XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.22.2

Restatement of Previously Issued Unaudited Consolidated Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2021
Restatement Of Previously Issued Unaudited Consolidated Financial Statements |
Restatement of Previously Issued Unaudited Consolidated Financial Statements | Note 17 – Restatement of Previously Issued Unaudited Consolidated Financial Statements As described in Note 1 – Basis of presentation, in lieu of filing quarterly reports on Form 10-Q for 2021, quarterly financial data for 2021 and 2020 (as restated) is included in this Annual Report on Form 10-K in the tables that follow. For a description of the referenced adjustments, please refer to Note 1.
Schedule Of Condensed Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,978 |  |  | $ | – |  |  | $ | 1,978 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,467 at March 31, 2020 |  |  | 8,430 |  |  |  | – |  |  |  | 8,430 |
Inventories, net |  |  | 6,883 |  |  |  | – |  |  |  | 6,883 |
Prepaid expenses and other current assets |  |  | 1,279 |  |  |  | – |  |  |  | 1,279 |
Refundable income taxes |  |  | 1,027 |  |  |  | – |  |  |  | 1,027 |
Total current assets |  |  | 19,597 |  |  |  | – |  |  |  | 19,597 |
Property, plant and equipment, net |  |  | 21,910 |  |  |  | – |  |  |  | 21,910 |
Operating lease right-of use asset |  |  | 707 |  |  |  | – |  |  |  | 707 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other intangible assets, net |  |  | 113 |  |  |  | – |  |  |  | 113 |
Total intangible assets |  |  | 12,937 |  |  |  | 1,180 |  |  |  | 14,117 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 56,951 |  |  | $ | 1,180 |  |  | $ | 58,131 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 6,113 |  |  |  | – |  |  | $ | 6,113 |
Accrued expenses |  |  | 2,632 |  |  |  | – |  |  |  | 2,632 |
Accrued income taxes |  |  | 116 |  |  |  | – |  |  |  | 116 |
Total current liabilities |  |  | 8,861 |  |  |  | – |  |  |  | 8,861 |
Line of credit |  |  | 2,751 |  |  |  | – |  |  |  | 2,751 |
Operating lease liabilities |  |  | 427 |  |  |  | – |  |  |  | 427 |
Deferred income taxes, net |  |  | 1,292 |  |  |  | 1,180 |  |  |  | 2,472 |
Other long-term liabilities |  |  | 50 |  |  |  | – |  |  |  | 50 |
Total liabilities |  |  | 13,381 |  |  |  | 1,180 |  |  |  | 14,561 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,558 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,748 |  |  |  | – |  |  |  | 2,748 |
Treasury stock, at cost |  |  | (12,796 | ) |  |  | – |  |  |  | (12,796 | )
Retained earnings |  |  | 47,109 |  |  |  | – |  |  |  | 47,109 |
Total stockholders’ equity |  |  | 43,570 |  |  |  | – |  |  |  | 43,570 |
Total liabilities and stockholders’ equity |  | $ | 56,951 |  |  | $ | 1,180 |  |  | $ | 58,131 |
|  | June 30, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,619 |  |  | $ | – |  |  | $ | 4,619 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,300 at June 30, 2020 |  |  | 7,737 |  |  |  | – |  |  |  | 7,737 |
Inventories, net |  |  | 6,653 |  |  |  | – |  |  |  | 6,653 |
Prepaid expenses and other current assets |  |  | 1,086 |  |  |  | – |  |  |  | 1,086 |
Refundable income taxes |  |  | 615 |  |  |  | – |  |  |  | 615 |
Total current assets |  |  | 20,710 |  |  |  | – |  |  |  | 20,710 |
Property, plant and equipment, net |  |  | 21,394 |  |  |  | – |  |  |  | 21,394 |
Operating lease right-of use asset |  |  | 431 |  |  |  | – |  |  |  | 431 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other intangible assets, net |  |  | 74 |  |  |  | – |  |  |  | 74 |
Total intangible assets |  |  | 12,898 |  |  |  | 1,180 |  |  |  | 14,078 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 57,233 |  |  | $ | 1,180 |  |  | $ | 58,413 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 5,108 |  |  |  | – |  |  | $ | 5,108 |
Accrued expenses |  |  | 3,066 |  |  |  | – |  |  |  | 3,066 |
Line of credit- current |  |  | 2,757 |  |  |  | – |  |  |  | 2,757 |
Accrued income taxes |  |  | 92 |  |  |  | – |  |  |  | 92 |
Total current liabilities |  |  | 11,023 |  |  |  | – |  |  |  | 11,023 |
Operating lease liabilities |  |  | 239 |  |  |  | – |  |  |  | 239 |
Deferred income taxes, net |  |  | 1,292 |  |  |  | 1,180 |  |  |  | 2,472 |
Other long-term liabilities |  |  | 42 |  |  |  | – |  |  |  | 42 |
Total liabilities |  |  | 12,596 |  |  |  | 1,180 |  |  |  | 13,776 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,592 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,587 |  |  |  | – |  |  |  | 2,587 |
Treasury stock, at cost |  |  | (12,548 | ) |  |  | – |  |  |  | (12,548 | )
Retained earnings |  |  | 48,089 |  |  |  | – |  |  |  | 48,089 |
Total stockholders’ equity |  |  | 44,637 |  |  |  | – |  |  |  | 44,637 |
Total liabilities and stockholders’ equity |  | $ | 57,233 |  |  | $ | 1,180 |  |  | $ | 58,413 |
|  | September 30, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,616 |  |  | $ | – |  |  | $ | 7,616 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,410 at September 30, 2020 |  |  | 8,159 |  |  |  | – |  |  |  | 8,159 |
Inventories, net |  |  | 6,472 |  |  |  | – |  |  |  | 6,472 |
Prepaid expenses and other current assets |  |  | 1,339 |  |  |  | – |  |  |  | 1,339 |
Refundable income taxes |  |  | 189 |  |  |  | – |  |  |  | 189 |
Total current assets |  |  | 23,775 |  |  |  | – |  |  |  | 23,775 |
Property, plant and equipment, net |  |  | 21,082 |  |  |  | – |  |  |  | 21,082 |
Operating lease right-of use asset |  |  | 380 |  |  |  | – |  |  |  | 380 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other intangible assets, net |  |  | 35 |  |  |  | – |  |  |  | 35 |
Total intangible assets |  |  | 12,859 |  |  |  | 1,180 |  |  |  | 14,039 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 59,896 |  |  | $ | 1,180 |  |  | $ | 61,076 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 6,036 |  |  |  | – |  |  | $ | 6,036 |
Accrued expenses |  |  | 2,890 |  |  |  | – |  |  |  | 2,890 |
Accrued income taxes |  |  | 176 |  |  |  | – |  |  |  | 176 |
Total current liabilities |  |  | 9,102 |  |  |  | – |  |  |  | 9,102 |
Line of credit |  |  | 2,763 |  |  |  | – |  |  |  | 2,763 |
Operating lease liabilities |  |  | 198 |  |  |  | – |  |  |  | 198 |
Deferred income taxes, net |  |  | 1,292 |  |  |  | 1,180 |  |  |  | 2,472 |
Other long-term liabilities |  |  | 35 |  |  |  | – |  |  |  | 35 |
Total liabilities |  |  | 13,390 |  |  |  | 1,180 |  |  |  | 14,570 |
Commitments and contingencies |  |  | – |  |  |  | – |  |  |  | – |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,605 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,532 |  |  |  | – |  |  |  | 2,532 |
Treasury stock, at cost |  |  | (12,450 | ) |  |  | – |  |  |  | (12,450 | )
Retained earnings |  |  | 49,915 |  |  |  | – |  |  |  | 49,915 |
Total stockholders’ equity |  |  | 46,506 |  |  |  | – |  |  |  | 46,506 |
Total liabilities and stockholders’ equity |  | $ | 59,896 |  |  | $ | 1,180 |  |  | $ | 61,076 |
|  | March 31, 2021 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,618 |  |  | $ | – |  |  | $ | 8,618 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,100 at March 31, 2021 |  |  | 9,961 |  |  |  | – |  |  |  | 9,961 |
Inventories, net |  |  | 6,736 |  |  |  | – |  |  |  | 6,736 |
Prepaid expenses and other current assets |  |  | 1,110 |  |  |  | – |  |  |  | 1,110 |
Refundable income taxes |  |  | 46 |  |  |  | – |  |  |  | 46 |
Total current assets |  |  | 26,471 |  |  |  | – |  |  |  | 26,471 |
Property, plant and equipment, net |  |  | 20,744 |  |  |  | – |  |  |  | 20,744 |
Operating lease right-of use asset |  |  | 317 |  |  |  | – |  |  |  | 317 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other intangible assets, net |  |  | – |  |  |  | – |  |  |  | – |
Total intangible assets |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 62,156 |  |  | $ | 1,180 |  |  | $ | 63,336 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 5,289 |  |  |  | – |  |  | $ | 5,289 |
Accrued expenses |  |  | 2,587 |  |  |  | – |  |  |  | 2,587 |
Accrued income taxes |  |  | 1,215 |  |  |  | – |  |  |  | 1,215 |
Total current liabilities |  |  | 9,091 |  |  |  | – |  |  |  | 9,091 |
Line of credit |  |  | 2,774 |  |  |  | – |  |  |  | 2,774 |
Operating lease liabilities |  |  | 143 |  |  |  | – |  |  |  | 143 |
Deferred income taxes, net |  |  | 1,764 |  |  |  | 1,180 |  |  |  | 2,944 |
Other long-term liabilities |  |  | 160 |  |  |  | – |  |  |  | 160 |
Total liabilities |  |  | 13,932 |  |  |  | 1,180 |  |  |  | 15,112 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,604 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,664 |  |  |  | – |  |  |  | 2,664 |
Treasury stock, at cost |  |  | (12,450 | ) |  |  | – |  |  |  | (12,450 | )
Retained earnings |  |  | 51,501 |  |  |  | – |  |  |  | 51,501 |
Total stockholders’ equity |  |  | 48,224 |  |  |  | – |  |  |  | 48,224 |
Total liabilities and stockholders’ equity |  | $ | 62,156 |  |  | $ | 1,180 |  |  | $ | 63,336 |
|  | June 30, 2021 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,412 |  |  | $ | – |  |  | $ | 10,412 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,190 at June 30, 2021 |  |  | 9,157 |  |  |  | – |  |  |  | 9,157 |
Inventories, net |  |  | 7,291 |  |  |  | – |  |  |  | 7,291 |
Prepaid expenses and other current assets |  |  | 908 |  |  |  | – |  |  |  | 908 |
Refundable income taxes |  |  | 354 |  |  |  | – |  |  |  | 354 |
Total current assets |  |  | 28,122 |  |  |  | – |  |  |  | 28,122 |
Property, plant and equipment, net |  |  | 20,671 |  |  |  | – |  |  |  | 20,671 |
Operating lease right-of use asset |  |  | 226 |  |  |  | – |  |  |  | 226 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other intangible assets, net |  |  | – |  |  |  | – |  |  |  | – |
Total intangible assets |  |  | 12,824 |  |  |  | 1,180 |  |  |  | 14,004 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 63,643 |  |  | $ | 1,180 |  |  | $ | 64,823 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 5,285 |  |  |  | – |  |  | $ | 5,285 |
Accrued expenses |  |  | 3,587 |  |  |  | – |  |  |  | 3,587 |
Accrued income taxes |  |  | 106 |  |  |  | – |  |  |  | 106 |
Total current liabilities |  |  | 8,978 |  |  |  | – |  |  |  | 8,978 |
Line of credit |  |  | 2,777 |  |  |  | – |  |  |  | 2,777 |
Operating lease liabilities |  |  | 107 |  |  |  | – |  |  |  | 107 |
Deferred income taxes, net |  |  | 1,764 |  |  |  | 1,180 |  |  |  | 2,944 |
Other long-term liabilities |  |  | 12 |  |  |  | – |  |  |  | 12 |
Total liabilities |  |  | 13,638 |  |  |  | 1,180 |  |  |  | 14,818 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,650 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,488 |  |  |  | – |  |  |  | 2,488 |
Treasury stock, at cost |  |  | (12,111 | ) |  |  | – |  |  |  | (12,111 | )
Retained earnings |  |  | 53,119 |  |  |  | – |  |  |  | 53,119 |
Total stockholders’ equity |  |  | 50,005 |  |  |  | – |  |  |  | 50,005 |
Total liabilities and stockholders’ equity |  | $ | 63,643 |  |  | $ | 1,180 |  |  | $ | 64,823 |
|  | September 30, 2021 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,018 |  |  | $ | – |  |  | $ | 10,018 |
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,290 at September 30, 2021 |  |  | 9,828 |  |  |  | – |  |  |  | 9,828 |
Inventories, net |  |  | 7,572 |  |  |  | – |  |  |  | 7,572 |
Prepaid expenses and other current assets |  |  | 1,315 |  |  |  | – |  |  |  | 1,315 |
Refundable income taxes |  |  | 415 |  |  |  | – |  |  |  | 415 |
Total current assets |  |  | 29,148 |  |  |  | – |  |  |  | 29,148 |
Property, plant and equipment, net |  |  | 20,546 |  |  |  | – |  |  |  | 20,546 |
Operating lease right-of use asset |  |  | 255 |  |  |  | – |  |  |  | 255 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and indefinite-lived intangibles |  |  | 14,224 |  |  |  | 1,180 |  |  |  | 15,404 |
Other intangible assets, net |  |  | 4,367 |  |  |  | – |  |  |  | 4,367 |
Total intangible assets |  |  | 18,591 |  |  |  | 1,180 |  |  |  | 19,771 |
Other Assets |  |  | 1,800 |  |  |  | – |  |  |  | 1,800 |
Total assets |  | $ | 70,340 |  |  | $ | 1,180 |  |  | $ | 71,520 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of notes payable |  | $ | 1,000 |  |  |  | – |  |  | $ | 1,000 |
Accounts payable |  |  | 7,867 |  |  |  | – |  |  |  | 7,867 |
Accrued expenses |  |  | 3,872 |  |  |  | – |  |  |  | 3,872 |
Accrued income taxes |  |  | 100 |  |  |  | – |  |  |  | 100 |
Total current liabilities |  |  | 12,839 |  |  |  | – |  |  |  | 12,839 |
Line of credit |  |  | 2,777 |  |  |  | – |  |  |  | 2,777 |
Notes Payable |  |  | 3,726 |  |  |  | – |  |  |  | 3,726 |
Operating lease liabilities |  |  | 113 |  |  |  | – |  |  |  | 113 |
Deferred income taxes, net |  |  | 1,764 |  |  |  | 1,180 |  |  |  | 2,944 |
Other long-term liabilities |  |  | 62 |  |  |  | – |  |  |  | 62 |
Total liabilities |  |  | 21,281 |  |  |  | 1,180 |  |  |  | 22,461 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, no par value; 2,500 shares authorized; none issued |  |  | – |  |  |  | – |  |  |  | – |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,435 shares outstanding |  |  | 6,509 |  |  |  | – |  |  |  | 6,509 |
Paid-in capital |  |  | 2,387 |  |  |  | – |  |  |  | 2,387 |
Treasury stock, at cost |  |  | (13,436 | ) |  |  | – |  |  |  | (13,436 | )
Retained earnings |  |  | 53,599 |  |  |  | – |  |  |  | 53,599 |
Total stockholders’ equity |  |  | 49,059 |  |  |  | – |  |  |  | 49,059 |
Total liabilities and stockholders’ equity |  | $ | 70,340 |  |  | $ | 1,180 |  |  | $ | 71,520 |

X
- References No definition available. + Details
Name: | lway_DisclosureRestatementOfPreviouslyIssuedUnauditedConsolidatedFinancialStatementsAbstract
Namespace Prefix: | lway_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | lway_RestatementOfPreviouslyIssuedUnauditedConsolidatedFinancialStatementsDisclosureTextBlock
Namespace Prefix: | lway_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration