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Restatement of Previously Issued Financial Statements
 3 Months Ended
Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements
Restatement of Previously Issued Financial Statements
 
In preparation of the Company’s condensed financial statements as of and for the three months ended December 31, 2017, the Company concluded it should correct the amount previously recorded as Debt obligations - current. In January 2018, the Company made an additional debt repayment of $2.9 million, resulting from an excess cash flow provision in its credit facility. This payment was calculated based upon the year ended September 30, 2017 operating results. As such, the $2.9 million should have been reflected within the Debt obligations - current on the Company’s Balance Sheet at September 30, 2017. In addition, the Company has concluded that based on its working capital position at June 30, 2017, it was more likely than not that an excess cash flow payment would be generated as of September 30, 2017. The Company’s estimate of the additional debt payment resulting from the projected excess cash flow provision totaling $2.2 million should have been reflected within the Debt obligations - current on the Company’s Unaudited Balance Sheet at June 30, 2017.

Funding of the excess cash flow payment from cash on hand has no impact to the Company’s net debt position, as the use of cash has an offsetting reduction to debt. From a liquidity position, the Company continues to have sufficient access to cash to support the operations of the business, through access to its revolving credit facility. The Company does not expect to make further excess cash flow payments under the provisions of the credit facility. See Note 6 for further information.

The following table summarizes the effect of the restatement to the Company’s financial statements for (i) its audited balance sheet as of September 30, 2017, and (ii) its unaudited condensed interim balance sheet as of June 30, 2017. The reclassification of an additional debt repayment resulting from an excess cash flow provision of our credit facility did not affect any previously reported operating results, net income, earnings per share, cash flows, total assets, total liabilities or stockholders equity.

 
 
In thousands
 
 
As Previously Reported
 
Adjustments
 
As Restated
Balance sheet as of September 30, 2017 (audited)
 
 
 
 
 
 
Debt obligations - current
 
$
3,601

 
$
2,917

 
$
6,518

Total current liabilities
 
$
18,525

 
$
2,917

 
$
21,442

Total long term liabilities
 
$
15,344

 
$
(2,917
)
 
$
12,427

Total liabilities
 
$
33,869

 
$
—

 
$
33,869

 
 
 
 
 
 
 
Balance sheet as of June 30, 2017 (unaudited)
 
 
 
 
 
 
Debt obligations - current
 
$
3,590

 
$
2,154

 
$
5,744

Total current liabilities
 
$
16,114

 
$
2,154

 
$
18,268

Total long term liabilities
 
$
16,215

 
$
(2,154
)
 
$
14,061

Total liabilities
 
$
32,329

 
$
—

 
$
32,329