CORRECTION OF IMMATERIAL ERRORS

9 Months Ended

Sep. 30, 2019

CORRECTION OF IMMATERIAL ERRORS

CORRECTION OF IMMATERIAL ERRORS

NOTE 15 – CORRECTION OF IMMATERIAL ERRORS

In connection with the preparation of our condensed consolidated financial statements for the three months ended March 31, 2019, we identified immaterial errors related to the recognition of certain income and expenses in the prior quarterly and annual periods.  In accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin ("SAB") No. 99, "Materiality," and SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements," we evaluated the errors and determined that the related impact was not material to our financial statements for any prior annual or interim period, but that correcting the cumulative impact of the error would be significant to our results of operations for the three months ended March 31, 2019.  Accordingly, we have adjusted our condensed consolidated balance sheet at December 31, 2018.  The impact of the errors on the Company’s three months ended March 31, 2018 condensed consolidated statements of (loss) income and comprehensive (loss) income, consolidated statement of cash flows, and retained earnings were deemed to be immaterial and will be adjusted in conjunction with our annual report on Form 10-K for the year ended December 31, 2019.  We will also correct previously reported financial information for such immaterial errors in our future filings, as applicable.

The effects of the adjustment on the individual line items within our condensed consolidated balance sheet at December 31, 2018 are as follows:

		December 31, 2018
		As Reported		Adjustments		As Adjusted
	(in thousands)
Accounts receivable, net		$	56,003	$	1,186	$	57,189
Other receivables			5,104		584		5,688
Prepaid expenses and other current assets			7,224		451		7,675
Accounts payable			22,453		1,029		23,482
Accrued expenses			8,977		389		9,366
Retained earnings			77,664		803		78,467
Total stockholders' equity			80,470		803		81,273