
|
(726 |
) |
Other accrued expenses |
|
|
337 |
|
|
|
(710 |
) |
|
(a) |
|
|
(373 |
) |
Operating lease liabilities |
|
|
(188 |
) |
|
|
|
|
|
|
|
|
(188 |
) |
Long-term liabilities |
|
|
178 |
|
|
|
- |
|
|
|
|
|
178 |
|
Net cash provided by operating activities |
|
|
1,346 |
|
|
|
- |
|
|
|
|
|
1,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(225 |
) |
|
|
- |
|
|
|
|
|
(225 |
) |
Net cash used in investing activities |
|
|
(225 |
) |
|
|
- |
|
|
|
|
|
(225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments made on note payable |
|
|
(2,600 |
) |
|
|
- |
|
|
|
|
|
(2,600 |
) |
Net cash used in financing activities |
|
|
(2,600 |
) |
|
|
- |
|
|
|
|
|
(2,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(1,479 |
) |
|
|
- |
|
|
|
|
|
(1,479 |
) |
Cash and cash equivalents from continuing operations– beginning |
|
|
3,498 |
|
|
|
- |
|
|
|
|
|
3,498 |
|
Cash and cash equivalents from discontinued operations– beginning |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – beginning |
|
$ |
3,498 |
|
|
$ |
- |
|
|
|
|
$ |
3,498 |
|
Cash and cash equivalents from continuing operations– ending |
|
$ |
2,019 |
|
|
$ |
- |
|
|
|
|
$ |
2,019 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
2,019 |
|
|
$ |
- |
|
|
|
|
$ |
2,019 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
BALANCE SHEET
(unaudited,
in thousands, except share and per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
September 30, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,113 |
|
|
$ |
- |
|
|
|
|
$ |
2,113 |
|
Accounts receivable |
|
|
7,293 |
|
|
|
- |
|
|
|
|
|
7,293 |
|
Other current assets |
|
|
1,704 |
|
|
|
- |
|
|
|
|
|
1,704 |
|
Total current assets |
|
|
11,110 |
|
|
|
- |
|
|
|
|
|
11,110 |
|
Property and equipment, net |
|
|
1,352 |
|
|
|
- |
|
|
|
|
|
1,352 |
|
Operating lease right of use assets |
|
|
1,532 |
|
|
|
- |
|
|
|
|
|
1,532 |
|
Other long-term assets |
|
|
45 |
|
|
|
- |
|
|
|
|
|
45 |
|
Total assets |
|
$ |
14,039 |
|
|
$ |
- |
|
|
|
|
$ |
14,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,701 |
|
|
$ |
- |
|
|
|
|
$ |
1,701 |
|
Accrued salary and bonus |
|
|
1,687 |
|
|
|
- |
|
|
|
|
|
1,687 |
|
Other accrued expenses |
|
|
9,033 |
|
|
|
(7,144 |
) |
|
(a) |
|
|
1,889 |
|
Note payable at fair value, current |
|
|
5,688 |
|
|
|
- |
|
|
|
|
|
5,688 |
|
Current liabilities of discontinued operations |
|
|
660 |
|
|
|
- |
|
|
|
|
|
660 |
|
Total current liabilities |
|
|
18,769 |
|
|
|
(7,144 |
) |
|
|
|
|
11,625 |
|
Operating lease liabilities, net of current portion |
|
|
1,189 |
|
|
|
- |
|
|
|
|
|
1,189 |
|
Other long-term liabilities |
|
|
5,227 |
|
|
|
- |
|
|
|
|
|
5,227 |
|
Total liabilities |
|
|
25,185 |
|
|
|
(7,144 |
) |
|
|
|
|
18,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 4,532,991 shares issued and 4,404,795 shares outstanding; |
|
|
406 |
|
|
|
- |
|
|
|
|
|
406 |
|
Additional paid-in capital |
|
|
188,363 |
|
|
|
- |
|
|
|
|
|
188,363 |
|
Accumulated deficit |
|
|
(244,405 |
) |
|
|
7,144 |
|
|
(a) |
|
|
(237,261 |
) |
Treasury stock, at cost (128,196 shares) |
|
|
(2,046 |
) |
|
|
- |
|
|
|
|
|
(2,046 |
) |
Total stockholders’ deficit |
|
|
(57,682 |
) |
|
|
7,144 |
|
|
|
|
|
(50,538 |
) |
Total liabilities and stockholders’ deficit |
|
|
(32,497 |
) |
|
|
- |
|
|
|
|
|
(32,497 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, preferred stock and stockholders’ deficit |
|
$ |
14,039 |
|
|
$ |
- |
|
|
|
|
$ |
14,039 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
INTERPACE
BIOSCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATION
(unaudited,
in thousands, except for per share data)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For the Three Months Ended September 30, 2024 |
|
|
For the Nine Months Ended September 30, 2024 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net |
|
$ |
12,295 |
|
|
$ |
- |
|
|
|
|
$ |
12,295 |
|
|
$ |
34,610 |
|
|
$ |
(95 |
) |
|
(b) |
|
$ |
34,515 |
|
Cost of revenue |
|
|
4,789 |
|
|
|
(396 |
) |
|
(a) |
|
|
4,393 |
|
|
|
13,602 |
|
|
|
(1,106 |
) |
|
(a) |
|
|
12,496 |
|
Gross profit |
|
|
7,506 |
|
|
|
396 |
|
|
|
|
|
7,902 |
|
|
|
21,008 |
|
|
|
1,011 |
|
|
|
|
|
22,019 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,864 |
|
|
|
- |
|
|
|
|
|
2,864 |
|
|
|
8,571 |
|
|
|
- |
|
|
|
|
|
8,571 |
|
Research and development |
|
|
199 |
|
|
|
- |
|
|
|
|
|
199 |
|
|
|
483 |
|
|
|
- |
|
|
|
|
|
483 |
|
General and administrative |
|
|
2,538 |
|
|
|
- |
|
|
|
|
|
2,538 |
|
|
|
6,918 |
|
|
|
- |
|
|
|
|
|
6,918 |
|
Total operating expenses |
|
|
5,601 |
|
|
|
- |
|
|
|
|
|
5,601 |
|
|
|
15,972 |
|
|
|
- |
|
|
|
|
|
15,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations |
|
|
1,905 |
|
|
|
396 |
|
|
|
|
|
2,301 |
|
|
|
5,036 |
|
|
|
1,011 |
|
|
|
|
|
6,047 |
|
Interest accretion expense |
|
|
(4 |
) |
|
|
- |
|
|
|
|
|
(4 |
) |
|
|
(34 |
) |
|
|
- |
|
|
|
|
|
(34 |
) |
Note payable interest expense |
|
|
(141 |
) |
|
|
- |
|
|
|
|
|
(141 |
) |
|
|
(514 |
) |
|
|
- |
|
|
|
|
|
(514 |
) |
Other expense, net |
|
|
(394 |
) |
|
|
- |
|
|
|
|
|
(394 |
) |
|
|
(406 |
) |
|
|
- |
|
|
|
|
|
(406 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
- |
|
|
|
|
|
4 |
|
|
|
12 |
|
|
|
- |
|
|
|
|
|
12 |
|
Income from continuing operations |
|
|
1,362 |
|
|
|
396 |
|
|
|
|
|
1,758 |
|
|
|
4,070 |
|
|
|
1,011 |
|
|
|
|
|
5,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
(82 |
) |
|
|
- |
|
|
|
|
|
(82 |
) |
|
|
(260 |
) |
|
|
- |
|
|
|
|
|
(260 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,280 |
|
|
$ |
396 |
|
|
|
|
$ |
1,676 |
|
|
$ |
3,810 |
|
|
$ |
1,011 |
|
|
|
|
$ |
4,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.31 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.40 |
|
|
$ |
0.93 |
|
|
$ |
0.23 |
|
|
|
|
$ |
1.16 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
- |
|
|
|
|
|
(0.06 |
) |
Net income (loss) per basic share of common stock |
|
$ |
0.29 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.38 |
|
|
$ |
0.87 |
|
|
$ |
0.23 |
|
|
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
$ |
0.31 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.40 |
|
|
$ |
0.92 |
|
|
$ |
0.23 |
|
|
|
|
$ |
1.15 |
|
From discontinued operations |
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
- |
|
|
|
|
|
(0.06 |
) |
Net income (loss) per diluted share of common stock |
|
$ |
0.29 |
|
|
$ |
0.09 |
|
|
|
|
$ |
0.38 |
|
|
$ |
0.87 |
|
|
$ |
0.23 |
|
|
|
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,393 |
|
|
|
4,393 |
|
|
|
|
|
4,393 |
|
|
|
4,380 |
|
|
|
4,380 |
|
|
|
|
|
4,380 |
|
Diluted |
|
|
4,423 |
|
|
|
4,423 |
|
|
|
|
|
4,423 |
|
|
|
4,404 |
|
|
|
4,404 |
|
|
|
|
|
4,404 |
|
The
accompanying notes are an integral part of these condensed consolidated financial statements
Consolidated
Statement of Stockholders’ Deficit (unaudited)
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Paid in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance -March 31, 2024 as reported |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,747 |
) |
|
$ |
(61,141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,133 |
|
|
|
6,133 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
240 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -March 31, 2024 as restated |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,224 |
|
|
$ |
(247,507 |
) |
|
$ |
(54,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2024 as reported |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,277 |
|
|
$ |
(245,685 |
) |
|
$ |
(59,026 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,373 |
|
|
|
6,373 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375 |
|
|
|
375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -June 30, 2024 as restated |
|
|
4,487,157 |
|
|
$ |
406 |
|
|
|
110,759 |
|
|
$ |
(2,024 |
) |
|
$ |
188,277 |
|
|
$ |
(245,310 |
) |
|
$ |
(52,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -September 30, 2024 as reported |
|
|
4,532,991 |
|
|
$ |
406 |
|
|
|
128,196 |
|
|
$ |
(2,046 |
) |
|
$ |
188,363 |
|
|
$ |
(244,405 |
) |
|
$ |
(57,682 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative adjustments to accumulated deficit in prior years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,748 |
|
|
|
6,748 |
|
Cumulative adjustments to net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
396 |
|
|
|
396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance -September 30, 2024 as restated |
|
|
4,532,991 |
|
|
$ |
406 |
|
|
|
128,196 |
|
|
$ |
(2,046 |
) |
|
$ |
188,363 |
|
|
$ |
(244,009 |
) |
|
$ |
(50,538 |
) |
INTERPACE
BIOSCIENCES, INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited,
in thousands)
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
For The Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
|
|
|
|
2023 |
|
|
|
As Previously Reported |
|
|
Restatement Amount |
|
|
Restatement Reference |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,810 |
|
|
$ |
1,011 |
|
|
(a) |
|
$ |
4,821 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
205 |
|
|
|
- |
|
|
|
|
|
205 |
|
Interest accretion expense |
|
|
34 |
|
|
|
- |
|
|
|
|
|
34 |
|
Bad debt expense reversal |
|
|
(100 |
) |
|
|
- |
|
|
|
|
|
(100 |
) |
Credit loss expense |
|
|
26 |
|
|
|
- |
|
|
|
|
|
26 |
|
Stock-based compensation |
|
|
218 |
|
|
|
- |
|
|
|
|
|
218 |
|
Change in fair value of note payable |
|
|
445 |
|
|
|
- |
|
|
|
|
|
445 |
|
Amortization on operating lease right of use asset |
|
|
332 |
|
|
|
|
|
|
|
|
|
332 |
|
Other changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
(2,336 |
) |
|
|
95 |
|
|
(b) |
|
|
(2,241 |
) |
Other current assets |
|
|
237 |
|
|
|
- |
|
|
|
|
|
237 |
|
Accounts payable |
|
|
137 |
|
|
|
- |
|
|
|
|
|
137 |
|
Accrued salaries and bonus |
|
|
(320 |
) |
|
|
- |
|
|
|
|
|
(320 |
) |
Other accrued expenses |
|
|
870 |
|
|
|
(1,106 |
) |
|
(a) |
|
|
(236 |
) |
Operating lease liabilities |
|
|
(355 |
) |
|
|
|
|
|
|
|
|
(355 |
) |
Long-term liabilities |
|
|
259 |
|
|
|
- |
|
|
|
|
|
259 |
|
Net cash provided by (used in) operating activities |
|
|
3,462 |
|
|
|
- |
|
|
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(747 |
) |
|
|
- |
|
|
|
|
|
(747 |
) |
Net cash provided by investing activities |
|
|
(747 |
) |
|
|
- |
|
|
|
|
|
(747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments made on note payable |
|
|
(4,100 |
) |
|
|
- |
|
|
|
|
|
(4,100 |
) |
Net cash used in financing activities |
|
|
(4,100 |
) |
|
|
- |
|
|
|
|
|
(4,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(1,385 |
) |
|
|
- |
|
|
|
|
|
(1,385 |
) |
Cash and cash equivalents from continuing operations– beginning |
|
|
3,498 |
|
|
|
- |
|
|
|
|
|
3,498 |
|
Cash and cash equivalents from discontinued operations– beginning |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – beginning |
|
$ |
3,498 |
|
|
$ |
- |
|
|
|
|
$ |
3,498 |
|
Cash and cash equivalents from continuing operations– ending |
|
$ |
2,113 |
|
|
$ |
- |
|
|
|
|
$ |
2,113 |
|
Cash and cash equivalents from discontinued operations– ending |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Cash and cash equivalents – ending |
|
$ |
2,113 |
|
|
$ |
- |
|
|
|
|
$ |
2,113 |
|
|