Annual report pursuant to Section 13 and 15(d)

Disclosure of Prior Period Financial Statement Immaterial Errors (Tables)

v3.21.2
Disclosure of Prior Period Financial Statement Immaterial Errors (Tables)
12 Months Ended
Jun. 30, 2021
Disclosure of Prior Period Financial Statement Immaterial Errors [Abstract]  
Schedule of Reclassifications and Error Corrections

The reclassifications did not have any impact to consolidated operating income (loss), net income (loss), cash flows or earnings per share. The following tables illustrate the reclassifications and financial impact on the various line items impacted on the Condensed Consolidated Statement of Operations and Segment Reporting, as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended

 

 

 

 

(In thousands)

 

June 30, 2020

 

 

 

 

Operating expense:

 

As Reported

    

Adjustment

    

As Revised

 

 

% Change

 

 Cost of goods sold

 

$

 —

 

$

703

 

$

703

 

 

100

%

 Research and development

 

 

3,213

 

 

360

 

 

3,573

 

 

11

%

 General and administrative

 

 

12,428

 

 

(1,063)

 

 

11,365

 

 

(9)

%

Total operating expenses

 

$

15,641

 

 

 

 

$

15,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Reporting Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported:

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended June 30, 2020 (in thousands)

 

iBio, Inc.

 

iBio CDMO

 

Eliminations

 

Total

 Cost of goods sold

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 Research and development

 

 

1,106

 

 

3,805

 

 

(1,698)

 

 

3,213

 General and administrative

 

 

5,381

 

 

7,807

 

 

(760)

 

 

12,428

 

 

 

 

 

 

 

 

 

 

 

 

 

As Revised:

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended June 30, 2020 (in thousands)

 

iBio, Inc.

 

iBio CDMO

 

Eliminations

 

Total

 Cost of goods sold

 

$

640

 

$

63

 

$

 —

 

$

703

 Research and development

 

 

491

 

 

4,780

 

 

(1,698)

 

 

3,573

 General and administrative

 

 

5,356

 

 

6,769

 

 

(760)

 

 

11,365

 


The Company revised previously issued condensed consolidated financial statements as of March 31, 2020 and for the three- and nine-month periods ended March 31, 2021 for an error related to the omission of a share issuance completed during the period. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below:

Revised Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

(In thousands)

    

As Reported

    

Adjustment

    

As Revised

Subscription receivable

 

$

 —

 

$

2,190

 

$

2,190

Total current assets

 

 

61,748

 

 

2,190

 

 

63,938

Total Assets

 

 

94,189

 

 

2,190

 

 

96,379

APIC

 

 

206,931

 

 

2,190

 

 

209,121

Total equity

 

 

56,607

 

 

2,190

 

 

58,797

Total liabilities and equity

 

 

94,189

 

 

2,190

 

 

96,379

 

Revised Consolidated Statement of Operations

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

June 30, 2020

Loss per common share attributable to iBio, Inc. stockholders – basic and diluted

 

$

(0.61)

 

0.00

 

(0.61)

Weighted-average common shares outstanding – basic and diluted (000’s)

 

 

62,795

 

96

 

62,891