Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
As of June 30, 2022
As Previously Reported Adjustments As Restated
Total Assets (in thousands)
Goodwill $ 36,720  1,667  $ 38,387 
Total Assets $ 272,342  1,667  $ 274,009 
Total Liabilities
Deferred Tax Liability $ –  1,667  $ 1,667 
Total Liabilities $ 129,255  1,667  $ 130,922 
As of September 30, 2022
As Previously Reported Adjustments As Restated
(in thousands)
Total Assets
Goodwill $ 35,748  1,667  $ 37,415 
Total Assets $ 253,991  1,667  $ 255,658 
Total Liabilities
Deferred Tax Liability $ –  1,667  $ 1,667 
Total Liabilities $ 125,533  1,667  $ 127,200 
As of December 31, 2022
As Previously Reported Adjustments As Restated
(in thousands)
Total Assets
Goodwill $ 31,807  1,667  $ 33,474 
Total Assets $ 237,918  1,667  $ 239,585 
Total Liabilities
Deferred Tax Liability $ 705  1,667  $ 2,372 
Total Liabilities $ 125,049  1,667  $ 126,716 
As of March 31, 2023
As Previously Reported Adjustments As Restated
(in thousands)
Total Assets
Goodwill $ 20,520  1,667  $ 22,187 
Total Assets $ 196,560  1,667  $ 198,227 
Total Liabilities
Deferred Tax Liability $ 705  733  $ 1,438 
Total Liabilities $ 105,213  733  $ 105,946 
Stockholders' Equity
Accumulated Deficit $ (666,205) 934  $ (665,271)
Total Stockholders' Equity $ 91,347  934  $ 92,281 
Three Months Ended March 31, 2023
As Previously Reported Adjustments As Restated
(in thousands, except share and per share data)
Net Loss Attributable to Kartoon Studios, Inc.
Income Tax Benefit (Expense) $ –  934  $ 934 
Net Loss $ (24,793) 934  $ (23,859)
Net Loss Attributable to Kartoon Studios, Inc. $ (24,762) 934  $ (23,828)
Net Loss per Share (Basic) $ (0.77) 0.03  $ (0.74)
Net Loss per Share (Diluted) $ (0.77) 0.03  $ (0.74)
Weighted Average Shares Outstanding (Basic) 31,978,335 31,978,335
Weighted Average Shares Outstanding (Diluted) 31,978,335 31,978,335
As of June 30, 2023
As Previously Reported Adjustments As Restated
(in thousands)
Total Assets
Goodwill $ 20,852  1,667  $ 22,519 
Total Assets $ 177,983  1,667  $ 179,650 
Total Liabilities
Deferred Tax Liability $ –  1,438  $ 1,438 
Total Liabilities $ 90,470  1,438  $ 91,908 
Stockholders' Equity
Additional Paid-in-Capital $ 773,377  (3,510) $ 769,867 
Accumulated Deficit $ (681,435) 3,739  $ (677,696)
Total Stockholders' Equity $ 87,513  229  $ 87,742 
Three Months Ended June 30, 2023
As Previously Reported Adjustments As Restated
(in thousands, except share and per share data)
Net Loss Attributable to Kartoon Studios, Inc.
Other Income (Expense) $ (6,368) 3,510  $ (2,858)
Income Tax Benefit (Expense) $ 705  (705) $ – 
Net Loss $ (15,246) 2,805  $ (12,441)
Net Loss Attributable to Kartoon Studios, Inc. $ (15,230) 2,805  $ (12,425)
Net Loss per Share (Basic) $ (0.47) 0.09  $ (0.38)
Net Loss per Share (Diluted) $ (0.47) 0.09  $ (0.38)
Weighted Average Shares Outstanding (Basic) 32,379,852 32,379,852
Weighted Average Shares Outstanding (Diluted) 32,379,852 32,379,852
Six Months Ended June 30, 2023
As Previously Reported Adjustments As Restated
(in thousands, except share and per share data)
Net Loss Attributable to Kartoon Studios, Inc.
Other Income (Expense) $ (8,080) 3,510  $ (4,570)
Income Tax Benefit (Expense) $ 705  229  $ 934 
Net Loss $ (40,039) 3,739  $ (36,300)
Net Loss Attributable to Kartoon Studios, Inc. $ (39,992) 3,739  $ (36,253)
Net Loss per Share (Basic) $ (1.24) 0.12  $ (1.12)
Net Loss per Share (Diluted) $ (1.24) 0.12  $ (1.12)
Weighted Average Shares Outstanding (Basic) 32,180,202 32,180,202
Weighted Average Shares Outstanding (Diluted) 32,180,202 32,180,202
As of September 30, 2023
As Previously Reported Adjustments As Restated
(in thousands)
Total Assets
Goodwill $ 20,569  1,667  $ 22,236 
Total Assets $ 136,174  1,667  $ 137,841 
Total Liabilities
Deferred Tax Liability $ –  1,438  $ 1,438 
Total Liabilities $ 62,163  1,438  $ 63,601 
Stockholders' Equity
Additional Paid-in-Capital $ 773,885  (3,510) $ 770,375 
Accumulated Deficit $ (696,911) 3,739  $ (693,172)
Total Stockholders' Equity $ 74,011  229  $ 74,240 
Nine Months Ended September 30, 2023
As Previously Reported Adjustments As Restated
(in thousands, except share and per share data)
Net Loss Attributable to Kartoon Studios, Inc.
Other Income (Expense) $ (10,293) 3,510  $ (6,783)
Income Tax Benefit (Expense) $ 705  229  $ 934 
Net Loss $ (55,551) 3,739  $ (51,812)
Net Loss Attributable to Kartoon Studios, Inc. $ (55,468) 3,739  $ (51,729)
Net Loss per Share (Basic) $ (1.67) 0.11  $ (1.56)
Net Loss per Share (Diluted) $ (1.67) 0.11  $ (1.56)
Weighted Average Shares Outstanding (Basic) 33,160,228 33,160,228
Weighted Average Shares Outstanding (Diluted) 33,160,228 33,160,228
Schedule of Marketable Security Measured at Fair Value
The following table summarizes the marketable securities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 (in thousands):
Level 1 Level 2 Total Fair Value
Investments in Marketable Securities:
Corporate Bonds $ 5,908  $ –  $ 5,908 
U.S. Treasury 609  –  609 
U.S. agency and government sponsored securities –  1,852  1,852 
U.S. states and municipalities –  3,581  3,581 
Total $ 6,517  $ 5,433  $ 11,950