Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.4
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following tables present the net impact of the restatement described above on our previously reported unaudited condensed financial statements for the quarterly period ended March 31, 2023. The previously reported amounts presented in the tables below have been derived from our Quarterly Report on Form 10-Q filed on May 16, 2023.

GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
Three Months Ended March 31, 2023
(in thousands, except par value per share amounts) As previously reported Corrections (a) As restated
ASSETS
Property and equipment, net
 $ 10,709  $ (6,918) $ 3,791 
Intangible assets, net $ 47,949  $ (47,949) $ — 
Total assets $ 129,981  $ (54,867) $ 75,114 
STOCKHOLDERS’ EQUITY
Additional paid-in capital
 $ 266,721  $ (2,636) $ 264,085 
Accumulated deficit $ (181,559) $ (52,248) $ (233,807)
Total stockholders’ equity attributable to Greenlane Holdings, Inc.
 $ 85,547  $ (54,884) $ 30,663 
Non-controlling interest $ (53) $ 17  $ (36)
Total stockholders’ equity $ 85,494  $ (54,867) $ 30,627 
Total liabilities and stockholders’ equity $ 129,981  $ (54,867) $ 75,114 

GREENLANE HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the three months ended March 31, 2023
(in thousands, except share and per share amounts) As previously reported Corrections (a) As restated
Operating expenses:
Depreciation and amortization 1,992  (1,501) 491 
Total operating expenses 15,039  (1,501) 13,538 
Loss from operations (9,520) 1,501  (8,019)
Loss before income taxes (10,247) 1,501  (8,746)
Net loss (10,248) 1,501  (8,747)
Less: Net loss attributable to non-controlling interest
 (54) —  (54)
Net loss attributable to Greenlane Holdings, Inc. $ (10,194) $ 1,501  $ (8,693)
Net loss attributable to Class A common stock per share - basic & diluted*
 $ (0.64) $ 0.09  $ (0.55)
Weighted-average shares of Class A common stock outstanding - basic & diluted*
 15,986  —  15,986 
Comprehensive loss
 (10,070) 1,501  (8,569)
Less: Comprehensive loss attributable to non-controlling interest
 —  —  — 
Comprehensive loss attributable to Greenlane Holdings, Inc.
 $ (10,070) $ 1,501  $ (8,569)
*After giving effect to the one-for-20 Reverse Stock Split effective August 9, 2022
GREENLANE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)

Class A
Common Stock		 Class B
Common Stock		 Additional
Paid-In
Capital*		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Income (Loss)		 Non-
Controlling
Interest		 Total
Stockholders’
Equity
(in thousands) Shares
*		 Amount
*		 Shares
*		 Amount*
Balance As previously reported
Balance December 31, 2022 15,985  $ 152  —  $ —  $ 266,516  $ (171,365) $ 55  $ 1  $ 95,359 
Net loss —  $ —  —  $ —  $ —  $ (10,194) $ —  $ (54) $ (10,248)
Balance Balance March 31, 2023 15,985  $ 152  —  $ —  $ 266,721  $ (181,559) $ 233  $ (53) $ 85,494 
Balance Restatement impacts (a)
Balance December 31, 2022 —  $ —  —  $ —  $ (2,636) $ (53,749) $ —  $ 17  $ (56,368)
Net loss —  $ —  —  $ —  $ —  $ 1,501  $ —  $ —  $ 1,501 
Balance Balance March 31, 2023 —  $ —  —  $ —  $ (2,636) $ (52,248) $ —  $ 17  $ (54,867)
Balance As restated
Balance 12/31/2022 (As restated) 15,985  $ 152  —  $ —  $ 263,880  $ (225,114) $ 55  $ 18  $ 38,991 
Net loss (As restated) —  $ —  —  $ —  $ —  $ (8,693) $ —  $ (54) $ (8,747)
Balance Balance March 31, 2023 (As restated) 15,985  $ 152  —  $ —  $ 264,085  $ (233,807) $ 233  $ (36) $ 30,627 
*After giving effect to the one-for-20 Reverse Stock Split effective August 9, 2022
GREENLANE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2023
(in thousands) As previously reported Corrections (a) As restated
Cash flows from operating activities:
Net loss (including amounts attributable to non-controlling interest) (As restated) $ (10,248) $ 1,501  $ (8,747)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization $ 1,992  $ (1,501) $ 491 
Goodwill and indefinite-lived intangibles impairment charge $ —  $ —  $ — 
Net cash used in operating activities $ 1,883  —  $ —  $ 1,883 
Cash flows from investing activities:
Net cash provided by (used in) investing activities $ (176) $ —  $ (176)
Cash flows from financing activities:
Net cash provided by financing activities $ (8,189) $ —  $ (8,189)
Net (decrease) in cash and restricted cash $ (6,304) $ —  $ (6,304)
Cash and restricted cash, as of beginning of the period $ 12,176  $ —  $ 12,176 
Cash and restricted cash, as of end of the period $ 5,872  $ —  $ 5,872 
(a) To reflect the reversal of amortization expense recognized during the three months ended March 31, 2023.