| Schedule of Restatement Adjustments to Financial Statements |
The table below sets forth the amounts as originally reported for the categories presented in the condensed statements of operations that were affected by the Restatement, the effect of the Restatement and the restated amounts for the three and six months ended June 30, 2016:
|
|
|
Three Months Ended June 30, 2016
|
|
|
Six Months Ended June 30, 2016
|
|
|
|
|
As originally
reported
|
|
|
Impact of
restatement
|
|
|
As restated
|
|
|
As originally
reported
|
|
|
Impact of
restatement
|
|
|
As restated
|
|
|
Selling, general and administrative
|
|
$
|
1,622,105
|
|
|
$
|
10,479
|
|
|
$
|
1,632,584
|
|
|
$
|
3,274,304
|
|
|
$
|
(8,489
|
)
|
|
$
|
3,265,815
|
|
|
Provision for income taxes
|
|
|
(231,057
|
)
|
|
|
(51,273
|
)
|
|
|
(282,330
|
)
|
|
|
(388,020
|
)
|
|
|
(134,335
|
)
|
|
|
(522,355
|
)
|
|
Foreign currency exchange gains
|
|
|
—
|
|
|
|
247,664
|
|
|
|
247,664
|
|
|
|
—
|
|
|
|
360,226
|
|
|
|
360,226
|
|
|
Net income
|
|
|
377,527
|
|
|
|
185,912
|
|
|
|
563,439
|
|
|
|
756,894
|
|
|
|
234,380
|
|
|
|
991,274
|
|
The table below sets forth the amounts as originally reported for the categories presented in the condensed statements of cash flows that were affected by the Restatement, the effect of the Restatement and the restated amounts for the six months ended June 30, 2016:
|
|
|
As originally
reported
|
|
|
Impact of
restatement
|
|
|
As restated
|
|
|
Net income
|
|
$
|
756,894
|
|
|
$
|
234,380
|
|
|
$
|
991,274
|
|
|
Deferred income tax provision
|
|
|
388,020
|
|
|
|
(388,020
|
)
|
|
|
—
|
|
|
Decrease in accounts receivable
|
|
|
71,287
|
|
|
|
2,784
|
|
|
|
74,071
|
|
|
Decrease in accounts payable
|
|
|
(241,190
|
)
|
|
|
556
|
|
|
|
(240,634
|
)
|
|
Increase in income taxes payable
|
|
|
349,450
|
|
|
|
166,807
|
|
|
|
516,257
|
|
|
Increase in accrued expenses
|
|
|
327,090
|
|
|
|
7,811
|
|
|
|
334,901
|
|
|
Net cash provided by operating activities
|
|
|
2,654,343
|
|
|
|
24,318
|
|
|
|
2,678,661
|
|
|
Principal payments on notes payable
|
|
|
(2,488,778
|
)
|
|
|
(24,318
|
)
|
|
|
(2,513,096
|
)
|
|
Net cash used in financing activities
|
|
|
(2,524,011
|
)
|
|
|
(24,318
|
)
|
|
|
(2,548,329
|
)
|
|