REVENUE RECOGNITION

3 Months Ended

Dec. 31, 2018

Revenue Recognition [Abstract]

REVENUE RECOGNITION

2. REVENUE RECOGNITION

On October 1, 2018, the Company adopted an Accounting Standard Update, Revenue from Contracts with Customers (Topic 606). The core principle of Topic 606 is that revenue will be recognized when promised goods or services are transferred to customers in an amount that reflects consideration for which entitlement is expected in exchange for those goods or services. We adopted Topic 606 using a modified retrospective transition approach and elected to apply Topic 606 to contracts with customers that are not substantially complete, i.e. less than 90% complete, as of October 1, 2018. The adoption of Topic 606 did not have a material impact on the Company’s financial statements.

	December 31, 2018
					Balance Without
	As Reported		Adjustments		ASC 606 Adoption
Assets
Accounts receivable-trade	$	19,368,805	$	-	$	19,368,805
Contract assets		10,531,124		-		10,531,124
Other current assets		11,934,052		-		11,934,052
Total current assets		41,833,981		-		41,833,981
Total fixed assets		16,357,017		-		16,357,017
Total assets	$	58,190,998	$	-	$	58,190,998

						Balance Without
	As Reported			Adjustments		ASC 606 Adoption
Liabilities
Contract liabilities	$	1,556,761		$	-	$	1,556,761
Other current liabilities		25,866,196			-		25,866,196
Total current liabilities		27,422,957			-		27,422,957
Other long-term liabilities		7,082,858			-		7,082,858
Total liabilities		34,505,815			-		34,505,815
Retained earnings		(37,405,708	)		-		(37,405,708	)
Stockholders' equity		23,685,183			-		23,685,183
Total liabilities and stockholders' equity	$	58,190,998		$	-	$	58,190,998

					Balance Without
	As Reported		Adjustments		ASC 606 Adoption
Revenue	$	49,114,139	$	-	$	49,114,139
Income before income taxes		908,384		-		908,384
Income tax expense		277,000		-		277,000
Net income		631,384		-		631,384
Net income available to common shareholders	$	554,134	$	-	$	554,134