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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]  
Revisions [Table Text Block]

The Company assessed the materiality of these misstatements on prior periods' consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250, Accounting Changes and Error Corrections, and concluded that these misstatements were not material to any prior annual or interim periods.  Accordingly, in accordance with ASC 250 (SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"), the consolidated financial statements as of June 30, 2015, which are presented herein, have been revised.



GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

  
Three months ended June 30, 2015
  
Six months ended June 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
  
As Reported
  
Adjustment
  
As Revised
 
                   
Revenue
 
$
13,632
  
$
22
  
$
13,654
  
$
27,628
  
$
39
  
$
27,667
 
Cost of revenue
  
10,717
   
50
   
10,767
   
21,491
   
(5
)
  
21,486
 
Gross profit
  
2,915
   
(28
)
  
2,887
   
6,137
   
44
   
6,181
 
                         
Operating (loss) income
  
(1,343
)
  
(28
)
  
(1,371
)
  
(1,739
)
  
44
   
(1,695
)
                         
(Loss) income before income taxes
  
(1,394
)
  
(28
)
  
(1,422
)
  
(1,850
)
  
44
   
(1,806
)
                         
Net loss
 
$
(1,467
)
 
$
(28
)
 
$
(1,495
)
 
$
(2,011
)
 
$
44
  
$
(1,967
)
                         
                         
Basic loss per common share
 
$
(0.08
)
 
$
-
  
$
(0.08
)
 
$
(0.11
)
 
$
-
  
$
(0.11
)
                         
Diluted loss per common share
 
$
(0.08
)
 
$
-
  
$
(0.08
)
 
$
(0.11
)
 
$
-
  
$
(0.11
)

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

  
Three months ended June 30, 2015
  
Six months ended June 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
  
As Reported
  
Adjustment
  
As Revised
 
                   
Net loss
 
$
(1,467
)
 
$
(28
)
 
$
(1,495
)
 
$
(2,011
)
 
$
44
  
$
(1,967
)
                         
Comprehensive loss
 
$
(1,361
)
 
$
(28
)
 
$
(1,389
)
 
$
(2,141
)
 
$
44
  
$
(2,097
)


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

  
Six months ended June 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
 
          
Cash flows from operating activities:
         
Net (loss) income
 
$
(2,011
)
 
$
44
  
$
(1,967
)
Changes in assets and liabilities:
            
Contract receivables, net
  
(138
)
  
62
   
(76
)
Prepaid expenses and other assets
  
(406
)
  
(5
)
  
(411
)
Billings in excess of revenue earned
  
(440
)
  
(101
)
  
(541
)
Net cash provided by operating activities
 
$
(1,600
)
 
$
-
  
$
(1,600
)
             
Net decrease in cash and cash equivalents
 
$
(3,828
)
 
$
-
  
$
(3,828
)