Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Revision of the Unaudited Interim Condensed Consolidated Financial Statements The Company corrected the error as follows:
Six months ended June 30, 2021
As Previously Reported As Restated
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right of use assets from finance lease liabilities (excluding from acquisitions), net of tenant allowance receivable $ 2,050  $ 42,697 
The Company revised the unaudited interim condensed consolidated statement of cash flows for the six months ended June 30, 2022 as follows:
Six months ended June 30, 2022
As Previously Reported As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Changes in operating assets and liabilities, net of acquisitions:
Accounts payable, accrued expenses and other current liabilities $ 1,566  $ 3,593 
Net cash flows used in operating activities $ (27,738) $ (25,711)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Payments) receipts on finance leases, net of tenant allowance
$ (4,528) $ (6,555)
Net cash flows provided by financing activities $ 38,041  $ 36,014 
The Company revised the unaudited interim condensed consolidated financial statements for the impact of an understatement of cost of goods sold of $1,144 ($801 post-tax) during the three and six months ended June 30, 2021 as follows:
A. Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
As Previously Reported As Revised As Previously Reported As Revised
COST OF GOODS SOLD $ (24,982) $ (26,126) $ (47,916) $ (49,060)
GROSS PROFIT $ 22,762  $ 21,618  $ 41,503  $ 40,359 
LOSS FROM OPERATIONS $ (3,595) $ (4,739) $ (6,765) $ (7,909)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES $ 10,148  $ 9,004  $ (12,591) $ (13,735)
Provision for income taxes $ (6,711) $ (6,368) $ (15,022) $ (14,679)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) $ 3,437  $ 2,636  $ (27,613) $ (28,414)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JUSHI SHAREHOLDERS $ 3,627  $ 2,826  $ (27,248) $ (28,049)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO JUSHI SHAREHOLDERS - DILUTED no change no change $ (0.19) $ (0.20)
B. Unaudited Interim Condensed Consolidated Statements of Changes in Equity
Accumulated Deficit Total Jushi Shareholders' Equity Total Equity
As Previously Reported As Revised As Previously Reported As Revised As Previously Reported As Revised
Net income (loss) for the three months ended June 30, 2021 $ 3,627  $ 2,826  $ 3,627  $ 2,826  $ 3,437  $ 2,636 
Balances - June 30, 2021 $ (289,918) $ (290,719) $ 82,892  $ 82,091  $ 83,911  $ 83,111 
C. Unaudited Interim Condensed Consolidated Statement of Cash Flows
Six months ended June 30, 2021
As Previously Reported As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (27,613) $ (28,414)
Changes in operating assets and liabilities, net of acquisitions:
Inventory $ (10,173) $ (9,029)
Accounts payable, accrued expenses and other current liabilities $ 19,007  $ 18,664 
D. Note 7 - Business Combinations Acquisition Results and Unaudited Supplemental Pro Forma Financial Information
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
As Previously Reported As Revised As Previously Reported As Revised
Net income (loss) $ 661  $ (140) $ (32,311) $ (33,112)
E. Note 14 - Income Taxes
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
As Previously Reported As Revised As Previously Reported As Revised
Income (Loss) Before Income Taxes $ 10,148  $ 9,004  $ (12,591) $ (13,735)
Income Tax Expense $ (6,711) $ (6,368) $ (15,022) $ (14,679)
Effective Tax Rate 66  % 71  % (119) % (107) %
F. Note 16 - Earning (Loss) Per Share
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
As Previously Reported As Revised As Previously Reported As Revised
Numerator:
Net income (loss) and comprehensive income (loss) attributable to Jushi shareholders $ 3,627  $ 2,826  $ (27,248) $ (28,049)
Less undistributed net income (loss) for participating securities $ (135) $ (105) $ 274  $ 282 
Net income(loss) and comprehensive income (loss) - basic $ 3,492  $ 2,721  $ (26,974) $ (27,767)
Add-back undistributed net income (loss) for participating securities $ 135  $ 105  $ (274) $ (282)
Less undistributed net income (loss) for participating securities $ (113) $ (88) $ 933  $ 961 
Net loss and comprehensive loss attributable to Jushi shareholders - diluted $ (17,547) $ (18,324) $ (37,419) $ (38,192)
Net income (loss) per common share attributable to Jushi:
Diluted no change no change $ (0.19) $ (0.20)
The Company revised the unaudited interim condensed consolidated statement of cash flows for the six months ended June 30, 2021 for the amount of capital expenditures disclosed in non-cash investing and financing activities of the statements of cash flows as follows:
Six months ended June 30, 2021
As Previously Reported As Revised
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures $ 2,057  $ 2,846