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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2020
Prior Period Adjustment [Abstract] |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Financial Statements. The financial statements for the years ended December 31, 2020 and 2019 have been restated to reflect the correction of misstatements. The Company also restated all amounts impacted within the notes to the financial statements. A description of the adjustments and their impact on the previously issued financial statements are included below. Description of Restatement Adjustments. Commencing in the second quarter of 2021, the Company conducted a review of its sales tax positions, and related accounting, with the assistance of outside consultants. As a result of the review, it was determined that certain non-POPs services/products sales were subject to sales tax and that the Company had not assessed sales tax on sales of those services/products to customers. Company management then undertook a process to obtain documentation from significant customers to determine if each was exempt from sales tax assessments during the applicable periods. Based on responses received from these customers, the Company determined that it did not properly accrue sales tax and accrued the estimated sales tax. The misstatements in the previously issued financial statements are considered material and are described below. In light of the foregoing, the Company in accordance with ASC 250, Accounting Changes and Error Corrections is restating the previously issued financial statements for the years ended December 31, 2020 and 2019 to reflect the effects of misstatements, and to make certain corresponding disclosures. The balance sheets, statements of operations, shareholders’ equity and cash flows, and Notes 1, 4, 9 and 11, were updated to reflect the restatement. A summary of the impact of the misstatements is as follows:
|  | December 31, 2020 |  | December 31, 2019
Year Ended |  | As previously reported | Restated |  | As previously reported | Restated
Net Sales |  | $ 17,669,000 |  | $ 17,482,000 |  | $ 21,954,000 |  | $ 21,528,000
Operating Loss |  | (4,601,000) |  | (4,839,000) |  | (5,629,000) |  | (6,106,000)
Net Loss |  | (4,300,000) |  | (4,615,000) |  | (5,021,000) |  | (5,577,000)
|  | December 31, 2020 |  | December 31, 2019
As of |  | As previously reported | Restated |  | As previously reported | Restated
Shareholders' equity |  | $ 7,694,000 |  | $ 6,668,000 |  | $ 11,794,000 |  | $ 11,083,000
The restated interim financial information for the relevant unaudited interim financial statements for the quarterly periods ended September 30, 2020 and 2019, June 30, 2020 and 2019, and March 31, 2020 and 2019, is also included below. The categories of restatement adjustments and their impact on previously reported financial statements are described below:
| (a) | Sales Tax and Related Misstatements – Sales tax on sales to customers who were subject to sales tax that was not previously accrued by the Company is corrected by an increase to accrued liabilities on the balance sheets and a reduction of net sales on the statements of operations. The Company also determined on which past sales the Company would bill for sales tax and corrected by increasing accounts receivable, net of an allowance for doubtful collectability, on the balance sheets and increasing net sales on the statements of operations. Estimated penalties on the related sales tax are corrected by an increase to accrued liabilities on the balance sheets and an increase to general and administrative expenses on the statements of operations. Estimated interest on the related sales tax is corrected by an increase to accrued liabilities on the balance sheets and an increase to interest expense within other income on the statements of operations.
| (b) | Related Income Tax Impact - Any impact on income tax benefit from the impact on loss before taxes due to the correction in (a) above is reflected as a change in deferred tax asset or liability on the balance sheet and a change in income tax benefit on the statements of operations.
The following is a summary of the impact of the correction of the sales tax error for the periods previously reported during the years ended December 31, 2020 and 2019, and during the quarters in the years ended December 31, 2020 and 2019. Annual Financial Statements The following table sets forth the corrections in each of the individual line items affected in the statements of operations:
|  | December 31, | December 31,
Year Ended |  | 2020 |  | 2019
Reduction of net sales |  | $ 187,000 |  | $ 426,000
Increase in general and administrative expense for penalities | 51,000 |  | 51,000
Decrease in other income for interest expense |  | 77,000 |  | 37,000
Decrease in income tax benefit |  | - |  | 42,000
Total increase in net loss due to restatement items |  | $ 315,000 |  | $ 556,000
|  | December 31, 2020 |  | December 31, 2019
Year Ended |  | As previously reported | Restated |  | As previously reported | Restated
Services revenues |  | $ 17,091,000 |  | $ 16,904,000 |  | $ 20,229,000 |  | $ 19,803,000
Products revenues |  | 578,000 |  | 578,000 |  | 1,725,000 |  | 1,725,000
Total Net Sales |  | 17,669,000 |  | 17,482,000 |  | 21,954,000 |  | 21,528,000
Cost of services |  | 13,934,000 |  | 13,934,000 |  | 15,756,000 |  | 15,756,000
Cost of goods sold |  | 533,000 |  | 533,000 |  | 1,437,000 |  | 1,437,000
Impairment loss |  | 159,000 |  | 159,000 |  | — |  | —
Total Cost of Sales |  | 14,626,000 |  | 14,626,000 |  | 17,193,000 |  | 17,193,000
Gross Profit |  | 3,043,000 |  | 2,856,000 |  | 4,761,000 |  | 4,335,000
Operating Expenses: |  |  |  |  |  |  |  |
Selling |  | 2,877,000 |  | 2,877,000 |  | 2,658,000 |  | 2,658,000
Marketing |  | 1,015,000 |  | 1,015,000 |  | 2,394,000 |  | 2,394,000
General and administrative |  | 3,947,000 |  | 3,998,000 |  | 3,324,000 |  | 3,375,000
Gain on sale of business |  | (195,000) |  | (195,000) |  | — |  | —
Impairment loss |  | — |  | — |  | 2,014,000 |  | 2,014,000
Total Operating Expenses |  | 7,644,000 |  | 7,695,000 |  | 10,390,000 |  | 10,441,000
Operating Loss |  | (4,601,000) |  | (4,839,000) |  | (5,629,000) |  | (6,106,000)
Other income |  | 110,000 |  | 33,000 |  | 142,000 |  | 105,000
Loss Before Taxes |  | (4,491,000) |  | (4,806,000) |  | (5,487,000) |  | (6,001,000)
Income tax benefit |  | (191,000) |  | (191,000) |  | (466,000) |  | (424,000)
Net Loss |  | $ (4,300,000) |  | $ (4,615,000) |  | $ (5,021,000) |  | $ (5,577,000)
Net loss per share: |  |  |  |  |  |  |  |
Basic |  | $ (2.48) |  | $ (2.66) |  | $ (2.94) |  | $ (3.27)
Diluted |  | $ (2.48) |  | $ (2.66) |  | $ (2.94) |  | $ (3.27)
Shares used in calculation of net loss per share: |  |  |  |  |  |
Basic |  | 1,734,000 |  | 1,734,000 |  | 1,706,000 |  | 1,706,000
Diluted |  | 1,734,000 |  | 1,734,000 |  | 1,706,000 |  | 1,706,000
The following table sets forth the corrections in each of the individual line items affected in the balance sheets:
|  | December 31, 2020 |  |  |  | December 31, 2019 |  |
|  | As previously reported | Error correction |  | Restated |  | As previously reported | Error correction | Restated
Accounts receivable, net |  | $ 5,628,000 |  | $ 229,000 |  | $ 5,857,000 |  | $ 7,559,000 |  | $ - |  | $ 7,559,000
Accrued liabilities - sales tax |  | $ - |  | $ 1,011,000 |  | $ 1,011,000 |  | $ - |  | $ 594,000 |  | $ 594,000
Accrued liabilities - other |  | $ 827,000 |  | $ 244,000 |  | $ 1,071,000 |  | $ 570,000 |  | $ 117,000 |  | $ 687,000
Accumulated deficit |  | $ 8,561,000 |  | $ 1,026,000 |  | $ 9,587,000 |  | $ 4,261,000 |  | $ 711,000 |  | $ 4,972,000
The following table sets forth the corrections to retained earnings (accumulated deficit) and total shareholders’ equity in the statements of shareholders’ equity.
SHAREHOLDERS' EQUITY |  |  |  |
|  | Retained Earnings (Accumulated Deficit) | Total Shareholders' Equity
January 1, 2019 |  |  |  |
As reported |  | $ 760,000 |  | $ 16,320,000
Adjustment due to error correction prior to 2019 |  | (155,000) |  | (155,000)
As restated |  | $ 605,000 |  | $ 16,165,000
December 31, 2019 |  |  |  |
As reported |  | $ (4,261,000) |  | $ 11,794,000
Adjustment due to cumulative error correction |  | (711,000) |  | (711,000)
As restated |  | $ (4,972,000) |  | $ 11,083,000
December 31, 2020 |  |  |  |
As reported |  | $ (8,561,000) |  | $ 7,694,000
Adjustment due to cumulative error correction |  | (1,026,000) |  | (1,026,000)
As restated |  | $ (9,587,000) |  | $ 6,668,000
Quarterly Financial Statements (Unaudited) The following table sets forth the corrections in each of the individual line items affected in the statements of operations:
|  | March 31, |  | June 30, |  | September 30, | December 31,
Three Months Ended |  | 2020 |  | 2020 |  | 2020 |  | 2020
Reduction of net sales |  | $ 36,000 |  | $ 41,000 |  | $ 56,000 |  | $ 54,000
Increase in general and administrative expense for penalities |  | 11,000 |  | 12,000 |  | 15,000 |  | 13,000
Decrease in other income for interest expense |  | 15,000 |  | 18,000 |  | 21,000 |  | 23,000
Change in income tax benefit |  | - |  | - |  | - |  | -
Total increase in net loss due to restatement items |  | $ 62,000 |  | $ 71,000 |  | $ 92,000 |  | $ 90,000
|  | March 31, 2020 |  |  | June 30, 2020 |
Three Months Ended |  | As previously reported | Restated |  | As previously reported | Restated
Services revenues |  | $ 4,436,000 |  | $ 4,400,000 |  | $ 3,174,000 |  | $ 3,133,000
Products revenues |  | 246,000 |  | 246,000 |  | 214,000 |  | 214,000
Total Net Sales |  | 4,682,000 |  | 4,646,000 |  | 3,388,000 |  | 3,347,000
Cost of services |  | 3,382,000 |  | 3,382,000 |  | 2,807,000 |  | 2,807,000
Cost of goods sold |  | 172,000 |  | 172,000 |  | 208,000 |  | 208,000
Impairment loss |  | 159,000 |  | 159,000 |  | — |  | —
Total Cost of Sales |  | 3,713,000 |  | 3,713,000 |  | 3,015,000 |  | 3,015,000
Gross Profit |  | 969,000 |  | 933,000 |  | 373,000 |  | 332,000
Operating Expenses: |  |  |  |  |  |  |  |
Selling |  | 720,000 |  | 720,000 |  | 927,000 |  | 927,000
Marketing |  | 365,000 |  | 365,000 |  | 243,000 |  | 243,000
General and administrative |  | 993,000 |  | 1,004,000 |  | 980,000 |  | 992,000
Gain on sale of business |  | — |  | — |  | — |  | —
Total Operating Expenses |  | 2,078,000 |  | 2,089,000 |  | 2,150,000 |  | 2,162,000
Operating Loss |  | (1,109,000) |  | (1,156,000) |  | (1,777,000) |  | (1,830,000)
Other income (expense) |  | 24,000 |  | 9,000 |  | 16,000 |  | (2,000)
Loss Before Taxes |  | (1,085,000) |  | (1,147,000) |  | (1,761,000) |  | (1,832,000)
Income tax expense (benefit) |  | (222,000) |  | (222,000) |  | 11,000 |  | 11,000
Net Loss |  | $ (863,000) |  | $ (925,000) |  | $ (1,772,000) |  | $ (1,843,000)
Net loss per share: |  |  |  |  |  |  |  |
Basic |  | $ (0.50) |  | $ (0.53) |  | $ (1.03) |  | $ (1.07)
Diluted |  | $ (0.50) |  | $ (0.53) |  | $ (1.03) |  | $ (1.07)
Shares used in calculation of net loss per share: |  |  |  |  |  |
Basic |  | 1,724,000 |  | 1,724,000 |  | 1,725,000 |  | 1,725,000
Diluted |  | 1,724,000 |  | 1,724,000 |  | 1,725,000 |  | 1,725,000
|  | September 30, 2020 |  | December 31, 2020
Three Months Ended |  | As previously reported | Restated |  | As previously reported | Restated
Services revenues |  | $ 4,373,000 |  | $ 4,317,000 |  | $ 5,108,000 |  | $ 5,054,000
Products revenues |  | 118,000 |  | 118,000 |  | — |  | —
Total Net Sales |  | 4,491,000 |  | 4,435,000 |  | 5,108,000 |  | 5,054,000
Cost of services |  | 3,764,000 |  | 3,764,000 |  | 3,981,000 |  | 3,981,000
Cost of goods sold |  | 112,000 |  | 112,000 |  | 41,000 |  | 41,000
Impairment loss |  | — |  | — |  | — |  | —
Total Cost of Sales |  | 3,876,000 |  | 3,876,000 |  | 4,022,000 |  | 4,022,000
Gross Profit |  | 615,000 |  | 559,000 |  | 1,086,000 |  | 1,032,000
Operating Expenses: |  |  |  |  |  |  |  |
Selling |  | 585,000 |  | 585,000 |  | 645,000 |  | 645,000
Marketing |  | 192,000 |  | 192,000 |  | 215,000 |  | 215,000
General and administrative |  | 825,000 |  | 840,000 |  | 1,149,000 |  | 1,162,000
Gain on sale of business |  | (195,000) |  | (195,000) |  | — |  | —
Total Operating Expenses |  | 1,407,000 |  | 1,422,000 |  | 2,009,000 |  | 2,022,000
Operating Loss |  | (792,000) |  | (863,000) |  | (923,000) |  | (990,000)
Other income (expense) |  | 6,000 |  | (15,000) |  | 64,000 |  | 41,000
Loss Before Taxes |  | (786,000) |  | (878,000) |  | (859,000) |  | (949,000)
Income tax expense |  | 8,000 |  | 8,000 |  | 12,000 |  | 12,000
Net Loss |  | $ (794,000) |  | $ (886,000) |  | $ (871,000) |  | $ (961,000)
Net loss per share: |  |  |  |  |  |  |  |
Basic |  | $ (0.46) |  | $ (0.51) |  | $ (0.49) |  | $ (0.55)
Diluted |  | $ (0.46) |  | $ (0.51) |  | $ (0.49) |  | $ (0.55)
Shares used in calculation of net loss per share: |  |  |  |  |  |
Basic |  | 1,740,000 |  | 1,740,000 |  | 1,745,000 |  | 1,745,000
Diluted |  | 1,740,000 |  | 1,740,000 |  | 1,745,000 |  | 1,745,000
|  | March 31, |  | June 30, |  | September 30, | December 31,
Three Months Ended |  | 2019 |  | 2019 |  | 2019 |  | 2019
Reduction of net sales |  | $ 63,000 |  | $ 115,000 |  | $ 105,000 |  | $ 143,000
Increase in general and administrative expense for penalities | 8,000 |  | 14,000 |  | 13,000 |  | 16,000
Decrease in other income (expense) for interest expense |  | 5,000 |  | 8,000 |  | 10,000 |  | 14,000
Reduction (increase) in income tax benefit |  | 44,000 |  | 34,000 |  | (9,000) |  | (27,000)
Total increase in net loss due to restatement items |  | $ 120,000 |  | $ 171,000 |  | $ 119,000 |  | $ 146,000
|  | March 31, 2019 |  | June 30, 2019 |
Three Months Ended |  | As previously reported | Restated |  | As previously reported | Restated
Services revenues |  | $ 4,639,000 |  | $ 4,576,000 |  | $ 5,435,000 |  | $ 5,320,000
Products revenues |  | 501,000 |  | 501,000 |  | 407,000 |  | 407,000
Total Net Sales |  | 5,140,000 |  | 5,077,000 |  | 5,842,000 |  | 5,727,000
Cost of services |  | 3,974,000 |  | 3,974,000 |  | 4,044,000 |  | 4,044,000
Cost of goods sold |  | 392,000 |  | 392,000 |  | 333,000 |  | 333,000
Total Cost of Sales |  | 4,366,000 |  | 4,366,000 |  | 4,377,000 |  | 4,377,000
Gross Profit |  | 774,000 |  | 711,000 |  | 1,465,000 |  | 1,350,000
Operating Expenses: |  |  |  |  |  |  |  |
Selling |  | 738,000 |  | 738,000 |  | 693,000 |  | 693,000
Marketing |  | 665,000 |  | 665,000 |  | 585,000 |  | 585,000
General and administrative |  | 708,000 |  | 716,000 |  | 870,000 |  | 884,000
Impairment loss |  | — |  | — |  | — |  | —
Total Operating Expenses |  | 2,111,000 |  | 2,119,000 |  | 2,148,000 |  | 2,162,000
Operating Loss |  | (1,337,000) |  | (1,408,000) |  | (683,000) |  | (812,000)
Other income |  | 37,000 |  | 32,000 |  | 30,000 |  | 22,000
Loss Before Taxes |  | (1,300,000) |  | (1,376,000) |  | (653,000) |  | (790,000)
Income tax benefit |  | (204,000) |  | (160,000) |  | (165,000) |  | (131,000)
Net Loss |  | $ (1,096,000) |  | $ (1,216,000) |  | $ (488,000) |  | $ (659,000)
Net loss per share: |  |  |  |  |  |  |  |
Basic |  | $ (0.65) |  | $ (0.72) |  | $ (0.29) |  | $ (0.39)
Diluted |  | $ (0.65) |  | $ (0.72) |  | $ (0.29) |  | $ (0.39)
Shares used in calculation of net loss per share: |  |  |  |  |  |
Basic |  | 1,694,000 |  | 1,694,000 |  | 1,698,000 |  | 1,698,000
Diluted |  | 1,694,000 |  | 1,694,000 |  | 1,698,000 |  | 1,698,000
|  | September 30, 2019 |  | December 31, 2019
Three Months Ended |  | As previously reported | Restated |  | As previously reported | Restated
Services revenues |  | $ 4,400,000 |  | $ 4,295,000 |  | $ 5,755,000 |  | $ 5,612,000
Products revenues |  | 254,000 |  | 254,000 |  | 563,000 |  | 563,000
Total Net Sales |  | 4,654,000 |  | 4,549,000 |  | 6,318,000 |  | 6,175,000
Cost of services |  | 3,514,000 |  | 3,514,000 |  | 4,224,000 |  | 4,224,000
Cost of goods sold |  | 214,000 |  | 214,000 |  | 498,000 |  | 498,000
Total Cost of Sales |  | 3,728,000 |  | 3,728,000 |  | 4,722,000 |  | 4,722,000
Gross Profit |  | 926,000 |  | 821,000 |  | 1,596,000 |  | 1,453,000
Operating Expenses: |  |  |  |  |  |  |  |
Selling |  | 573,000 |  | 573,000 |  | 654,000 |  | 654,000
Marketing |  | 559,000 |  | 559,000 |  | 585,000 |  | 585,000
General and administrative |  | 865,000 |  | 878,000 |  | 881,000 |  | 897,000
Impairment loss |  | — |  | — |  | 2,014,000 |  | 2,014,000
Total Operating Expenses |  | 1,997,000 |  | 2,010,000 |  | 4,134,000 |  | 4,150,000
Operating Loss |  | (1,071,000) |  | (1,189,000) |  | (2,538,000) |  | (2,697,000)
Other income |  | 46,000 |  | 36,000 |  | 29,000 |  | 15,000
Loss Before Taxes |  | (1,025,000) |  | (1,153,000) |  | (2,509,000) |  | (2,682,000)
Income tax benefit |  | (47,000) |  | (56,000) |  | (50,000) |  | (77,000)
Net Loss |  | $ (978,000) |  | $ (1,097,000) |  | $ (2,459,000) |  | $ (2,605,000)
Net loss per share: |  |  |  |  |  |  |  |
Basic |  | $ (0.57) |  | $ (0.64) |  | $ (1.43) |  | $ (1.52)
Diluted |  | $ (0.57) |  | $ (0.64) |  | $ (1.43) |  | $ (1.52)
Shares used in calculation of net loss per share: |  |  |  |  |  |
Basic |  | 1,712,000 |  | 1,712,000 |  | 1,720,000 |  | 1,720,000
Diluted |  | 1,712,000 |  | 1,712,000 |  | 1,720,000 |  | 1,720,000
The following table sets forth the corrections in each of the individual line items affected in the balance sheets:
|  | March 31, 2019 |  | June 30, 2019 |  |
|  | As previously reported | Error correction | Restated |  | As previously reported | Error correction | Restated
Accounts receivable, net |  | $ 6,360,000 |  | $ - |  | $ 6,360,000 |  | $ 6,248,000 |  | $ - |  | $ 6,248,000
Accrued liabilities - sales tax |  | $ - |  | $ 232,000 |  | $ 232,000 |  | $ - |  | $ 347,000 |  | $ 347,000
Accrued liabilities - other |  | $ 462,000 |  | $ 41,000 |  | $ 503,000 |  | $ 374,000 |  | $ 63,000 |  | $ 437,000
Deferred tax liabilities |  | $ 290,000 |  | $ 2,000 |  | $ 292,000 |  | $ 116,000 |  | $ 36,000 |  | $ 152,000
Accumulated deficit |  | $ 336,000 |  | $ 275,000 |  | $ 611,000 |  | $ 824,000 |  | $ 446,000 |  | $ 1,270,000
|  | September 30, 2019 |  | March 31, 2020 |  |
|  | As previously reported | Error correction | Restated |  | As previously reported | Error correction | Restated
Accounts receivable, net |  | $ 6,438,000 |  | $ - |  | $ 6,438,000 |  | $ 6,199,000 |  | $ 50,000 |  | $ 6,249,000
Accrued liabilities - sales tax |  | $ - |  | $ 452,000 |  | $ 452,000 |  | $ - |  | $ 681,000 |  | $ 681,000
Accrued liabilities - other |  | $ 413,000 |  | $ 86,000 |  | $ 499,000 |  | $ 261,000 |  | $ 142,000 |  | $ 403,000
Deferred tax liabilities |  | $ 61,000 |  | $ 27,000 |  | $ 88,000 |  | $ - |  | $ - |  | $ -
Accumulated deficit |  | $ 1,802,000 |  | $ 565,000 |  | $ 2,367,000 |  | $ 5,124,000 |  | $ 773,000 |  | $ 5,897,000
|  | June 30, 2020 |  | September 30, 2020 |  |
|  | As previously reported | Error correction | Restated |  | As previously reported | Error correction | Restated
Accounts receivable, net |  | $ 5,319,000 |  | $ 102,000 |  | $ 5,421,000 |  | $ 5,538,000 |  | $ 174,000 |  | $ 5,712,000
Accrued liabilities - sales tax |  | $ - |  | $ 773,000 |  | $ 773,000 |  | $ - |  | $ 902,000 |  | $ 902,000
Accrued liabilities - other |  | $ 597,000 |  | $ 172,000 |  | $ 769,000 |  | $ 664,000 |  | $ 208,000 |  | $ 872,000
Accumulated deficit |  | $ 6,896,000 |  | $ 844,000 |  | $ 7,740,000 |  | $ 7,690,000 |  | $ 936,000 |  | $ 8,626,000
The following table sets forth the corrections to the retained earnings (accumulated deficits) and total shareholders’ equity in the statements of shareholders’ equity.
SHAREHOLDERS' EQUITY |  |  |  |
|  | Accumulated Deficit | Total Shareholders' Equity
March 31, 2019 |  |  |  |
As reported |  | $ (336,000) |  | $ 15,470,000
Adjustment due to cumulative error correction of net loss to first quarter 2019 |  | (275,000) |  | (275,000)
As restated |  | $ (611,000) |  | $ 15,195,000
June 30, 2019 |  |  |  |
As reported |  | $ (824,000) |  | $ 15,112,000
Adjustment due to cumulative error correction of net loss in second quarter 2019 |  | (446,000) |  | (446,000)
As restated |  | $ (1,270,000) |  | $ 14,666,000
September 30, 2019 |  |  |  |
As reported |  | $ (1,802,000) |  | $ 14,209,000
Adjustment due to cumulative error correction of net loss in third quarter 2019 |  | (565,000) |  | (565,000)
As restated |  | $ (2,367,000) |  | $ 13,644,000
SHAREHOLDERS' EQUITY |  |  |  |
|  | Accumulated Deficit | Total Shareholders' Equity
March 31, 2020 |  |  |  |
As reported |  | $ (5,124,000) |  | $ 11,000,000
Adjustment due to cumulative error correction of net loss to first quarter 2020 |  | (773,000) |  | (773,000)
As restated |  | $ (5,897,000) |  | $ 10,227,000
June 30, 2020 |  |  |  |
As reported |  | $ (6,896,000) |  | $ 9,287,000
Adjustment due to cumulative error correction of net loss in second quarter 2020 |  | (843,000) |  | (843,000)
As restated |  | $ (7,739,000) |  | $ 8,444,000
September 30, 2020 |  |  |  |
As reported |  | $ (7,690,000) |  | $ 8,538,000
Adjustment due to cumulative error correction of net loss in third quarter 2020 |  | (936,000) |  | (936,000)
As restated |  | $ (8,626,000) |  | $ 7,602,000
The Company did not present tables for adjustments within the statement of cash flows, since all of the foregoing adjustments were within the operating activities section of the cash flows. These adjustments did not affect total cash flows from operating activities, financing activities or investing activities for any period presented.

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