Restatement Of Consolidated Financial Statements

12 Months Ended

Dec. 31, 2012

Accounting Changes and Error Corrections [Abstract]

Restatement Of Consolidated Financial Statements

Note 14 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS

Management concluded that the consolidated statements of income for the year-to-date periods ended March 31, 2012, June 30, 2012 and September 30, 2012, including comparatively presented periods, that were previously included in our Quarterly Reports on Forms 10-Q filed in 2012 should be restated as a result of erroneous presentation of production activity within general and administrative operating expenses.

These restatements result in increases in cost of goods sold and corresponding decreases in general and administrative operating expenses. These restatements had no impact on our previously reported net income, condensed consolidated balance sheets or consolidated statements of cash flows.

As detailed in the tables below, these restatements impact the following consolidated statement of income line items


	(Unaudited) Three Months Ended March 31, 2012							(Unaudited) Six Months Ended June 30, 2012							(Unaudited) Nine Months Ended September 30, 2012
	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Income Statement
Net Sales	$	19,397,197	$	—		$	19,397,197	$	39,950,578	$	—		$	39,950,578	$	60,570,311	$	—		$	60,570,311
COGS	$	12,637,386	$	668,381		$	13,305,767	$	25,153,336	$	1,088,149		$	26,241,485	$	38,299,212	$	1,692,406		$	39,991,618
Gross Profit	$	6,759,811	$	(668,381	)	$	6,091,430	$	14,797,242	$	(1,088,149	)	$	13,709,093	$	22,271,099	$	(1,692,406	)	$	20,578,693
Operating Expenses	$	4,887,281	$	(668,381	)	$	4,218,900	$	9,797,959	$	(1,088,149	)	$	8,709,810	$	15,194,607	$	(1,692,406	)	$	13,502,201
Income from Operations	$	1,872,530	$	—		$	1,872,530	$	4,999,283	$	—		$	4,999,283	$	7,076,492	$	—		$	7,076,492


	(Unaudited) Three Months Ended March 31, 2011							(Unaudited) Six Months Ended June 30, 2011							(Unaudited) Nine Months Ended September 30, 2011
	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Income Statement
Net Sales	$	17,303,903	$	—		$	17,303,903	$	35,501,821	$	—		$	35,501,821	$	53,203,425	$	—		$	53,203,425
COGS	$	9,722,230	$	532,856		$	10,255,086	$	22,478,463	$	990,620		$	23,469,083	$	34,047,699	$	1,581,339		$	35,629,038
Gross Profit	$	7,581,673	$	(532,856	)	$	7,048,817	$	13,023,358	$	(990,620	)	$	12,032,738	$	19,155,726	$	(1,581,339	)	$	17,574,387
Operating Expenses	$	4,316,051	$	(532,856	)	$	3,783,195	$	9,057,522	$	(990,620	)	$	8,066,902	$	13,622,185	$	(1,581,339	)	$	12,040,846
Income from Operations	$	3,265,622	$	—		$	3,265,622	$	3,965,836	$	—		$	3,965,836	$	5,533,541	$	—		$	5,533,541

- 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.

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