Annual report pursuant to Section 13 and 15(d)

Revision of Previously Issued Financial Statements (Unaudited)

v3.24.1
Revision of Previously Issued Financial Statements (Unaudited)
 12 Months Ended
Dec. 31, 2023
Prior Period Adjustment [Abstract]  
Revision of Previously Issued Financial Statements (Unaudited)

NOTE 11 — REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (UNAUDITED)

In connection with the preparation of the Company’s financial statements as of December 31, 2023, management identified an error related to the calculation of net loss per share attributable to common stockholders. As discussed in Note 8, the Company presents Series H Convertible Preferred Stock and Series J convertible Preferred Stock as mezzanine equity on balance sheet as these are contingently redeemable stock. Further, as discussed in Note 8, Series H and Series J Convertible Preferred Stock have been accreted to their redemption value in the period of their issuance following the SEC staff guidance on redeemable preferred stock.

Per accounting guidance, the increases or decreases in the carrying amount of a redeemable preferred stock instrument should be treated in the same manner as dividends on nonredeemable stock. Therefore, increases or decreases in the carrying amount of preferred instruments subject to the SEC staff guidance above reduce or increase the EPS numerator. This adjustment to net loss attributable to common stockholders was not presented in previously furnished interim financial statements for periods ended June 30, 2023, and September 30, 2023. Management determined the impact of this error to be immaterial to the previously issued June 30, 2023, and September 30, 2023 interim financial statements.

The impact of this revision to the Company’s previously furnished unaudited interim financial statements for the three and six months ended June 30, 2023 and for the three and nine months ended September 30, 2023 is reflected in the following tables:

BIOLASE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share data)

 

 

 

Three Months Ended June 30, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As adjusted

 

 

 

(Unaudited)

 

Net loss

 

$

(4,868

)

 

$

—

 

 

$

(4,868

)

Deemed dividend on convertible preferred stock

 

 

—

 

 

 

(9,377

)

 

 

(9,377

)

Net loss attributable to common stockholders

 

$

(4,868

)

 

$

(9,377

)

 

$

(14,245

)

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(8.93

)

 

$

—

 

 

$

(26.14

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

545

 

 

 

—

 

 

 

545

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As adjusted

 

 

 

(Unaudited)

 

Net loss

 

$

(10,717

)

 

$

—

 

 

$

(10,717

)

Deemed dividend on convertible preferred stock

 

 

—

 

 

 

(9,377

)

 

 

(9,377

)

Net loss attributable to common stockholders

 

$

(10,717

)

 

$

(9,377

)

 

$

(20,094

)

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(24.52

)

 

$

—

 

 

$

(45.98

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

437

 

 

 

—

 

 

 

437

 

 

 

 

 

Three Months Ended September 30, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As adjusted

 

 

 

(Unaudited)

 

Net loss

 

$

(4,589

)

 

$

—

 

 

$

(4,589

)

Deemed dividend on convertible preferred stock

 

 

—

 

 

 

(7,610

)

 

 

(7,610

)

Net loss attributable to common stockholders

 

$

(4,589

)

 

$

(7,610

)

 

$

(12,199

)

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(3.89

)

 

$

—

 

 

$

(10.35

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

1,179

 

 

 

—

 

 

 

1,179

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

As Previously Reported

 

 

Adjustment

 

 

As adjusted

 

 

 

(Unaudited)

 

Net loss

 

$

(15,306

)

 

$

—

 

 

$

(15,306

)

Deemed dividend on convertible preferred stock

 

 

—

 

 

 

(16,987

)

 

 

(16,987

)

Net loss attributable to common stockholders

 

$

(15,306

)

 

$

(16,987

)

 

$

(32,293

)

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(22.28

)

 

$

—

 

 

$

(47.01

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

687

 

 

 

—

 

 

 

687