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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

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