Restatement Of 2012 Quarterly Consolidated Financial Statement

3 Months Ended

Mar. 31, 2013

Restatement Of 2012 Quarterly Consolidated Financial Statement [Abstract]

Restatement Of 2012 Quarterly Consolidated Financial Statement

Note 14 – RESTATEMENT OF 2012 QUARTERLY CONSOLIDATED FINANCIAL STATEMENT

The consolidated statements of income for the year-to-date period ended March 31, 2012, that were previously included in our Quarterly Reports on Forms 10-Q filed in 2012 were restated as a result of erroneous presentation of production activity within general and administrative operating expenses.

These restatements result in increases in cost of goods sold and corresponding decreases in general and administrative operating expenses. These restatements had no impact on our previously reported net income, condensed consolidated balance sheets or consolidated statements of cash flows.

As detailed in the table below, these restatements impact the following consolidated statement of income line items:

	(Unaudited) Three Months Ended March 31, 2012
	As Previously Reported		Adjustment			As Restated
Income Statement
Net Sales	$	19,397,197	$	—		$	19,397,197
COGS	$	12,637,386	$	668,381		$	13,305,767
Gross Profit	$	6,759,811	$	(668,381	)	$	6,091,430
Operating Expenses	$	4,887,281	$	(668,381	)	$	4,218,900
Income from Operations	$	1,872,530	$	—		$	1,872,530