Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Accounting Standards Update and Change in Accounting Principle In accordance with U.S. GAAP, the change has been reflected in the condensed consolidated statements of operations and comprehensive loss through retrospective application as follows:
For the three months ended September 30, 2021 For the nine months ended September 30, 2021
(in thousands) Prior to Change Effect of Change As Adjusted Prior to Change Effect of Change As Adjusted
Cost of sales $ 41,192  $ (1,365) $ 39,827  $ 94,832  $ (3,889) $ 90,943 
Gross profit $ 122  $ 1,365  $ 1,487  $ 15,206  $ 3,889  $ 19,095 
General and administrative $ 15,430  $ 1,365  $ 16,795  $ 30,885  $ 3,889  $ 34,774 
Total operating expenses $ 27,821  $ 1,365  $ 29,186  $ 56,428  $ 3,889  $ 60,317 
Schedule of Impairment Charges to Goodwill and Indefinite Lived Intangibles The following table presents impairment charges to goodwill and indefinite lived intangibles recognized during the three months ended September 30, 2022 based on the analysis described:
(in thousands) Industrial Goods Consumer Goods
Goodwill Indefinite-Lived Intangibles Goodwill Indefinite-Lived Intangibles
At December 31, 2021 $ 24,332  $ 29,500  $ 17,528  $ — 
Impairment charge $ (24,332) $ (24,900) $ (17,528) $ — 
As of September 30, 2022 $ —  $ 4,600  $ —  $ —