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NOTE 20 - REVISION | 12 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
NOTE 20 - REVISION | FONAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2019, 2018 and 2017 NOTE 20 - REVISION The Company is restating its previously issued Consolidated balance sheets and Consolidated statements of cash flows as of and for the nine month interim periods of fiscal 2019 ended March 31, 2019 to reflect a revision in presentation of short term investments within current assets. In the aforementioned financial statements, the Company presented certain Certificates of Deposit with financial institutions (“CDs”) with maturities greater than three months as Cash and cash equivalents, when they should have been presents as Short-term investments. This misclassification did not impact Revenue, Operating income, Net income, Total assets or Total current assets. The following tables summarizes the impacts of these misclassifications on the consolidated balance sheets and statements of cash flows for the interim periods of fiscal 2019 (amount in thousands):
|  | As of March 31, 2019 ((Unaudited)
Financial Statement Captions Revised |  | As Previously Reported |  | Adjustment |  | As Restated
Cash and cash equivalents |  | $ | 24,780 |  |  | $ | (15,000 | ) |  | $ | 9,780 |
Short-term investments |  | $ | 0 |  |  | $ | 15,000 |  |  | $ | 15,000 |
|  | For the Nine Months ended March 31, 2019 (Unaudited)
|  | As Previously Reported |  | Adjustment |  | As Restated
Statement of Cash Flows Captions Revised |  |  |  |  |  |  |  |  |  |  |  |
Cash Flows from Investing Activities |  | $ | (3,157 | ) |  | $ | (15,000 | ) |  | $ | (18,157 | )
Cash and cash equivalents - end of period |  | $ | 24,780 |  |  | $ | (15,000 | ) |  | $ | 9,780 |

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