Galaxy Gaming, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

NATURE OF OPERATIONS AND RESTATEMENT (Tables)

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	)