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Basis of Presentation | 6 Months Ended
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Mar. 31, 2021
Basis of Presentation |
Basis of Presentation | Organization and Business CSP Inc. ("CSPi" or "CSPI" or "the Company" or "we" or "our") was incorporated in 1968 and is based in Lowell, Massachusetts. CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, purpose built network adapters, and high-performance cluster computer systems to meet the diverse requirements of its commercial and defense customers worldwide. The Company operates in two segments, its Technology Solutions (“TS”) segment and High Performance Products (“HPP”) segment. 1. Basis of Presentation The accompanying interim consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the annual consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, have been omitted. Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited consolidated financial statements should be read in conjunction with the footnotes contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended September 30, 2020. Revision of Prior Period Financial Statements During the preparation of the consolidated financial statements for the year ended September 30, 2020, we identified an immaterial error in the first three quarters of fiscal year 2020 related to the recognition of certain revenue as “net,” when in fact the revenue should have been recorded on a “gross” basis. As a result of evaluating the error, we determined the impact was not material to our financial statements in any prior interim period. However, management has revised the first three quarters of fiscal year 2020. The revised numbers for the three and six months ended March 31, 2020 are reflected in this Form 10-Q. The only financial statement affected was the Consolidated Statement of Operations. Specifically, financial statement line items Sales - Product, Sales - Services, and Cost of sales – product. Net income (loss) and gross profit did not change. Notes affected include Note 4 Revenue and Note 15 Segment Information.
| For the three months ended March 31, 2020 |  | For the six months ended March 31, 2020
| As reported |  | Adjustment |  | As revised |  | As reported |  | Adjustment |  | As revised
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product | $ | 12,296 |  | $ | 850 |  | $ | 13,146 |  | $ | 25,518 |  | $ | 1,187 |  | $ | 26,705
Services |  | 3,799 |  |  | (62) |  |  | 3,737 |  |  | 7,149 |  |  | (113) |  |  | 7,036
Total sales |  | 16,095 |  |  | 788 |  |  | 16,883 |  |  | 32,667 |  |  | 1,074 |  |  | 33,741
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  | 10,245 |  |  | 788 |  |  | 11,033 |  |  | 21,563 |  |  | 1,074 |  |  | 22,637
Services |  | 1,367 |  |  | — |  |  | 1,367 |  |  | 2,590 |  |  | — |  |  | 2,590
Total cost of sales |  | 11,612 |  |  | 788 |  |  | 12,400 |  |  | 24,153 |  |  | 1,074 |  |  | 25,227
Gross profit | $ | 4,483 |  | $ | — |  | $ | 4,483 |  | $ | 8,514 |  | $ | — |  | $ | 8,514
Operating loss | $ | (143) |  | $ | — |  | $ | (143) |  | $ | (545) |  | $ | — |  | $ | (545)
Net loss | $ | (732) |  | $ | — |  | $ | (732) |  | $ | (1,272) |  | $ | — |  | $ | (1,272)
Net loss per share – basic | $ | (0.18) |  | $ | — |  | $ | (0.18) |  | $ | (0.32) |  | $ | — |  | $ | (0.32)
Net loss per share – diluted | $ | (0.18) |  | $ | — |  | $ | (0.18) |  | $ | (0.32) |  | $ | — |  | $ | (0.32)

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