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Revisions of Prior Period Financial Statements | 12 Months Ended
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Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Revisions of Prior Period Financial Statements | Revisions of Prior Period Financial Statements As discussed in Note 2 (Summary of Significant Accounting Policies), in conjunction with the preparation of its year-end financial statements for 2019, the Company determined that certain, immaterial operating costs and expenses were inappropriately capitalized during the years ended December 31, 2018 and 2017, as well for interim periods in 2019 and 2018. As a result, the Company revised its prior period financial statements to incorporate additional operating costs and expenses of $1.1 million, $1.14 million and $96,000 for the nine months ended September 30, 2019, the year ended December 31, 2018 and the year ended December 31, 2017, respectively. These revisions are summarized in the tables below. Revised Consolidated Balance Sheet
|  | As of December 31, 2018 |  |  |  |
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Assets |  |  |  |  |  |
Inventory |  | $ | 30,974 |  |  |  | $ | (784) |  |  |  | $ | 30,190 |
Prepaid income taxes |  | 3,148 |  |  |  | 40 |  |  |  | 3,188 |
Prepaid expenses and other |  | 2,430 |  |  |  | (734) |  |  |  | 1,696 |
Total current assets |  | 96,399 |  |  |  | (1,478) |  |  |  | 94,921 |
Rental equipment, net of accumulated depreciation |  | 175,886 |  |  |  | 220 |  |  |  | 176,106 |
Property and equipment, net of accumulated depreciation |  | 16,587 |  |  |  | 57 |  |  |  | 16,644 |
Total assets |  | 305,401 |  |  |  | (1,201) |  |  |  | 304,200 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |
Deferred income tax liability |  | $ | 32,158 |  |  |  | $ | (252) |  |  |  | $ | 31,906 |
Total liabilities |  | 45,220 |  |  |  | (252) |  |  |  | 44,968 |
Retained earnings |  | 152,291 |  |  |  | (949) |  |  |  | 151,342 |
Total stockholders' equity |  | 260,181 |  |  |  | (949) |  |  |  | 259,232 |
Total liabilities and stockholders' equity |  | 305,401 |  |  |  | (1,201) |  |  |  | 304,200 |
Revised Consolidated Statements of Income
|  | For the Year Ended December 31, 2018 |  |  |  |
($ in thousands, except per share) |  | As Reported |  | Revisions |  | As Revised
Total revenue |  | $ | 65,478 |  |  |  | $ | — |  |  |  | $ | 65,478 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of rentals, exclusive of depreciation stated separately below |  | 20,746 |  |  |  | 1,114 |  |  |  | 21,860 |
Depreciation and amortization |  | 22,049 |  |  |  | 31 |  |  |  | 22,080 |
Total operating costs and expenses |  | 64,840 |  |  |  | 1,145 |  |  |  | 65,985 |
Operating income (loss) |  | 638 |  |  |  | (1,145) |  |  |  | (507) |
Income (loss) before provision for income taxes |  | 751 |  |  |  | (1,145) |  |  |  | (394) |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |
Current benefit (expense) |  | 248 |  |  |  | (6) |  |  |  | 242 |
Deferred (expense) benefit |  | (573) |  |  |  | 259 |  |  |  | (314) |
Income tax (expense) benefit |  | (325) |  |  |  | 253 |  |  |  | (72) |
Net income (loss) |  | 426 |  |  |  | (892) |  |  |  | (466) |
Earnings (loss) per share, basic |  | 0.03 |  |  |  | (0.07) |  |  |  | (0.04) |
Earnings (loss) per share, diluted |  | 0.03 |  |  |  | (0.07) |  |  |  | (0.04) |
|  | For the Year Ended December 31, 2017 |  |  |  |
($ in thousands, except per share) |  | As Reported |  | Revisions |  | As Revised
Total revenue |  | $ | 67,693 |  |  | $ | — |  |  | $ | 67,693 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |
Cost of rentals, exclusive of depreciation stated separately below |  | 18,078 |  |  | 82 |  |  | 18,160 |
Depreciation and amortization |  | 21,302 |  |  | 14 |  |  | 21,316 |
Total operating costs and expenses |  | 66,126 |  |  | 96 |  |  | 66,222 |
Operating income (loss) |  | 1,567 |  |  | (96) |  |  | 1,471 |
Income (loss) before provision for income taxes |  | 1,603 |  |  | (96) |  |  | 1,507 |
Provision for income taxes: |  |  |  |  |  |  |  |  |
Current (expense) benefit |  | (3,334) |  |  | 46 |  |  | (3,288) |
Deferred benefit (expense) |  | 21,582 |  |  | (7) |  |  | 21,575 |
Income tax benefit |  | 18,248 |  |  | 39 |  |  | 18,287 |
Net income (loss) |  | 19,851 |  |  | (57) |  |  | 19,794 |
Earnings (loss) per share, basic |  | 1.55 |  |  |  | (0.01) |  |  |  | 1.54 |
Earnings (loss) per share, diluted |  | 1.51 |  |  |  | — |  |  |  | 1.51 |
Revised Consolidated Statements of Stockholders' Equity
|  | For the Year Ended December 31, 2018 |  |  |  |
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Net income (loss) |  | $ | 426 |  |  |  | $ | (892) |  |  |  | $ | (466) |
Retained earnings |  | 152,291 |  |  |  | (949) |  |  |  | 151,342 |
Total stockholders' equity |  | 260,181 |  |  |  | (949) |  |  |  | 259,232 |
|  | For the Year Ended December 31, 2017 |  |  |  |
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Net income (loss) |  | $ | 19,851 |  |  |  | $ | (57) |  |  |  | $ | 19,794 |
Retained earnings |  | 151,865 |  |  |  | (57) |  |  |  | 151,808 |
Total stockholders' equity |  | 257,319 |  |  |  | (57) |  |  |  | 257,262 |
Revised Consolidated Statements of Cash Flows
|  | For the Year Ended December 31, 2018 |  |  |  |
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 426 |  |  |  | $ | (892) |  |  |  | $ | (466) |
Depreciation and amortization |  | 22,049 |  |  |  | 31 |  |  |  | 22,080 |
Deferred taxes |  | 573 |  |  |  | (259) |  |  |  | 314 |
Inventory (increase) decrease |  | (5,757) |  |  |  | 655 |  |  |  | (5,102) |
Prepaid income taxes and prepaid expenses (increase) decrease |  | (1,318) |  |  |  | 740 |  |  |  | (578) |
Net cash provided by operating activities |  | 23,414 |  |  |  | 275 |  |  |  | 23,689 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of rental equipment, property and other equipment |  | (39,790) |  |  |  | (275) |  |  |  | (40,065) |
Net cash used in investing activities |  | (40,010) |  |  |  | (275) |  |  |  | (40,285) |
Net change in cash and cash equivalents |  | (16,580) |  |  |  | — |  |  |  | (16,580) |
|  | For the Year Ended December 31, 2017 |  |  |  |
($ in thousands) |  | As Reported |  | Revisions |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |
Net income (loss) |  | $ | 19,851 |  |  | $ | (57) |  |  | $ | 19,794 |
Depreciation and amortization |  | 21,302 |  |  | 14 |  |  | 21,316 |
Deferred taxes |  | (21,582) |  |  | 7 |  |  | (21,575) |
Inventory (increase) decrease |  | (5,350) |  |  | 129 |  |  | (5,221) |
Prepaid income taxes and prepaid expenses increase |  | (1,806) |  |  | (46) |  |  | (1,852) |
Net cash provided by operating activities |  | 17,452 |  |  | 47 |  |  | 17,499 |
Cash flows from investing activities: |  |  |  |  |  |
Purchase of rental equipment, property and other equipment |  | (13,489) |  |  | (47) |  |  | (13,536) |
Net cash used in investing activities |  | (12,791) |  |  | (47) |  |  | (12,838) |
Net change in cash and cash equivalents |  | 5,114 |  |  | — |  |  | 5,114 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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