Concrete Pumping Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jul. 31, 2022

	In Years
Buildings and improvements		15 to 40
Capital lease assets—buildings		40
Furniture and office equipment		2 to 7
Machinery and equipment		3 to 25
Transportation equipment		3 to 7

	AS PREVIOUSLY REPORTED						AS RESTATED
	July 31,			Restatement			July 31,
(in thousands)	2022			Adjustment			2022
Accrued payroll and payroll expenses	$	9,334		$	2,000		$	11,334
Total current liabilities		71,606			2,000			73,606
Deferred income taxes		72,182			(480	)		71,702
Total liabilities	$	521,142		$	1,520		$	522,662

Accumulated deficit		(93,249	)		(1,520	)		(94,769	)
Total stockholders' equity	$	278,326		$	(1,520	)	$	276,806

	AS PREVIOUSLY REPORTED						AS RESTATED			AS PREVIOUSLY REPORTED						AS RESTATED
(in thousands, except for per share amounts)	Three Months Ended July 31, 2022			Restatement Adjustment			Three Months Ended July 31, 2022			Nine Months Ended July 31, 2022			Restatement Adjustment			Nine Months Ended July 31, 2022
Revenue	$	104,469		$	-		$	104,469		$	286,398		$	-		$	286,398
Cost of operations		61,135			1,400			62,535			170,000			1,400			171,400
Gross profit		43,334			(1,400	)		41,934			116,398			(1,400	)		114,998

General and administrative expenses		27,227			600			27,827			82,497			600			83,097
Transaction costs		20			-			20			59			-			59
Income (loss) from operations		16,087			(2,000	)		14,087			33,842			(2,000	)		31,842

Other income (expense):
Interest expense, net		(6,517	)		-			(6,517	)		(19,126	)		-			(19,126	)
Loss on extinguishment of debt		-			-			-			-			-			-
Change in fair value of warrant liabilities		7,420			-			7,420			9,894			-			9,894
Other income, net		16			-			16			69			-			69
Total other income (expense)		919			-			919			(9,163	)		-			(9,163	)

Income (loss) before income taxes		17,006			(2,000	)		15,006			24,679			(2,000	)		22,679

Income tax expense (benefit)		2,510			(480	)		2,030			3,015			(480	)		2,535

Net income		14,496			(1,520	)		12,976			21,664			(1,520	)		20,144

Less accretion of liquidation preference on preferred stock		(441	)		-			(441	)		(1,309	)		-			(1,309	)

Income (loss) available to common shareholders	$	14,055		$	(1,520	)	$	12,535		$	20,355		$	(1,520	)	$	18,835

Net income (loss) per common share
Basic	$	0.25		$	(0.03	)	$	0.22		$	0.36		$	(0.03	)	$	0.33
Diluted	$	0.24		$	(0.02	)	$	0.22		$	0.35		$	(0.02	)	$	0.33

	AS PREVIOUSLY REPORTED					AS RESTATED
	Nine Months Ended		Restatement			Nine Months Ended
(in thousands)	July 31, 2022		Adjustment			July 31, 2022
Net income	$	21,664	$	(1,520	)	$	20,144
Deferred income taxes		2,690		(480	)		2,210
Accrued payroll, accrued expenses and other current liabilities		7,421		2,000			9,421
Net cash provided by operating activities	$	53,727	$	-		$	53,727