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Correction of Accounting Error in Prior Period | 6 Months Ended
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Jun. 30, 2016
Correction of Accounting Error in Prior Period |
Correction of Accounting Error in Prior Period | Note 2. Correction of Accounting Error in Prior Period Subsequent to March 31, 2016, but prior to filing this Form 10-Q for the quarter ended June 30, 2016, the Company discovered a cumulative error associated with the elimination of profits on sales of inventory to its subsidiaries. This error had no impact upon the Company’s consolidated statement of operations or consolidated statement of cash flows subsequent to the year ended December 31, 2010. The following financial statement line items reported in the Company’s consolidated balance sheets for the years ended December 31, 2015 and 2014 were affected by the correction of this accounting error:
(in thousands) | Previously Reported December 31, 2015 |  |  | Adjusted December 31, 2015 |  | Effect of Change |
Inventory, net | $ | 115,904 |  | $ | 109,408 |  | $ | (6,496) |
Total current assets |  | 236,453 |  |  | 229,957 |  |  | (6,496) |
Total assets |  | 288,280 |  |  | 281,784 |  |  | (6,496) |
Accumulated deficit |  | (336,209) |  |  | (342,705) |  |  | (6,496) |
Total stockholders' equity |  | 190,260 |  |  | 183,764 |  |  | (6,496) |
Total liabilities and stockholders' equity | $ | 288,280 |  | $ | 281,784 |  | $ | (6,496) |
(in thousands) | Previously Reported December 31, 2014 |  |  | Adjusted December 31, 2014 |  | Effect of Change |
Inventory, net | $ | 104,063 |  | $ | 97,567 |  | $ | (6,496) |
Total current assets |  | 185,135 |  |  | 178,639 |  |  | (6,496) |
Total assets |  | 227,654 |  |  | 221,158 |  |  | (6,496) |
Accumulated deficit |  | (350,887) |  |  | (357,383) |  |  | (6,496) |
Total stockholders' equity |  | 168,352 |  |  | 161,856 |  |  | (6,496) |
Total liabilities and stockholders' equity | $ | 227,654 |  | $ | 221,158 |  | $ | (6,496) |
This error was associated with transactions occurring prior to September 2010, at which time the Company revised its methodology to compute and eliminate intercompany profits. However, the Company failed to identify and record an entry to eliminate the cumulative error resulting from the prior methodology. This $6.5 million error resulted in an overstatement of inventory and a cumulative understatement of cost of product revenue as of September 2010. Thereafter, the effect was an overstatement of inventory and understatement of accumulative deficit for each subsequent reporting period. The consolidated balance sheets as of December 31, 2015 and 2014 have been revised to reflect the correction of the error through a decrease in inventory and an increase in accumulated deficit of $6.5 million. In the opinion of management, the effect is not material to the consolidated financial position or results of operations for any previously reported period. However, prior year amounts will be revised, as reflected above, in future filings.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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