| Schedule of Restatement Adjustments to Financial Statements |
The table below sets forth the amounts as originally reported for balance sheet categories affected by the Restatement, the effect of the Restatement and restated balances as of December 31, 2015:
|
|
|
As Originally Reported
|
|
|
Impact of Restatement
|
|
|
As Restated
|
|
|
Deferred tax asset, noncurrent
|
|
$
|
82,561
|
|
|
$
|
310,760
|
|
|
$
|
393,321
|
|
|
Total assets
|
|
|
17,971,048
|
|
|
|
310,760
|
|
|
|
18,281,808
|
|
|
Income taxes payable
|
|
|
170,331
|
|
|
|
19,165
|
|
|
|
189,496
|
|
|
Accrued expenses
|
|
|
823,964
|
|
|
|
26,927
|
|
|
|
850,891
|
|
|
Total current liabilities
|
|
|
7,954,017
|
|
|
|
46,092
|
|
|
|
8,000,109
|
|
|
Accumulated deficit
|
|
|
(792,446
|
)
|
|
|
504,266
|
|
|
|
(288,180
|
)
|
|
Accumulated other comprehensive income
|
|
|
239,598
|
|
|
|
(239,598
|
)
|
|
|
—
|
|
|
Total stockholders' equity
|
|
|
2,450,209
|
|
|
|
264,668
|
|
|
|
2,714,877
|
|
|
Total liabilities and stockholders' equity
|
|
|
17,971,048
|
|
|
|
310,760
|
|
|
|
18,281,808
|
|
The table below sets forth the amounts as originally reported for the categories presented in the statement of income that were affected by the Restatement, effect of the Restatement and restated amounts for the year ended December 31, 2015:
|
|
|
As Originally Reported
|
|
|
Impact of Restatement
|
|
|
As Restated
|
|
|
Selling, general and administrative
|
|
$
|
7,133,681
|
|
|
$
|
(14,570
|
)
|
|
$
|
7,119,111
|
|
|
Foreign currency exchange gains
|
|
|
—
|
|
|
|
214,126
|
|
|
|
214,126
|
|
|
Provision for income taxes
|
|
|
(251,629
|
)
|
|
|
56,714
|
|
|
|
(194,915
|
)
|
|
Net income
|
|
|
187,854
|
|
|
|
285,410
|
|
|
|
473,264
|
|
The table below sets forth the amounts as originally reported for the categories presented in the statement of cash flow that were affected by the Restatement, effect of the Restatement and restated amounts for the years ended December 31, 2015:
|
|
|
As Originally Reported
|
|
|
Impact of Restatement
|
|
|
As Restated
|
|
|
Net income
|
|
$
|
187,854
|
|
|
$
|
285,410
|
|
|
$
|
473,264
|
|
|
Income tax provision
|
|
|
251,629
|
|
|
|
(225,955
|
)
|
|
|
25,674
|
|
|
Increase in income taxes payable
|
|
|
109,015
|
|
|
|
188,406
|
|
|
|
297,421
|
|
|
Increase in accrued expenses
|
|
|
304,798
|
|
|
|
26,927
|
|
|
|
331,725
|
|
|
Net cash provided by operating activities
|
|
|
3,281,086
|
|
|
|
274,788
|
|
|
|
3,555,874
|
|
|
Principal payments on notes payable
|
|
|
(3,147,458
|
)
|
|
|
(274,788
|
)
|
|
|
(3,422,246
|
)
|
|
Net cash used in financing activities
|
|
|
(3,213,731
|
)
|
|
|
(274,788
|
)
|
|
|
(3,488,519
|
)
|
|