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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 6 Months Ended
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Jun. 30, 2018
Restatement Of Previously Issued Financial Statements |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | The Company determined that the entire one-time mandatory federal transition tax on accumulated foreign earnings accrued in fiscal year 2017 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 in fiscal year 2017 and the Company is restating condensed consolidated financial statements as of June 30, 2018 to correct this error. The table below sets forth the effect of the restatement on the consolidated balance sheet as of June 30, 2018.
|  | As Reported |  | Correction |  | As Restated
Taxes payable-current |  | $ | 2,049,741 |  |  | $ | (433,000 | ) |  | $ | 1,616,741 |
Total CurrentLiabilities |  |  | 3,595,755 |  |  |  | (433,000 | ) |  |  | 3,162,755 |
Taxes payable-non-current |  |  | 4,969,000 |  |  |  | (4,969,000 | ) |  |  | — |
Total non-Current Liabilities |  |  | 7,115,816 |  |  |  | (4,969,000 | ) |  |  | 2,146,816 |
Total Liabilities |  |  | 10,711,571 |  |  |  | (5,402,000 | ) |  |  | 5,309,571 |
Retained earnings unappropriated |  |  | 238,380,458 |  |  |  | 5,402,000 |  |  |  | 243,782,458 |
Total Stockholders’ Equity |  | $ | 360,132,158 |  |  | $ | 5,402,000 |  |  | $ | 365,534,158 |
The table below sets forth the effect of the restatement on the consolidated statement of stockholders’ equity as of June 30, 2018.
|  | Retained earnings unappropriated |  | Total
Balance at June 30, 2018 as reported |  |  | $ | 238,380,458 |  |  | $ | 360,132,158 |
Correction |  |  | $ | 5,402,000 |  |  | $ | 5,402,000 |
Balance at June 30, 2018 as restated |  |  | $ | 243,782,458 |  |  | $ | 365,534,158 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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