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)
3 Months Ended
Mar. 31, 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 statement of income that were affected by the Restatement, the effect of the Restatement and the restated amounts for the three months ended March 31, 2016:

 

 

 

As originally reported

 

 

Impact of restatement

 

 

As restated

 

Selling, general and administrative

 

$

1,652,304

 

 

$

(18,969

)

 

$

1,633,335

 

Provision for income taxes

 

 

(156,863

)

 

 

(83,062

)

 

 

(239,925

)

Foreign currency exchange gains

 

 

 

 

 

112,562

 

 

 

112,562

 

Net income

 

 

379,367

 

 

 

48,468

 

 

 

427,835

 

 

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, the effect of the Restatement and the restated amounts for the three months ended March 31, 2016:

 

 

 

As originally reported

 

 

Impact of restatement

 

 

As restated

 

  Net income

 

 

379,367

 

 

 

48,468

 

 

 

427,835

 

  Deferred income tax provision

 

 

156,863

 

 

 

(156,863

)

 

 

 

  Decrease in accounts receivable

 

 

76,900

 

 

 

1,339

 

 

 

78,239

 

  Decrease in accounts payable

 

 

(111,065

)

 

 

(174

)

 

 

(111,239

)

  Increase in income taxes payable

 

 

134,792

 

 

 

88,111

 

 

 

222,903

 

  Increase in accrued expenses

 

 

56,598

 

 

 

(544

)

 

 

56,054

 

  Net cash provided by operating activities

 

 

1,304,161

 

 

 

(19,663

)

 

 

1,284,498

 

  Principal payments on notes payable

 

 

(766,082

)

 

 

19,663

 

 

 

(746,419

)

  Net cash used in financing activities

 

 

(783,523

)

 

 

19,663

 

 

 

(763,860

)