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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

12 Months Ended

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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- References

No definition available.

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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

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