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Restatement of Previously Issued Condensed Financial Statements | 6 Months Ended
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Jun. 30, 2018
Restatement of Previously Issued Condensed Financial Statements |
Restatement of Previously Issued Condensed Financial Statements | 2. Restatement of Previously Issued Condensed Financial Statements In connection with the preparation and review of the Company's condensed financial statements, management identified an error in the Company's historical financial statements. As a result, the Company concluded that its previously issued unaudited condensed financial statements for the quarter ended June 30, 2018, needed to be restated. Within this report, the Company has included restated unaudited interim condensed financial statements as of and for the three and six months ended June 30, 2018. This Note 2 to the unaudited interim condensed financial statements discloses the nature of the restatement matter and adjustment and shows the impact of the restatement for the three and six months ended June 30, 2018. The restatement corrects an error related to the scrapping of inventory in the third quarter of 2018 which should have been recognized at June 30, 2018 and in the three and six-month periods ended June 30, 2018, resulting in an overstatement of work-in-process inventory and an understatement of cost of sales in the second quarter. The following table summarizes the impact of the restatement on select unaudited condensed balance sheet line items (in thousands):
|  | As |  |  |  |  |
|  | previously |  |  |  |  |
June 30, 2018 |  | reported |  | Adjustment |  | (As restated)
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Inventory |  | $ | 9,621 |  | $ | (770) |  | $ | 8,851
Total current assets |  |  | 48,668 |  |  | (770) |  |  | 47,898
Total assets |  | $ | 52,334 |  | $ | (770) |  | $ | 51,564
Accumulated deficit |  |  | (124,115) |  |  | (770) |  |  | (124,885)
Total stockholders’ equity |  |  | 31,753 |  |  | (770) |  |  | 30,983
Total liabilities and stockholders’ equity |  | $ | 52,334 |  | $ | (770) |  | $ | 51,564
The following table summarizes the impact of the restatement on select unaudited condensed statement of operations line items (in thousands, except per share data):
|  | As |  |  |  |  |  |  |
|  | previously |  |  |  |  |  |  |
Three Months Ended June 30, 2018 |  | reported |  | Adjustment |  | (As restated) |
Cost of sales |  | $ | 5,459 |  | $ | 770 |  | $ | 6,229 |
Gross profit |  |  | 5,306 |  |  | (770) |  |  | 4,536 |
Loss from operations |  |  | (6,509) |  |  | (770) |  |  | (7,279) |
Net loss and comprehensive loss |  | $ | (6,599) |  | $ | (770) |  | $ | (7,369) |
Net loss per common share, basic and diluted |  | $ | (0.40) |  | $ | (0.04) |  | $ | (0.44) |
|  | As |  |  |  |  |  |
|  | previously |  |  |  |  |  |
Six Months Ended June 30, 2018 |  | reported |  | Adjustment |  | (As restated)
Cost of sales |  | $ | 10,357 |  | $ | 770 |  | $ | 11,127
Gross profit |  |  | 15,261 |  |  | (770) |  |  | 14,491
Loss from operations |  |  | (7,619) |  |  | (770) |  |  | (8,389)
Net loss and comprehensive loss |  | $ | (7,876) |  | $ | (770) |  | $ | (8,646)
Net loss per common share, basic and diluted |  | $ | (0.50) |  | $ | (0.05) |  | $ | (0.55)
The following table summarizes the impact of the restatement on select unaudited condensed statement of cash flows line items (in thousands):
|  | As |  |  |  |  |  |
|  | previously |  |  |  |  |  |
Six Months Ended June 30, 2018 |  | reported |  | Adjustment |  | (As restated)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (7,876) |  | $ | (770) |  | $ | (8,646)
Inventory |  |  | 170 |  |  | 770 |  |  | 940
The changes above also affect certain of the other Notes to the unaudited condensed financial statements. Conforming changes have been made to Notes 3, 5 and 11.

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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 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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