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3. Changes in Accounting Policies (Tables)

6 Months Ended

Jun. 29, 2018

Schedule of impacts of accounting changes

The following tables summarize the impacts of adopting Topic 606 on the Company’s condensed consolidated financial statements for the three and six months ended June 29, 2018:

Condensed consolidated balance sheet
Impact of changes in accounting policies
			Balances
			Without
			adoption of
June 29, 2018	As reported	Adjustments	Topic 606
Cash and cash equivalents	$ 5,154	$ -	$ 5,154
Restricted cash	405	-	405
Contract revenue in excess of billings	4,657	(978)	3,679
Inventories, net	4,258	1,754	6,012
Others	14,275	-	14,275
Total assets	28,749	776	29,525
Billings in excess of contract revenue	9,229	1,938	11,167
Others	14,878	-	14,878
Total liabilities	24,107	1,938	26,045
Accumulated deficit	(45,867)	(1,162)	(47,029)
Others	50,509	-	50,509
Total stockholders’ equity	4,642	(1,162)	3,480
Total liabilities and stockholders’ equity	$ 28,749	$ 776	$ 29,525

Condensed consolidated statement of operations
Impact of changes in accounting policies
			Balances
			Without
			adoption of
For the three months ended June 29, 2018	As reported	Adjustments	Topic 606
Sales	`$8,872`	`$(876)`	`$7,996`
Cost of sales	`(5,654)`	`630`	`(5,024)`
Selling, general and administrative	`(1,685)`	`-`	`(1,685)`
Income tax expense	`(20)`	`-`	`(20)`
Others	`(894)`	`-`	`(894)`
Net income	`$619`	`$(246)`	`$373`

Impact of changes in accounting policies
			Balances
			Without
			adoption of
For the six months ended June 29, 2018	As reported	Adjustments	Topic 606
Sales	`$16,453`	`$(1,310)`	`$15,143`
Cost of sales	`(10,556)`	`831`	`(9,725)`
Selling, general and administrative	`(3,431)`	`-`	`(3,431)`
Income tax expense	`(31)`	`-`	`(31)`
Others	`(1,777)`	`-`	`(1,777)`
Net income	`$658`	`$(479)`	`$179`

Condensed consolidated statement of cash flows
Impact of changes in accounting policies
			Balances
			without
			adoption of
For the six months ended June 29, 2018	As reported	Adjustments	Topic 606
Net income	`$658`	`$(479)`	`$179`
Adjustments to reconcile net income to net cash provided by operating activities:
Other	`125`	`-`	`125`
Changes in:
Inventories	`(1,367)`	`(831)`	`(2,198)`
Contract revenue in excess of billings	`(1,140)`	`978`	`(162)`
Billings in excess of contract revenue	`2,964`	`332`	`3,296`
Other	`(1,103)`	`-`	`(1,103)`
Net cash provided by operating activities	`137`	`-`	`137`
Net cash used in investing activities	`(56)`	`-`	`(56)`
Net cash used in financing activities	`$(110)`	`$-`	`$(110)`