Quarterly report pursuant to Section 13 or 15(d)

NATURE OF OPERATIONS AND RESTATEMENT (Tables)

v3.7.0.1
NATURE OF OPERATIONS AND RESTATEMENT (Tables)
6 Months Ended
Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
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

)