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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Revisions
The following are selected line items from the Company's consolidated financial statements illustrating the effect of these corrections.


GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
  
December 31, 2014
 
  
As Reported
  
Adjustment
  
As Revised
 
ASSETS
      
Contract receivables, net
 
$
15,830
  
$
(62
)
 
$
15,768
 
Prepaid expenses and other current assets
  
1,703
   
291
   
1,994
 
Total currents assets
  
31,729
   
229
   
31,958
 
             
Total assets
 
$
45,999
  
$
229
  
$
46,228
 
             
LIABILITIES AND STOCKHOLDERS' EQUITY
            
Billings in excess of revenue earned
 
$
8,684
  
$
1,231
  
$
9,915
 
Total current liabilities
 
$
20,273
  
$
1,231
  
$
21,504
 
             
Total liabilities
 
$
22,259
  
$
1,231
  
$
23,490
 
             
Accumulated deficit
 
$
(45,142
)
 
$
(1,002
)
 
$
(46,144
)
Total stockholders' equity
 
$
23,740
  
$
(1,002
)
 
$
22,738
 
             
Total liabilities and stockholders' equity
 
$
45,999
  
$
229
  
$
46,228
 
GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

  
Year ended December 31, 2014
 
  
As Reported
  
Adjustment
  
As Revised
 
       
Contract revenue
 
$
37,930
  
$
(394
)
 
$
37,536
 
Cost of revenue
  
26,551
   
193
   
26,744
 
Gross profit
  
11,379
   
(587
)
  
10,792
 
             
Operating loss
  
(6,929
)
  
(587
)
  
(7,516
)
             
Loss before income taxes
  
(6,576
)
  
(587
)
  
(7,163
)
             
Net loss
 
$
(6,742
)
 
$
(587
)
 
$
(7,329
)
             
             
Basic loss per common share
 
$
(0.38
)
 
$
(0.03
)
 
$
(0.41
)
             
Diluted loss per common share
 
$
(0.38
)
 
$
(0.03
)
 
$
(0.41
)


GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)

  
Year ended December 31, 2014
 
(in thousands)
 
As Reported
  
Adjustment
  
As Revised
 
       
Net loss
 
$
(6,742
)
 
$
(587
)
 
$
(7,329
)
             
Comprehensive loss
 
$
(7,359
)
 
$
(587
)
 
$
(7,946
)

GSE SYSTEMS, INC, AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands)

  
Accumulated Deficit
  
Total Stockholders' Equity
 
  
As Reported
  
Adjustment
  
As Revised
  
As Reported
  
Adjustment
  
As Revised
 
             
Balance, December 31, 2013
 
$
(38,400
)
 
$
(415
)
 
$
(38,815
)
 
$
30,387
  
$
(415
)
 
$
29,972
 
                         
Net loss
  
(6,742
)
  
(587
)
  
(7,329
)
  
(6,742
)
  
(587
)
  
(7,329
)
                         
Balance, December 31, 2014
 
$
(45,142
)
 
$
(1,002
)
 
$
(46,144
)
 
$
23,740
  
$
(1,002
)
 
$
22,738
 


GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

  
Year ended December 31, 2014
 
  
As Reported
  
Adjustment
  
As Revised
 
       
Cash flows from operating activities:
      
Net loss
 
$
(6,742
)
 
$
(587
)
 
$
(7,329
)
Changes in assets and liabilities:
            
Contract receivables, net
  
10,285
   
62
   
10,347
 
Prepaid expenses and other assets
  
2,240
   
193
   
2,433
 
Billings in excess of revenue earned
  
2,109
   
332
   
2,441
 
Net cash provided by operating activities
 
$
6,649
  
$
-
  
$
6,649
 
             
Net decrease in cash and cash equivalents
 
$
(2,060
)
 
$
-
  
$
(2,060
)
Schedule of Allowance for Doubtful Accounts
The activity in the allowance for doubtful accounts is as follows:

(in thousands)
 
As of and for the
 
  
years ended December 31,
 
  
2015
  
2014
 
     
Beginning balance
 
$
22
  
$
2
 
         
Current year provision
  
101
   
22
 
Acquired allowance for doubtful accounts
  
-
   
20
 
Current year write-offs
  
(20
)
  
(22
)
         
Ending balance
 
$
103
  
$
22
 
Schedule of Warranties
The activity in the accrued warranty accounts is as follows:

(in thousands)
 
As of and for the
 
  
years ended December 31,
 
  
2015
  
2014
 
     
Beginning balance
 
$
1,456
  
$
1,851
 
         
Current year provision
  
626
   
660
 
         
Current year claims
  
(455
)
  
(1,025
)
         
Currency adjustment
  
(13
)
  
(30
)
         
Ending balance
 
$
1,614
  
$
1,456
 
Schedule of Earnings Per Share, Basic and Diluted
The number of common shares and common share equivalents used in the determination of basic and diluted loss per share were as follows:

(in thousands, except for per share data)
 
Years ended December 31,
 
  
2015
  
2014
 
Numerator:
    
Net loss attributed to common stockholders
 
$
(4,705
)
 
$
(7,329
)
         
Denominator:
        
Weighted-average shares outstanding for basic loss per share
  
17,892,891
   
17,887,859
 
         
Effect of dilutive securities:
        
Stock options and restricted stock units
  
-
   
-
 
         
Adjusted weighted-average shares outstanding and assumed conversions for diluted loss per share
  
17,892,891
   
17,887,859
 
         
Shares related to dilutive securities excluded because inclusion would be anti-dilutive
  
2,492,710
   
2,811,709
 
Percentage of Receivable by Major Customers
The Company is subject to concentration of credit risk with respect to contract receivables. Credit risk on contract receivables is mitigated by the nature of the Company's worldwide customer base and its credit policies.  The Company's customers are not concentrated in any specific geographic region, but are concentrated in the energy industry. The following customer accounted for more than 10% of the Company's consolidated contract receivables for the indicated periods:

 
December 31,
 
2015
 
2014
State Nuclear Power Automation System Engineering Co.
0.7%
 
10.2%
Schedule of Foreign Exchange Contracts, Statement of Financial Position
As of December 31, 2015, the Company had foreign exchange contracts outstanding of approximately 2.1 million Euro, 1.3 million Canadian Dollars, 0.5 million Pounds Sterling, and 0.4 million Australian Dollars.  At December 31, 2014, the Company had foreign exchange contracts outstanding of approximately 1.4 million Euro, 0.8 million Australian Dollars,  0.5 million Malaysian Ringgit, and 0.3 million Pounds Sterling at fixed rates. The contracts expire on various dates through January 2017.  The Company had not designated the foreign exchange contracts as hedges and had recorded the estimated fair value of the contracts in the consolidated balance sheet as follows:

  
December 31,
 
(in thousands)
 
2015
  
2014
 
     
Asset derivatives
    
Prepaid expenses and other current assets
 
$
115
  
$
71
 
Other assets
  
6
   
21
 
   
121
   
92
 
         
Liability derivatives
        
Other current liabilities
  
(57
)
  
(23
)
Other liabilities
  
-
   
(1
)
   
(57
)
  
(24
)
         
Net fair value
 
$
64
  
$
68
 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
For the years ended December 31, 2015, and 2014, the Company recognized a gain (loss) on its derivative instruments net as outlined below:

  
Years ended December 31,
 
(in thousands)
 
2015
  
2014
 
     
Foreign exchange contracts- change in fair value
 
$
(6
)
 
$
365
 
Remeasurement of related contract receivables and billings in excess of revenue earned
  
(34
)
  
(156
)
  
$
(40
)
 
$
209