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v3.10.0.1

New Accounting Standards Implemented (Tables) | 9 Months Ended
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Sep. 30, 2018
Schedule of Condensed Balance Sheet | The table below presents the cumulative effect of the changes made to the consolidated January 1, 2018 balance sheet due to the adoption of ASC 606.
|  | December 31, 2017 As Reported Under ASC 605 |  |  | Adjustments Due to ASC 606 |  |  | January 1, 2018 As Adjusted Under ASC 606 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, net |  | $ | 110,464 |  |  | $ | (30,223 | ) |  | $ | 80,241 |
Inventories |  |  | 71,656 |  |  |  | 1,975 |  |  |  | 73,631 |
Unbilled receivables on uncompleted contracts |  |  | 9,996 |  |  |  | (9,996 | ) |  |  | - |
Contract assets |  |  | - |  |  |  | 45,468 |  |  |  | 45,468 |
Other Assets |  |  | 275,884 |  |  |  | - |  |  |  | 275,884 |
Total Assets |  | $ | 468,000 |  |  | $ | 7,224 |  |  | $ | 475,224 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Contract liabilities - current |  |  | - |  |  |  | 18,945 |  |  |  | 18,945 |
Current portion of customer advances on uncompleted contracts |  |  | 11,429 |  |  |  | (11,429 | ) |  |  | - |
Other current liabilities |  |  | 13,626 |  |  |  | (105 | ) |  |  | 13,521 |
Current portion of customer advances on uncompleted contracts |  |  | 1,571 |  |  |  | (1,571 | ) |  |  | - |
Contract liabilities - current |  |  | - |  |  |  | 1,571 |  |  |  | 1,571 |
Other Liabilities |  |  | 319,709 |  |  |  | - |  |  |  | 319,709 |
Total liabilities |  | $ | 346,335 |  |  | $ | 7,411 |  |  | $ | 353,746 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 22,212 |  |  |  | (187 | ) |  |  | 22,025 |
Total shareholders’ equity |  | $ | 121,665 |  |  | $ | (187 | ) |  | $ | 121,478 |
The table below presents the impact of the adoption of ASC 606 on the Company’s balance sheet.
|  | September 30, 2018 |
|  | Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, net |  | $ | 122,411 |  |  | $ | (30,559 | ) |  | $ | 91,852 |
Inventories |  |  | 87,214 |  |  |  | 1,238 |  |  |  | 88,452 |
Unbilled receivables on uncompleted contracts |  |  | 17,071 |  |  |  | 17,071 |  |  |  | - |
Contract assets - current portion |  |  | - |  |  |  | 45,836 |  |  |  | 45,836 |
Other Assets |  |  | 259,217 |  |  |  | (314 | ) |  |  | 258,903 |
Contract assets - Non-current |  |  | - |  |  |  | 5,531 |  |  |  | 5,531 |
Total Assets |  | $ | 485,913 |  |  | $ | 4,661 |  |  | $ | 490,574 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Contract liabilities - current |  |  | - |  |  |  | 17,915 |  |  |  | 17,915 |
Current portion of customer advances on uncompleted contracts |  |  | 12,828 |  |  |  | (12,828 | ) |  |  | - |
Other current liabilities |  |  | 92,317 |  |  |  | - |  |  |  | 92,317 |
Customer advances on uncompleted contracts - non-current |  |  | 1,750 |  |  |  | (1,750 | ) |  |  | - |
Contract liabilities - non-current |  |  | - |  |  |  | 1,750 |  |  |  | 1,750 |
Other Liabilities |  |  | 231,672 |  |  |  | (342 | ) |  |  | 231,330 |
Total liabilities |  | $ | 338,567 |  |  | $ | 4,745 |  |  | $ | 343,312 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 20,155 |  |  |  | (84 | ) |  |  | 20,071 |
Total shareholders’ equity |  | $ | 147,346 |  |  | $ | (84 | ) |  | $ | 147,262 |
Schedule of Statement of Operations | The table below presents the impact of the adoption of ASC 606 on the Company’s statement of operations.
|  | Three months ended September 30, 2018 |
|  | Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Operating Revenues |  | $ | 96,512 |  |  | $ | 480 |  |  | $ | 96,992 |
Cost of Sales |  |  | 61,888 |  |  |  | 411 |  |  |  | 62,299 |
Gross Profit |  |  | 34,624 |  |  |  | 69 |  |  |  | 34,693 |
Operating Expenses |  |  | (19,426 | ) |  |  | - |  |  |  | (19,426 | )
Other Income and Expenses |  |  | (6,854 | ) |  |  | - |  |  |  | (6,854 | )
Income Before Tax |  |  | 8,344 |  |  |  | 69 |  |  |  | 8,413 |
Income Tax Benefit (Provision) |  |  | (2,243 | ) |  |  | (18 | ) |  |  | (2,261 | )
Net Income |  |  | 6,101 |  |  |  | 51 |  |  |  | 6,152 |
Net Income Attributable to Parent |  | $ | 6,246 |  |  | $ | 51 |  |  | $ | 6,297 |
Basic earnings per share |  | $ | 0.16 |  |  | $ | - |  |  | $ | 0.16 |
Diluted earnings per share |  | $ | 0.16 |  |  | $ | - |  |  | $ | 0.16 |
|  | Nine months ended September 30, 2018 |
|  | Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Operating Revenues |  | $ | 274,472 |  |  | $ | (1,351 | ) |  | $ | 273,121 |
Cost of Sales |  |  | 188,276 |  |  |  | (1,238 | ) |  |  | 187,038 |
Gross Profit |  |  | 86,196 |  |  |  | (113 | ) |  |  | 86,083 |
Operating Expenses |  |  | (53,204 | ) |  |  | - |  |  |  | (53,204 | )
Other Income and Expenses |  |  | (13,791 | ) |  |  | - |  |  |  | (13,791 | )
Income Before Tax |  |  | 19,201 |  |  |  | (113 | ) |  |  | 19,088 |
Income Tax Provision |  |  | (6,216 | ) |  |  | 29 |  |  |  | (6,187 | )
Net Income |  |  | 12,985 |  |  |  | (84 | ) |  |  | 12,901 |
Net Income Attributable to Parent |  | $ | 13,414 |  |  | $ | (84 | ) |  | $ | 13,330 |
Basic earnings per share |  | $ | 0.35 |  |  | $ | - |  |  | $ | 0.35 |
Diluted earnings per share |  | $ | 0.35 |  |  | $ | - |  |  | $ | 0.35 |
Schedule of Disaggregation by Revenue | The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing, and uncertainty of the Company’s revenue and cash flows.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Fixed price contracts |  | $ | 39,703 |  |  | $ | 46,256 |  |  | $ | 119,733 |  |  | $ | 108,796 |
Product sales |  |  | 57,289 |  |  |  | 37,128 |  |  |  | 153,388 |  |  |  | 121,381 |
Total Revenues |  | $ | 96,992 |  |  | $ | 83,384 |  |  | $ | 273,121 |  |  | $ | 230,177 |
Schedule of Geographical Information of Revenue from External Customer | The following table presents geographical information about revenues.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Colombia |  | $ | 12,138 |  |  | $ | 13,339 |  |  | $ | 49,519 |  |  | $ | 45,292 |
United States |  |  | 82,223 |  |  |  | 68,117 |  |  |  | 215,068 |  |  |  | 174,767 |
Panama |  |  | 1,253 |  |  |  | 1,095 |  |  |  | 3,110 |  |  |  | 3,187 |
Other |  |  | 1,378 |  |  |  | 833 |  |  |  | 5,424 |  |  |  | 6,931 |
Total Revenues |  | $ | 96,992 |  |  | $ | 83,384 |  |  | $ | 273,121 |  |  | $ | 230,177 |
Schedule of Contract Assets and Liabilities | The table below presents the components of net contract assets (liabilities).
|  | September 30, 2018 |  |  | January 1 2018 |
Contract assets — current |  | $ | 45,836 |  |  | $ | 45,468 |
Contract assets — non-current |  |  | 5,531 |  |  |  | - |
Contract liabilities — current |  |  | (17,915 | ) |  |  | (18,945 | )
Contract liabilities — non-current |  |  | (1,750 | ) |  |  | (1,571 | )
Net contract assets (liabilities) |  | $ | 31,702 |  |  | $ | 24,952 |
Contract Liabilities [Member] |
Schedule of Contract Assets and Liabilities | The components of contract liabilities are presented in the table below.
|  | September 30, 2018 |  |  | January 1 2018 |
Billings in excess of costs |  | $ | 5,087 |  |  | $ | 7,516 |
Advances from customers on uncompleted contracts |  |  | 14,578 |  |  |  | 13,000 |
Total contract liabilties |  |  | 19,665 |  |  |  | 20,516 |
Less: current portion |  |  | 17,915 |  |  |  | 18,945 |
Contract liabilities – non-current |  | $ | 1,750 |  |  | $ | 1,571 |
Contract Assets [Member] |
Schedule of Contract Assets and Liabilities | The components of contract assets are presented in the table below.
|  | September 30, 2018 |  |  | January 1 2018 |
Unbilled contract receivables, gross |  | $ | 20,808 |  |  | $ | 15,245 |
Retainage |  |  | 30,559 |  |  |  | 30,223 |
Total contract assets |  |  | 51,367 |  |  |  | 45,468 |
Less: current portion |  |  | 45,836 |  |  |  | 45,468 |
Contract Assets – non-current |  | $ | 5,531 |  |  | $ | - |

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