Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Activities in the Accrued Warranty Accounts

The activity in the accrued warranty accounts is as follows:

(in thousands)	As of and for the
	years ended December 31,
	2018			2017
Beginning balance	$	1,953		$	1,478
Current year provision		(107	)		707
Current year claims		(215	)		(245	)
Currency adjustment		(10	)		13
Ending balance	$	1,621		$	1,953

Earnings (Loss) Per Share, Basic and Diluted

The number of common shares and common share equivalents used in the determination of basic and diluted (loss) earnings per share were as follows:

(in thousands, except for per share data)	Years ended December 31,
	2018			2017
Numerator:
Net (loss) income attributed to common stockholders	$	(354	)	$	6,557
Denominator:
Weighted-average shares outstanding for basic earnings per share		19,704,999			19,259,966
Effect of dilutive securities:
Employee stock options and warrants		-			345,461
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		19,704,999			19,605,427
Shares related to dilutive securities excluded because inclusion would be anti-dilutive		217,152			374,833

Select Line Items Adjusted Upon Adoption

Select line items which were adjusted upon adoption were as follows (in thousands):

Statement of Operations

	Twelve months ended December 31, 2018
	As Reported			Balance without adoption of ASC 606			Effect of Change
Revenue	$	92,249		$	92,723		$	(474	)
Gross profit		23,130			23,604			(474	)
Provision for income taxes		1,131			1,257			126
Net loss		(354	)		(6	)		(348	)
Basic loss per common share		(0.02	)		-
Diluted loss per common share		(0.02	)		-

Balance Sheet

	Balance at December 31, 2018
	As Reported			Balance without adoption of ASC 606			Effect of Change
Contract receivables, net	$	21,077		$	21,077		$	-
Deferred tax assets		5,461			5,576			(115	)
Billings in excess of revenue earned		10,609			11,088			(479	)
Accumulated deficit		(42,569	)		(42,933	)		364

Schedule of Error Corrections and Prior Period Adjustments

The following are the impacted line items from the Company’s consolidated financial statements illustrating the effect of these revisions, in thousands (other than earnings per common share).

Consolidated Statement of Operations
	Twelve months ended December 31, 2017
	As reported			Adjustment			As revised
Benefit for income taxes	$	(4,980	)	$	(1,173	)	$	(6,153	)
Net Income		5,384			1,173			6,557
Basic earnings per common share	$	0.28		$	0.06		$	0.34
Diluted earnings per common share		0.27			0.06			0.33

Consolidated Statements of Changes in Stockholders' Equity
	Twelve months ended December 31, 2017
	As reported		Adjustment			As revised
Cumulative effect of new accounting principle	$	1,173	$	(1,173	)	$	-
Net Income		5,384		1,173			6,557

Additionally, the Company identified a $0.7 million classification error between deferred tax asset and deferred tax liability at December 31, 2017 due to improper netting of deferred taxes by jurisdiction. Accordingly, in our Form 10-Q for Q2 2018, we reclassified $0.7 million of deferred tax liabilities, which was included in other liabilities to deferred tax assets in our December 31, 2017 consolidated balance sheet.

Consolidated Balance Sheets
	Balance at December 31, 2017
	As reported		Adjustment			As revised
Deferred tax assets	$	7,167	$	(673	)	$	6,494
Total assets		56,855		(673	)		56,182
Other liabilities		1,931		673			1,258
Total liabilities	$	27,183	$	673		$	26,510