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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2017
Restatement Of Previously Issued Financial Statements |
2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | The Company determined that the entire amount of the one-time mandatory federal transition tax on accumulated foreign earnings can be offset against a portion of the Company’s US federal net operating loss carryovers and foreign tax credit carryovers. As a result, the Company did not need to accrue the $5,402,000 of income taxes and is restating the consolidated financial statements as of and for the year ended December 31, 2017 to correct this error. The table below sets forth the effect of the restatement on the consolidated statements of income and comprehensive income for the year ended December 31, 2017.
|  | Years Ended December 31,2017
|  | As Reported |  | Correction |  | As Restated
INCOME TAXES |  | $ | (9,012,140 | ) |  | $ | 5,402,000 |  |  | $ | (3,610,140 | )
NET INCOME |  | $ | 2,551,313 |  |  | $ | 5,402,000 |  |  | $ | 7,953,313 |
COMPREHENSIVE INCOME |  | $ | 26,708,798 |  |  | $ | 5,402,000 |  |  | $ | 32,110,798 |
EARNINGS PER SHARE |  |  |  |  |  |  |  |  |  |  |  |
BASIC |  | $ | 0.05 |  |  | $ | 0.12 |  |  | $ | 0.17 |
DILUTED |  | $ | 0.05 |  |  | $ | 0.12 |  |  | $ | 0.17 |
The table below sets forth the effect of the restatement on the consolidated balance sheet for the year ended December 31, 2017.
|  | As of December 31, 2017
|  | As Reported |  | Correction |  | As Restated
Taxes payable-current |  | $ | 1,474,592 |  |  | $ | (433,000 | ) |  | $ | 1,041,592 |
Total Current Liabilities |  |  | 3,666,232 |  |  |  | (433,000 | ) |  |  | 3,233,232 |
Taxes payable-non-current |  |  | 4,969,000 |  |  |  | (4,969,000 | ) |  |  | — |
Total non-Current Liabilities |  |  | 7,272,995 |  |  |  | (4,969,000 | ) |  |  | 2,303,995 |
Total Liabilities |  |  | 10,939,227 |  |  |  | (5,402,000 | ) |  |  | 5,537,227 |
Retained earnings unappropriated |  |  | 250,170,431 |  |  |  | 5,402,000 |  |  |  | 255,572,431 |
Total Stockholders’ Equity |  | $ | 376,560,196 |  |  |  | 5,402,000 |  |  | $ | 381,962,196 |
The restatement has no impact on cash flows from operating, investing and financing activities for the year ended December 31, 2017 except for the following disclosure:
|  | Years Ended December 31,2017
|  | As Report |  |  | Correction |  |  | Restated
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,551,313 |  |  | $ | 5,402,000 |  |  | $ | 7,953,313 |
Taxes payable |  | $ | 1,804,610 |  |  | $ | (5,402,000 | ) |  | $ | (3,597,390 | )
The table below sets forth the effect of the restatement on the consolidated statements of stockholders’ equity for the year ended December 31, 2017.
|  | Years Ended December 31,
|  | Retained earnings unappropriated |  | Total
Net income for year ended December 31,2017, as reported |  | $ | 2,551,313 |  |  | $ | 2,551,313 |
Correction |  | $ | 5,402,000 |  |  | $ | 5,402,000 |
Net income for year ended December 31,2017, as restated |  | $ | 7,953,313 |  |  | $ | 7,953,313 |
Balance at December 31,2017, as reported |  | $ | 250,170,431 |  |  | $ | 376,560,196 |
Correction |  | $ | 5,402,000 |  |  | $ | 5,402,000 |
Balance at December 31,2017, as restated |  | $ | 255,572,431 |  |  | $ | 381,962,196 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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