XML 40 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]  
Revisions
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 September 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 September 30, 2015
  
Nine months ended September 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
  
As Reported
  
Adjustment
  
As Revised
 
                   
Revenue
 
$
14,961
  
$
(152
)
 
$
14,809
  
$
42,589
  
$
(113
)
 
$
42,476
 
Cost of revenue
  
11,158
   
56
   
11,214
   
32,649
   
52
   
32,701
 
Write-down of capitalized software development costs
  
1,538
   
-
   
1,538
   
1,538
   
-
   
1,538
 
                         
Gross profit
  
2,265
   
(208
)
  
2,057
   
8,402
   
(165
)
  
8,237
 
                         
Operating loss
  
(3,388
)
  
(208
)
  
(3,596
)
  
(5,128
)
  
(165
)
  
(5,293
)
                         
Loss before income taxes
  
(3,505
)
  
(208
)
  
(3,713
)
  
(5,355
)
  
(165
)
  
(5,520
)
                         
Net loss
 
$
(3,555
)
 
$
(208
)
 
$
(3,763
)
 
$
(5,566
)
 
$
(165
)
 
$
(5,731
)
                         
                         
Basic loss per common share
 
$
(0.20
)
 
$
(0.01
)
 
$
(0.21
)
 
$
(0.31
)
 
$
(0.01
)
 
$
(0.32
)
                         
Diluted loss per common share
 
$
(0.20
)
 
$
(0.01
)
 
$
(0.21
)
 
$
(0.31
)
 
$
(0.01
)
 
$
(0.32
)

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

  
Three months ended September 30, 2015
  
Nine months ended September 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
  
As Reported
  
Adjustment
  
As Revised
 
                   
Net loss
 
$
(3,555
)
 
$
(208
)
 
$
(3,763
)
 
$
(5,566
)
 
$
(165
)
 
$
(5,731
)
                         
Comprehensive loss
 
$
(3,631
)
 
$
(208
)
 
$
(3,839
)
 
$
(5,772
)
 
$
(165
)
 
$
(5,937
)

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

  
Nine months ended September 30, 2015
 
  
As Reported
  
Adjustment
  
As Revised
 
          
Cash flows from operating activities:
         
Net loss
 
$
(5,566
)
 
$
(165
)
 
$
(5,731
)
Changes in assets and liabilities:
            
Contract receivables, net
  
3,580
   
(134
)
  
3,446
 
Prepaid expenses and other assets
  
(409
)
  
51
   
(358
)
Billings in excess of revenue earned
  
(1,618
)
  
248
   
(1,370
)
Net cash provided by operating activities
 
$
1,307
  
$
-
  
$
1,307
 
             
Net decrease in cash and cash equivalents
 
$
(751
)
 
$
-
  
$
(751
)