Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.4
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 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 three and six months ended June 30, 2023. The previously reported amounts presented in the tables below have been derived from our Quarterly Report on Form 10-Q filed on August 14, 2023.
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
As of June 30, 2023
(in thousands, except par value per share amounts) As previously reported Corrections
(a)		 As restated
ASSETS
Property and equipment, net
 $ 10,323  $ (6,736) $ 3,587 
Intangible assets, net $ 46,630  $ (46,630) $ — 
Total assets $ 114,483  $ (53,366) $ 61,117 
STOCKHOLDERS’ EQUITY
Additional paid-in capital
 $ 266,912  $ (2,636) $ 264,276 
Accumulated deficit $ (192,092) $ (50,747) $ (242,839)
Total stockholders’ equity attributable to Greenlane Holdings, Inc.
 $ 75,095  $ (53,383) $ 21,712 
Non-controlling interest $ (45) $ 17  $ (28)
Total stockholders’ equity $ 75,050  $ (53,366) $ 21,684 
Total liabilities and stockholders’ equity $ 114,483  $ (53,366) $ 61,117 
GREENLANE HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the three months ended June 30, 2023 For the six months ended June 30, 2023
(in thousands, except share and per share amounts) As previously reported Corrections (a) As restated As previously reported Corrections (a) As restated
Operating expenses:
Depreciation and amortization 1,978  (1,501) 477  3,970  (3,002) 968 
Total operating expenses 14,103  (1,501) 12,602  29,273  (3,002) 26,271 
Loss from operations (9,529) 1,501  (8,028) (19,180) 3,002  (16,178)
Loss before income taxes (10,532) 1,501  (9,031) (20,779) 3,002  (17,777)
Net loss (10,525) 1,501  (9,024) (20,773) 3,002  (17,771)
Net loss attributable to Greenlane Holdings, Inc. $ (10,533) $ 1,501  $ (9,032) $ (20,727) $ 3,002  $ (17,725)
Net loss attributable to Class A common stock per share - basic & diluted*
 $ (6.56) $ 0.91  $ (5.65) $ (12.96) $ 1.88  $ (11.08)
Weighted-average shares of Class A common stock outstanding - basic & diluted*
 1,599  —  1,599  1,599  —  1,599 
Comprehensive loss
 (10,498) 1,501  (8,997) (20,568) 3,002  (17,566)
Comprehensive loss attributable to Greenlane Holdings, Inc.
 $ (10,490) $ 1,501  $ (8,989) $ (20,560) $ 3,002  $ (17,558)

*After giving effect to the Reverse Stock Splits - see Note 2 - Summary of Significant Accounting Policies.



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 1,599  $ 15  —  $ —  $ 266,653  $ (171,365) $ 55  $ 1  $ 95,359 
Net loss for the three months ended March 31, 2023 —  $ —  —  $ —  $ —  $ (10,194) $ —  $ (54) $ (10,248)
Balance Balance March 31, 2023 1,599  $ 15  —  $ —  $ 266,858  $ (181,559) $ 233  $ (53) $ 85,494 
Net loss for the three months ended June 30, 2023 —  $ —  —  $ —  $ —  $ (10,533) $ —  $ 8  $ (10,525)
Balance Balance June 30, 2023 1,598 $ 15  —  $ —  $ 266,912  $ (192,092) $ 260  $ (45) $ 75,050 
Balance Restatement impacts (a)
Balance December 31, 2022 —  $ —  —  $ —  $ (2,636) $ (53,749) $ —  $ 17  $ (56,368)
Net loss for the three months ended March 31, 2023 —  $ —  —  $ —  $ —  $ 1,501  $ —  $ —  $ 1,501 
Balance Balance March 31, 2023 —  $ —  —  $ —  $ (2,636) $ (52,248) $ —  $ 17  $ (54,867)
Net loss for the three months ended June 30, 2023 —  $ —  —  $ —  $ —  $ 1,501  $ —  $ —  $ 1,501 
Balance Balance June 30, 2023 —  $ —  —  $ —  $ (2,636) $ (50,747) $ —  $ 17  $ (53,366)
Balance As restated
Balance 12/31/2022 (As restated) 1,599  $ 15  —  $ —  $ 264,017  $ (225,114) $ 55  $ 18  $ 38,991 
Net loss for the three months ended March 31, 2023 (As restated) —  $ —  —  $ —  $ —  $ (8,693) $ —  $ (54) $ (8,747)
Balance Balance March 31, 2023 (As restated) 1,599  $ 15  —  $ —  $ 264,222  $ (233,807) $ 233  $ (36) $ 30,627 
Net loss for the three months ended June 30, 2023 (As restated) —  $ —  —  $ —  $ —  $ (9,032) $ —  $ 8  $ (9,024)
Balance Balance June 30, 2023 (As restated) 1,598  $ 15  —  $ —  $ 264,276  $ (242,839) $ 260  $ (28) $ 21,684 
*After giving effect to the Reverse Stock Splits - see Note 2 - Summary of Significant Accounting Policies.










GREENLANE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2023
(in thousands) As previously reported Corrections
(a)		 As restated
Cash flows from operating activities:
Net loss (including amounts attributable to non-controlling interest) $ (20,773) $ 3,002  $ (17,771)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization $ 3,970  $ (3,002) $ 968 
Net cash provided by operating activities $ 4,656  $ —  $ 4,656 
Cash flows from investing activities:
Net cash used in investing activities $ (253) $ —  $ (253)
Cash flows from financing activities:
Net cash used in financing activities $ (12,133) $ —  $ (12,133)
Net (decrease) in cash and restricted cash $ (7,525) $ —  $ (7,525)
Cash and restricted cash, as of beginning of the period $ 12,176  $ —  $ 12,176 
Cash and restricted cash, as of end of the period $ 4,651  $ —  $ 4,651 
(a) To reflect the reversal of amortization expense recognized during the three and six months ended June 30, 2023.