Annual report pursuant to Section 13 and 15(d)

REVISION OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statements of Temporary Equity and Stockholders' Equity (Details)

v3.23.1
REVISION OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statements of Temporary Equity and Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity       $ 0 $ 278,520 $ 270,988 $ 263,595 $ 0 $ 263,595 $ 0 $ 263,595 $ 0 $ 263,595
Accrued dividends payable         7,897 7,532 7,393           22,822
Distributions to and conversions of preferred stock         (286,417)               (286,417)
Ending balance of temporary equity $ 0       0 278,520 270,988   278,520   0 $ 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of common stock (in shares)       72,027,743       72,027,743   72,027,743   72,027,743  
Beginning balance of stockholders' equity   $ 259,196 $ 269,858 $ 267,522 (6,478) 6,523 16,496 $ 267,522 16,496 $ 267,522 16,496 $ 267,522 16,496
Accrued dividends payable         (7,897) (7,532) (7,393)           (22,822)
Foreign currency translation adjustment   (2,215) (2,373) (123) (1,255) 418 (896) (2,496) (478) (4,711) (1,733) (2,927) (1,901)
Share-based compensation (in shares) 200,426                        
Share-based compensation   3,019 2,501 2,050 (3,519) 315 315         10,296 (1,856)
Distributions to and conversions of preferred stock         56,503               56,503
CTAC shares recapitalized, net of equity issuance costs         6,457               6,429
Equity issuance costs of CTAC shares recapitalized         15,912               15,943
Conversion of KORE warrants         10,663               10,663
Private offering and merger financing, net of equity issuance costs         216,951               216,546
Equity issuance costs of private offering and merger financing         7,718               8,123
Equity portion of convertible debt, net of issuance costs         12,510               12,240
Issuance costs of equity portion of convertible debt         224               384
Sponsor shares of equity portion of convertible debt                         683
Deferred tax liability of equity portion of convertible debt                         3,999
Net loss   (14,277) (10,790) (11,572) $ (4,373) (6,202) (1,999) (22,362) (8,201) (36,639) $ (12,574) $ (106,200) $ (24,776)
Ending balance of common stock (in shares) 72,027,743       71,810,419           71,810,419 76,292,241 72,027,743
Ending balance of stockholders' equity $ 267,522 $ 245,723 $ 259,196 $ 269,858 $ 279,562 $ (6,478) $ 6,523 $ 259,196 $ (6,478) $ 245,723 $ 279,562 $ 180,672 $ 267,522
Common Stock                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of common stock (in shares)   76,239,989 76,239,989 72,027,743 30,281,520 30,281,520 30,281,520 72,027,743 30,281,520 72,027,743 30,281,520 72,027,743 30,281,520
Beginning balance of stockholders' equity   $ 8 $ 8 $ 7 $ 3 $ 3 $ 3 $ 7 $ 3 $ 7 $ 3 $ 7 $ 3
Share-based compensation (in shares)                         200,426
Distributions to and conversions of preferred stock (in shares)         7,120,368               7,120,368
Distributions to and conversions of preferred stock         $ 1               $ 1
CTAC shares recapitalized, net of equity issuance costs (in shares)         10,373,491               10,373,491
CTAC shares recapitalized, net of equity issuance costs         $ 1               $ 1
Conversion of KORE warrants (in shares)         1,365,612               1,365,612
Private offering and merger financing, net of equity issuance costs (in shares)         22,686,326               22,686,326
Private offering and merger financing, net of equity issuance costs         $ 2               $ 2
Ending balance of common stock (in shares) 72,027,743 76,292,241 76,239,989 76,239,989 71,827,317 30,281,520 30,281,520 76,239,989 30,281,520 76,292,241 71,827,317 76,292,241 72,027,743
Ending balance of stockholders' equity $ 7 $ 8 $ 8 $ 8 $ 7 $ 3 $ 3 $ 8 $ 3 $ 8 $ 7 $ 8 $ 7
Additional paid-in capital                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   429,547 427,046 413,315 121,321 128,538 135,616 413,315 135,616 413,315 135,616 413,315 135,616
Accrued dividends payable         (7,897) (7,532) (7,393)           (22,822)
Share-based compensation   3,019 2,501 2,050 (3,519) 315 315         10,296 (1,856)
Distributions to and conversions of preferred stock         56,502               56,502
CTAC shares recapitalized, net of equity issuance costs         6,456               6,428
Conversion of KORE warrants         10,663               10,663
Private offering and merger financing, net of equity issuance costs         216,949               216,544
Equity portion of convertible debt, net of issuance costs         12,510               12,240
Ending balance of stockholders' equity 413,315 432,566 429,547 427,046 412,985 121,321 128,538 429,547 121,321 432,566 412,985 435,292 413,315
Accumulated Other Comprehensive Loss                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (5,959) (3,586) (3,463) (2,040) (2,458) (1,562) (3,463) (1,562) (3,463) (1,562) (3,463) (1,562)
Foreign currency translation adjustment   (2,215) (2,373) (123) (1,255) 418 (896)         (2,927) (1,901)
Ending balance of stockholders' equity (3,463) (8,174) (5,959) (3,586) (3,295) (2,040) (2,458) (5,959) (2,040) (8,174) (3,295) (6,390) (3,463)
Accumulated Deficit                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (164,400) (153,610) (142,337) (125,762) (119,560) (117,561) (142,337) (117,561) (142,337) (117,561) (142,337) (117,561)
Net loss   (14,277) (10,790) (11,572) (4,373) (6,202) (1,999)         (106,200) (24,776)
Ending balance of stockholders' equity $ (142,337) (178,677) (164,400) $ (153,610) $ (130,135) $ (125,762) $ (119,560) $ (164,400) $ (125,762) $ (178,677) $ (130,135) $ (248,238) $ (142,337)
Series A Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 8,256,165 8,004,780 7,756,158 0 7,756,158 0 7,756,158 0 7,756,158
Beginning balance of temporary equity       $ 0 $ 82,562 $ 80,048 $ 77,562 $ 0 $ 77,562 $ 0 $ 77,562 $ 0 $ 77,562
Accrued dividends payable (in shares)         265,602 251,385 248,622           765,609
Accrued dividends payable         $ 2,656 $ 2,514 $ 2,486           $ 7,656
Distributions to and conversions of preferred stock (in shares)         (8,521,767)               (8,521,767)
Distributions to and conversions of preferred stock         $ (85,218)               $ (85,218)
Ending balance of temporary equity (in shares) 0       0 8,256,165 8,004,780   8,256,165   0 0 0
Ending balance of temporary equity $ 0       $ 0 $ 82,562 $ 80,048   $ 82,562   $ 0 $ 0 $ 0
Series A-1 Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 8,398,185 8,128,665 7,862,107 0 7,862,107 0 7,862,107 0 7,862,107
Beginning balance of temporary equity       $ 0 $ 83,982 $ 81,287 $ 78,621 $ 0 $ 78,621 $ 0 $ 78,621 $ 0 $ 78,621
Accrued dividends payable (in shares)         287,998 269,520 266,558           824,076
Accrued dividends payable         $ 2,880 $ 2,695 $ 2,666           $ 8,241
Distributions to and conversions of preferred stock (in shares)         (8,686,183)               (8,686,183)
Distributions to and conversions of preferred stock         $ (86,862)               $ (86,862)
Ending balance of temporary equity (in shares) 0       0 8,398,185 8,128,665   8,398,185   0 0 0
Ending balance of temporary equity $ 0       $ 0 $ 83,982 $ 81,287   $ 83,982   $ 0 $ 0 $ 0
Series B Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 9,547,376 9,315,136 9,090,975 0 9,090,975 0 9,090,975 0 9,090,975
Beginning balance of temporary equity       $ 0 $ 95,474 $ 93,151 $ 90,910 $ 0 $ 90,910 $ 0 $ 90,910 $ 0 $ 90,910
Accrued dividends payable (in shares)         236,142 232,240 224,161           692,543
Accrued dividends payable         $ 2,361 $ 2,323 $ 2,241           $ 6,925
Distributions to and conversions of preferred stock (in shares)         (9,783,518)               (9,783,518)
Distributions to and conversions of preferred stock         $ (97,835)               $ (97,835)
Ending balance of temporary equity (in shares) 0       0 9,547,376 9,315,136   9,547,376   0 0 0
Ending balance of temporary equity $ 0       $ 0 $ 95,474 $ 93,151   $ 95,474   $ 0 $ 0 $ 0
Series C Convertible Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 2,520,368 2,520,368 2,520,368 0 2,520,368 0 2,520,368 0 2,520,368
Beginning balance of temporary equity       $ 0 $ 16,502 $ 16,502 $ 16,502 $ 0 $ 16,502 $ 0 $ 16,502 $ 0 $ 16,502
Distributions to and conversions of preferred stock (in shares)         (2,520,368)               (2,520,368)
Distributions to and conversions of preferred stock         $ (16,502)               $ (16,502)
Ending balance of temporary equity (in shares) 0       0 2,520,368 2,520,368   2,520,368   0 0 0
Ending balance of temporary equity $ 0       $ 0 $ 16,502 $ 16,502   $ 16,502   $ 0 $ 0 $ 0
As previously reported                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity       0 278,520 271,288 263,895 0 263,895 0 263,895 0 263,895
Derecognition of shares           (300)             (300)
Accrued dividends payable         7,897 7,532 7,393           22,822
Distributions to and conversions of preferred stock         (286,417)               (286,417)
Ending balance of temporary equity 0       0 278,520 271,288   278,520   0   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   263,884 275,083 272,143 (2,202) 11,157 20,216 272,143 20,216 272,143 20,216 $ 272,143 20,216
Accrued dividends payable         (7,897) (7,532) (7,393)           (22,822)
Foreign currency translation adjustment   (2,417) (2,559) (184) (1,322) 743 (900) (2,743) (157) (5,160) (1,479)   (1,654)
Share-based compensation   3,019 2,501 2,050 (3,519) 315 315           (1,856)
Distributions to and conversions of preferred stock         56,503               56,503
CTAC shares recapitalized, net of equity issuance costs         6,457               6,429
Conversion of KORE warrants         10,663               10,663
Private offering and merger financing, net of equity issuance costs         217,282               216,877
Equity portion of convertible debt, net of issuance costs         12,510               12,240
Net loss   (13,025) (11,141) (10,907) (4,508) (6,885) (1,081) (22,048) (7,966) (35,073) (12,474)   (24,453)
Ending balance of stockholders' equity $ 272,143 $ 251,461 $ 263,884 $ 275,083 $ 283,967 $ (2,202) $ 11,157 $ 263,884 $ (2,202) $ 251,461 $ 283,967   $ 272,143
As previously reported | Common Stock                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of common stock (in shares)   76,239,989 76,239,989 72,027,743 30,281,520 30,281,520 30,281,520 72,027,743 30,281,520 72,027,743 30,281,520 72,027,743 30,281,520
Beginning balance of stockholders' equity   $ 8 $ 8 $ 7 $ 3 $ 3 $ 3 $ 7 $ 3 $ 7 $ 3 $ 7 $ 3
Share-based compensation (in shares)                         200,426
Distributions to and conversions of preferred stock (in shares)         7,120,368               7,120,368
Distributions to and conversions of preferred stock         $ 1               $ 1
CTAC shares recapitalized, net of equity issuance costs (in shares)         10,373,491               10,373,491
CTAC shares recapitalized, net of equity issuance costs         $ 1               $ 1
Conversion of KORE warrants (in shares)         1,365,612               1,365,612
Private offering and merger financing, net of equity issuance costs (in shares)         22,686,326               22,686,326
Private offering and merger financing, net of equity issuance costs         $ 2               $ 2
Ending balance of common stock (in shares) 72,027,743 76,292,241 76,239,989 76,239,989 71,827,317 30,281,520 30,281,520 76,239,989 30,281,520 76,292,241 71,827,317   72,027,743
Ending balance of stockholders' equity $ 7 $ 8 $ 8 $ 8 $ 7 $ 3 $ 3 $ 8 $ 3 $ 8 $ 7   $ 7
As previously reported | Additional paid-in capital                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   429,878 427,377 413,646 121,321 128,538 135,616 413,646 135,616 413,646 135,616 413,646 135,616
Accrued dividends payable         (7,897) (7,532) (7,393)           (22,822)
Share-based compensation   3,019 2,501 2,050 (3,519) 315 315           (1,856)
Distributions to and conversions of preferred stock         56,502               56,502
CTAC shares recapitalized, net of equity issuance costs         6,456               6,428
Conversion of KORE warrants         10,663               10,663
Private offering and merger financing, net of equity issuance costs         217,280               216,875
Equity portion of convertible debt, net of issuance costs         12,510               12,240
Ending balance of stockholders' equity 413,646 432,897 429,878 427,377 413,316 121,321 128,538 429,878 121,321 432,897 413,316   413,646
As previously reported | Accumulated Other Comprehensive Loss                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (6,074) (3,515) (3,331) (1,834) (2,577) (1,677) (3,331) (1,677) (3,331) (1,677) (3,331) (1,677)
Foreign currency translation adjustment   (2,417) (2,559) (184) (1,322) 743 (900)           (1,654)
Ending balance of stockholders' equity (3,331) (8,491) (6,074) (3,515) (3,156) (1,834) (2,577) (6,074) (1,834) (8,491) (3,156)   (3,331)
As previously reported | Accumulated Deficit                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (159,928) (148,787) (138,179) (121,692) (114,807) (113,726) (138,179) (113,726) (138,179) (113,726) $ (138,179) (113,726)
Net loss   (13,025) (11,141) (10,907) (4,508) (6,885) (1,081)           (24,453)
Ending balance of stockholders' equity $ (138,179) (172,953) (159,928) $ (148,787) $ (126,200) $ (121,692) $ (114,807) $ (159,928) $ (121,692) $ (172,953) $ (126,200)   $ (138,179)
As previously reported | Series A Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 8,256,165 8,004,780 7,756,158 0 7,756,158 0 7,756,158 0 7,756,158
Beginning balance of temporary equity       $ 0 $ 82,562 $ 80,048 $ 77,562 $ 0 $ 77,562 $ 0 $ 77,562 $ 0 $ 77,562
Accrued dividends payable (in shares)         265,602 251,385 248,622           765,609
Accrued dividends payable         $ 2,656 $ 2,514 $ 2,486           $ 7,656
Distributions to and conversions of preferred stock (in shares)         (8,521,767)               (8,521,767)
Distributions to and conversions of preferred stock         $ (85,218)               $ (85,218)
Ending balance of temporary equity (in shares) 0       0 8,256,165 8,004,780   8,256,165   0   0
Ending balance of temporary equity $ 0       $ 0 $ 82,562 $ 80,048   $ 82,562   $ 0   $ 0
As previously reported | Series A-1 Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 8,398,185 8,128,665 7,862,107 0 7,862,107 0 7,862,107 0 7,862,107
Beginning balance of temporary equity       $ 0 $ 83,982 $ 81,287 $ 78,621 $ 0 $ 78,621 $ 0 $ 78,621 $ 0 $ 78,621
Accrued dividends payable (in shares)         287,998 269,520 266,558           824,076
Accrued dividends payable         $ 2,880 $ 2,695 $ 2,666           $ 8,241
Distributions to and conversions of preferred stock (in shares)         (8,686,183)               (8,686,183)
Distributions to and conversions of preferred stock         $ (86,862)               $ (86,862)
Ending balance of temporary equity (in shares) 0       0 8,398,185 8,128,665   8,398,185   0   0
Ending balance of temporary equity $ 0       $ 0 $ 83,982 $ 81,287   $ 83,982   $ 0   $ 0
As previously reported | Series B Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 9,547,376 9,315,136 9,090,975 0 9,090,975 0 9,090,975 0 9,090,975
Beginning balance of temporary equity       $ 0 $ 95,474 $ 93,151 $ 90,910 $ 0 $ 90,910 $ 0 $ 90,910 $ 0 $ 90,910
Accrued dividends payable (in shares)         236,142 232,240 224,161           692,543
Accrued dividends payable         $ 2,361 $ 2,323 $ 2,241           $ 6,925
Distributions to and conversions of preferred stock (in shares)         (9,783,518)               (9,783,518)
Distributions to and conversions of preferred stock         $ (97,835)               $ (97,835)
Ending balance of temporary equity (in shares) 0       0 9,547,376 9,315,136   9,547,376   0   0
Ending balance of temporary equity $ 0       $ 0 $ 95,474 $ 93,151   $ 95,474   $ 0   $ 0
As previously reported | Series C Convertible Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)       0 2,520,368 2,566,186 2,566,186 0 2,566,186 0 2,566,186 0 2,566,186
Beginning balance of temporary equity       $ 0 $ 16,502 $ 16,802 $ 16,802 $ 0 $ 16,802 $ 0 $ 16,802 $ 0 $ 16,802
Derecognition of stock (in shares)           (45,818)             (45,818)
Derecognition of shares           $ (300)             $ (300)
Distributions to and conversions of preferred stock (in shares)         (2,520,368)               (2,520,368)
Distributions to and conversions of preferred stock         $ (16,502)               $ (16,502)
Ending balance of temporary equity (in shares) 0       0 2,520,368 2,566,186   2,520,368   0   0
Ending balance of temporary equity $ 0       $ 0 $ 16,502 $ 16,802   $ 16,502   $ 0   $ 0
Adjustments                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity           (300) (300)   (300)   (300)   (300)
Derecognition of shares           300             300
Ending balance of temporary equity             (300)            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (4,688) (5,225) (4,621) (4,276) (4,634) (3,720) (4,621) (3,720) (4,621) (3,720) (4,621) (3,720)
Foreign currency translation adjustment   202 186 61 67 (325) 4           (247)
Private offering and merger financing, net of equity issuance costs         (331)               (331)
Net loss   (1,252) 351 (665) 135 683 (918)           (323)
Ending balance of stockholders' equity (4,621) (5,738) (4,688) (5,225) (4,405) (4,276) (4,634) (4,688) (4,276) (5,738) (4,405)   (4,621)
Adjustments | Additional paid-in capital                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (331) (331) (331)       (331)   (331)   (331)  
Private offering and merger financing, net of equity issuance costs         (331)               (331)
Ending balance of stockholders' equity (331) (331) (331) (331) (331)     (331)   (331) (331)   (331)
Adjustments | Accumulated Other Comprehensive Loss                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   115 (71) (132) (206) 119 115 (132) 115 (132) 115 (132) 115
Foreign currency translation adjustment   202 186 61 67 (325) 4           (247)
Ending balance of stockholders' equity (132) 317 115 (71) (139) (206) 119 115 (206) 317 (139)   (132)
Adjustments | Accumulated Deficit                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Beginning balance of stockholders' equity   (4,472) (4,823) (4,158) (4,070) (4,753) (3,835) (4,158) (3,835) (4,158) (3,835) $ (4,158) (3,835)
Net loss   (1,252) 351 (665) 135 683 (918)           (323)
Ending balance of stockholders' equity $ (4,158) $ (5,724) $ (4,472) $ (4,823) $ (3,935) $ (4,070) $ (4,753) $ (4,472) $ (4,070) $ (5,724) $ (3,935)   $ (4,158)
Adjustments | Series C Convertible Preferred Stock                          
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Beginning balance of temporary equity (in shares)           (45,818) (45,818)   (45,818)   (45,818)   (45,818)
Beginning balance of temporary equity           $ (300) $ (300)   $ (300)   $ (300)   $ (300)
Derecognition of stock (in shares)           45,818             45,818
Derecognition of shares           $ 300             $ 300
Ending balance of temporary equity (in shares)             (45,818)            
Ending balance of temporary equity             $ (300)