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Interim Financial Reporting (Tables)

3 Months Ended

Sep. 30, 2019

The following table presents a recast of selected unaudited statement of operations line items after giving effect to the adoption of ASC 842:

	For the three months ended September 30, 2018
	As Previously Reported		Effect of Adoption			As Adjusted
Net Revenues	$	7,275,883	$	–		$	7,275,883
Cost of Revenues		1,733,051		–			1,733,051
Gross Profit		5,542,832		–			5,542,832
Operating Expenses
Selling, general and administrative		5,275,755		(2,769	)		5,272,986
Research and development		68,137		–			68,137
Total operating expenses		5,343,892		(2,769	)		5,341,123
Operating Income		198,940		2,769			201,709
Interest income (expense), net		13,452		–			13,452
Net income before income taxes		212,392		2,769			215,161
Income tax expense		58,000		–			58,000
Net Income	$	154,392	$	2,769		$	157,161
Income per share:
Basic	$	0.02	$	0.00		$	0.02
Diluted	$	0.02	$	0.00		$	0.02

The following table presents a recast of selected unaudited balance sheet line items after giving effect to the adoption of ASC 842:

	June 30, 2019
	As Previously Reported		Effect of Adoption			As Adjusted
Assets
Other Assets		–		45,044			45,044

Liabilities and Shareholder’s Equity
Current maturities of other long-term liabilities				30,320			30,320
Other long-term liabilities		–		14,737			14,737
Retained Earnings		9,522,076		(12	)		9,522,064

The following table presents a recast of selected unaudited statement of cash flow line items after giving effect to the adoption of ASC 842:

	For the three months ended September 30, 2018
	As Previously Reported			Effect of Adoption			As Adjusted
Cash Flow from Operating Activities
Net income	$	154,392		$	2,769		$	157,161
Changes in operating assets and liabilities:
Prepaid expenses and other assets		336,065			45,292			381,357
Accounts payable and accrued liabilities		(103,253	)		(48,061	)		(151,314	)