BASIS OF PREPARATION AND PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2017

BASIS OF PREPARATION AND PRESENTATION

Schedule of correction of the error

The following table illustrates the correction of the error as shown in the statement of operations in Form 10-Q:

Year 2016	First Quarter		Second Quarter		Third Quarter
Net income as reported	$	2,127	$	2,942	$	2,520
Effect on cost of goods sold	228		251		301
Net income as revised	$	2,355	$	3,193	$	2,821

The following table illustrates the correction of the error as recorded in the Company’s financial statements during the fourth quarter 2016:

Year 2016	Fourth Quarter
Net income as recorded	$	1,489
Effect on cost of goods sold	(780		)
Net income as revised	$	709