XML 28 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2015
Aug. 03, 2015
Document and Entity Information    
Entity Registrant Name RETRACTABLE TECHNOLOGIES INC  
Entity Central Index Key 0000946563  
Document Type 10-Q/A  
Document Period End Date Jun. 30, 2015  
Amendment Flag true  
Amendment Description This Amendment No. 1 on Form 10-Q/A to the Quarterly Report on Form 10-Q of Retractable Technologies, Inc. (the "Company") for the quarterly period ended June 30, 2015 as originally filed with the U.S. Securities and Exchange Commission on August 14, 2015 (the "Original Report") is being filed to restate the Company's previously issued unaudited condensed financial statements as of and for the three and six months ended June 30, 2015 (the "Affected Periods") and the related notes to the unaudited condensed financial statements, and to revise related disclosures, including Management's Discussion and Analysis of Financial Condition and Results of Operations and Controls and Procedures for the Affected Periods, in each case, solely as a result of, and to reflect, the modifications made to the restated financial statements. On November 10, 2015, the Company, together with its Audit Committee, concluded that investors should no longer rely on the previously issued unaudited condensed financial statements for the Affected Periods in the Original Report. The Company reached its conclusion after discussion with its Audit Committee and a joint discussion with its independent registered public accounting firm. The Company also identified a material weakness in its internal controls as of June 30, 2015. The Company is taking steps to remediate this weakness. As discussed in Note 9 to the restated unaudited condensed financial statements, in the course of preparing the condensed financial statements as of and for the three and nine months ended September 30, 2015, the Company discovered an error in the total amount of raw materials in the detailed subsidiary ledger as of June 30, 2015. The Company's raw materials subsidiary ledger is in a spreadsheet format. Such error resulted from an incorrect summation of individual inventory amounts in the spreadsheet. This resulted in the recording of incorrect raw materials and cost of goods sold amounts in the Company's general ledger which was used to prepare the unaudited condensed financial statements in the Original Report. Consequently, raw materials inventories were understated by $596,000 as of June 30, 2015 and cost of goods sold was overstated by $596,000 for the Affected Periods. This Form 10-Q/A sets forth only those items of the Original Report that have been amended and, other than as described above, none of the other disclosures in the Original Report have been amended or updated. As a result, this Form 10-Q/A speaks as of the date of the filing of the Original Report, August 14, 2015, and the disclosures contained in this Form 10-Q/A have not been updated to reflect events occurring subsequent to that date, other than those associated with the restatement.  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   27,864,259
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2