Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Temporary Equity and Stockholders' Equity

v3.23.1
Consolidated Statements of Temporary Equity and Stockholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Series A Preferred Stock
Series A Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Series A-1 Preferred Stock
Series A-1 Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Series B Preferred Stock
Series B Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Series C Convertible Preferred Stock
Series C Convertible Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional paid-in capital
Additional paid-in capital
Cumulative Effect, Period of Adoption, Adjustment
Additional paid-in capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance of temporary equity (in shares) at Dec. 31, 2020       7,756,158   7,862,107   9,090,975   2,520,368                      
Beginning balance of temporary equity at Dec. 31, 2020 $ 263,595     $ 77,562   $ 78,621   $ 90,910   $ 16,502                      
Increase (Decrease) in Temporary Equity [Roll Forward]                                          
Accrued dividends payable (in shares)       248,622   266,558   224,161                          
Accrued dividends payable 7,393     $ 2,486   $ 2,666   $ 2,241                          
Ending balance of temporary equity (in shares) at Mar. 31, 2021       8,004,780   8,128,665   9,315,136   2,520,368                      
Ending balance of temporary equity at Mar. 31, 2021 270,988     $ 80,048   $ 81,287   $ 93,151   $ 16,502                      
Beginning balance of common stock (in shares) at Dec. 31, 2020                       30,281,520                  
Beginning balance of stockholders' equity at Dec. 31, 2020 16,496                     $ 3   $ 135,616     $ (1,562)   $ (117,561)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Accrued dividends payable (7,393)                         (7,393)              
Foreign currency translation adjustment (896)                               (896)        
Share-based compensation 315                         315              
Net loss (1,999)                                   (1,999)    
Ending balance of common stock (in shares) at Mar. 31, 2021                       30,281,520                  
Ending balance of stockholders' equity at Mar. 31, 2021 6,523                     $ 3   128,538     (2,458)   (119,560)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2020       7,756,158   7,862,107   9,090,975   2,520,368                      
Beginning balance of temporary equity at Dec. 31, 2020 263,595     $ 77,562   $ 78,621   $ 90,910   $ 16,502                      
Ending balance of temporary equity (in shares) at Jun. 30, 2021       8,256,165   8,398,185   9,547,376   2,520,368                      
Ending balance of temporary equity at Jun. 30, 2021 278,520     $ 82,562   $ 83,982   $ 95,474   $ 16,502                      
Beginning balance of common stock (in shares) at Dec. 31, 2020                       30,281,520                  
Beginning balance of stockholders' equity at Dec. 31, 2020 16,496                     $ 3   135,616     (1,562)   (117,561)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (478)                                        
Net loss (8,201)                                        
Ending balance of common stock (in shares) at Jun. 30, 2021                       30,281,520                  
Ending balance of stockholders' equity at Jun. 30, 2021 (6,478)                     $ 3   121,321     (2,040)   (125,762)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2020       7,756,158   7,862,107   9,090,975   2,520,368                      
Beginning balance of temporary equity at Dec. 31, 2020 263,595     $ 77,562   $ 78,621   $ 90,910   $ 16,502                      
Ending balance of temporary equity (in shares) at Sep. 30, 2021       0   0   0   0                      
Ending balance of temporary equity at Sep. 30, 2021 0     $ 0   $ 0   $ 0   $ 0                      
Beginning balance of common stock (in shares) at Dec. 31, 2020                       30,281,520                  
Beginning balance of stockholders' equity at Dec. 31, 2020 16,496                     $ 3   135,616     (1,562)   (117,561)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (1,733)                                        
Net loss $ (12,574)                                        
Ending balance of common stock (in shares) at Sep. 30, 2021 71,810,419                     71,827,317                  
Ending balance of stockholders' equity at Sep. 30, 2021 $ 279,562                     $ 7   412,985     (3,295)   (130,135)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2020       7,756,158   7,862,107   9,090,975   2,520,368                      
Beginning balance of temporary equity at Dec. 31, 2020 263,595     $ 77,562   $ 78,621   $ 90,910   $ 16,502                      
Increase (Decrease) in Temporary Equity [Roll Forward]                                          
Accrued dividends payable (in shares)       765,609   824,076   692,543                          
Accrued dividends payable 22,822     $ 7,656   $ 8,241   $ 6,925                          
Distributions to and conversions of preferred stock (in shares)       (8,521,767)   (8,686,183)   (9,783,518)   (2,520,368)                      
Distributions to and conversions of preferred stock (286,417)     $ (85,218)   $ (86,862)   $ (97,835)   $ (16,502)                      
Ending balance of temporary equity (in shares) at Dec. 31, 2021       0 0 0 0 0 0 0 0                    
Ending balance of temporary equity at Dec. 31, 2021 0   $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0                    
Beginning balance of common stock (in shares) at Dec. 31, 2020                       30,281,520                  
Beginning balance of stockholders' equity at Dec. 31, 2020 16,496                     $ 3   135,616     (1,562)   (117,561)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Accrued dividends payable (22,822)                         (22,822)              
Foreign currency translation adjustment (1,901)                               (1,901)        
Share-based compensation (in shares)                       200,426                  
Share-based compensation (1,856)                         (1,856)              
Distributions to and conversions of preferred stock (in shares)                       7,120,368                  
Distributions to and conversions of preferred stock 56,503                     $ 1   56,502              
CTAC shares recapitalized, net of equity issuance costs (in shares)                       10,373,491                  
CTAC shares recapitalized, net of equity issuance costs 6,429                     $ 1   6,428              
Conversion of KORE warrants (in shares)                       1,365,612                  
Conversion of KORE warrants 10,663                         10,663              
Private offering and merger financing, net of equity issuance costs (in shares)                       22,686,326                  
Private offering and merger financing, net of equity issuance costs 216,546                     $ 2   216,544              
Equity portion of convertible debt, net of issuance costs 12,240                         12,240              
Net loss $ (24,776)                                   (24,776)    
Ending balance of common stock (in shares) at Dec. 31, 2021 72,027,743                     72,027,743 72,027,743                
Ending balance of stockholders' equity at Dec. 31, 2021 $ 267,522 $ (11,314) 256,208                 $ 7 $ 7 413,315 $ (11,613) $ 401,702 (3,463) $ (3,463) (142,337) $ 299 $ (142,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2020-06                                        
Beginning balance of temporary equity (in shares) at Mar. 31, 2021       8,004,780   8,128,665   9,315,136   2,520,368                      
Beginning balance of temporary equity at Mar. 31, 2021 $ 270,988     $ 80,048   $ 81,287   $ 93,151   $ 16,502                      
Increase (Decrease) in Temporary Equity [Roll Forward]                                          
Accrued dividends payable (in shares)       251,385   269,520   232,240                          
Accrued dividends payable 7,532     $ 2,514   $ 2,695   $ 2,323                          
Ending balance of temporary equity (in shares) at Jun. 30, 2021       8,256,165   8,398,185   9,547,376   2,520,368                      
Ending balance of temporary equity at Jun. 30, 2021 278,520     $ 82,562   $ 83,982   $ 95,474   $ 16,502                      
Beginning balance of common stock (in shares) at Mar. 31, 2021                       30,281,520                  
Beginning balance of stockholders' equity at Mar. 31, 2021 6,523                     $ 3   128,538     (2,458)   (119,560)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Accrued dividends payable (7,532)                         (7,532)              
Foreign currency translation adjustment 418                               418        
Share-based compensation 315                         315              
Net loss (6,202)                                   (6,202)    
Ending balance of common stock (in shares) at Jun. 30, 2021                       30,281,520                  
Ending balance of stockholders' equity at Jun. 30, 2021 (6,478)                     $ 3   121,321     (2,040)   (125,762)    
Increase (Decrease) in Temporary Equity [Roll Forward]                                          
Accrued dividends payable (in shares)       265,602   287,998   236,142                          
Accrued dividends payable 7,897     $ 2,656   $ 2,880   $ 2,361                          
Distributions to and conversions of preferred stock (in shares)       (8,521,767)   (8,686,183)   (9,783,518)   (2,520,368)                      
Distributions to and conversions of preferred stock (286,417)     $ (85,218)   $ (86,862)   $ (97,835)   $ (16,502)                      
Ending balance of temporary equity (in shares) at Sep. 30, 2021       0   0   0   0                      
Ending balance of temporary equity at Sep. 30, 2021 0     $ 0   $ 0   $ 0   $ 0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Accrued dividends payable (7,897)                         (7,897)              
Foreign currency translation adjustment (1,255)                               (1,255)        
Share-based compensation (3,519)                         (3,519)              
Distributions to and conversions of preferred stock (in shares)                       7,120,368                  
Distributions to and conversions of preferred stock 56,503                     $ 1   56,502              
CTAC shares recapitalized, net of equity issuance costs (in shares)                       10,373,491                  
CTAC shares recapitalized, net of equity issuance costs 6,457                     $ 1   6,456              
Conversion of KORE warrants (in shares)                       1,365,612                  
Conversion of KORE warrants 10,663                         10,663              
Private offering and merger financing, net of equity issuance costs (in shares)                       22,686,326                  
Private offering and merger financing, net of equity issuance costs 216,951                     $ 2   216,949              
Equity portion of convertible debt, net of issuance costs 12,510                         12,510              
Net loss $ (4,373)                                   (4,373)    
Ending balance of common stock (in shares) at Sep. 30, 2021 71,810,419                     71,827,317                  
Ending balance of stockholders' equity at Sep. 30, 2021 $ 279,562                     $ 7   412,985     (3,295)   (130,135)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2021       0 0 0 0 0 0 0 0                    
Beginning balance of temporary equity at Dec. 31, 2021 $ 0   0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0                    
Beginning balance of common stock (in shares) at Dec. 31, 2021 72,027,743                     72,027,743 72,027,743                
Beginning balance of stockholders' equity at Dec. 31, 2021 $ 267,522 (11,314) 256,208                 $ 7 $ 7 413,315 (11,613) 401,702 (3,463) (3,463) (142,337) 299 (142,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Common stock issued pursuant to acquisition (in shares)                       4,212,246                  
Common stock issued pursuant to acquisition 23,295                     $ 1   23,294              
Foreign currency translation adjustment (123)                               (123)        
Share-based compensation 2,050                         2,050              
Net loss (11,572)                                   (11,572)    
Ending balance of common stock (in shares) at Mar. 31, 2022                       76,239,989                  
Ending balance of stockholders' equity at Mar. 31, 2022 269,858                     $ 8   427,046     (3,586)   (153,610)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2021       0 0 0 0 0 0 0 0                    
Beginning balance of temporary equity at Dec. 31, 2021 $ 0   0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0                    
Beginning balance of common stock (in shares) at Dec. 31, 2021 72,027,743                     72,027,743 72,027,743                
Beginning balance of stockholders' equity at Dec. 31, 2021 $ 267,522 (11,314) 256,208                 $ 7 $ 7 413,315 (11,613) 401,702 (3,463) (3,463) (142,337) 299 (142,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (2,496)                                        
Net loss (22,362)                                        
Ending balance of common stock (in shares) at Jun. 30, 2022                       76,239,989                  
Ending balance of stockholders' equity at Jun. 30, 2022 259,196                     $ 8   429,547     (5,959)   (164,400)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2021       0 0 0 0 0 0 0 0                    
Beginning balance of temporary equity at Dec. 31, 2021 $ 0   0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0                    
Beginning balance of common stock (in shares) at Dec. 31, 2021 72,027,743                     72,027,743 72,027,743                
Beginning balance of stockholders' equity at Dec. 31, 2021 $ 267,522 (11,314) 256,208                 $ 7 $ 7 413,315 (11,613) 401,702 (3,463) (3,463) (142,337) 299 (142,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (4,711)                                        
Net loss (36,639)                                        
Ending balance of common stock (in shares) at Sep. 30, 2022                       76,292,241                  
Ending balance of stockholders' equity at Sep. 30, 2022 245,723                     $ 8   432,566     (8,174)   (178,677)    
Beginning balance of temporary equity (in shares) at Dec. 31, 2021       0 0 0 0 0 0 0 0                    
Beginning balance of temporary equity at Dec. 31, 2021 0   0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0                    
Ending balance of temporary equity (in shares) at Dec. 31, 2022       0   0   0   0                      
Ending balance of temporary equity at Dec. 31, 2022 $ 0     $ 0   $ 0   $ 0   $ 0                      
Beginning balance of common stock (in shares) at Dec. 31, 2021 72,027,743                     72,027,743 72,027,743                
Beginning balance of stockholders' equity at Dec. 31, 2021 $ 267,522 $ (11,314) $ 256,208                 $ 7 $ 7 413,315 $ (11,613) $ 401,702 (3,463) $ (3,463) (142,337) $ 299 $ (142,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Common stock issued pursuant to acquisition (in shares)                       4,212,246                  
Common stock issued pursuant to acquisition 23,295                     $ 1   23,294              
Foreign currency translation adjustment (2,927)                               (2,927)        
Share-based compensation 10,296                         10,296              
Vesting of restricted stock units (in shares)                       52,252                  
Net loss $ (106,200)                                   (106,200)    
Ending balance of common stock (in shares) at Dec. 31, 2022 76,292,241                     76,292,241                  
Ending balance of stockholders' equity at Dec. 31, 2022 $ 180,672                     $ 8   435,292     (6,390)   (248,238)    
Beginning balance of common stock (in shares) at Mar. 31, 2022                       76,239,989                  
Beginning balance of stockholders' equity at Mar. 31, 2022 269,858                     $ 8   427,046     (3,586)   (153,610)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (2,373)                               (2,373)        
Share-based compensation 2,501                         2,501              
Net loss (10,790)                                   (10,790)    
Ending balance of common stock (in shares) at Jun. 30, 2022                       76,239,989                  
Ending balance of stockholders' equity at Jun. 30, 2022 259,196                     $ 8   429,547     (5,959)   (164,400)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Foreign currency translation adjustment (2,215)                               (2,215)        
Share-based compensation 3,019                         3,019              
Vesting of restricted stock units (in shares)                       52,252                  
Net loss (14,277)                                   (14,277)    
Ending balance of common stock (in shares) at Sep. 30, 2022                       76,292,241                  
Ending balance of stockholders' equity at Sep. 30, 2022 $ 245,723                     $ 8   $ 432,566     $ (8,174)   $ (178,677)