Restatement of Previously Issued Unaudited Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Restatement Of Previously Issued Unaudited Consolidated Financial Statements

Schedule Of Condensed Balance Sheet

	March 31, 2020
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	1,978		$	–	$	1,978
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,467 at March 31, 2020		8,430			–		8,430
Inventories, net		6,883			–		6,883
Prepaid expenses and other current assets		1,279			–		1,279
Refundable income taxes		1,027			–		1,027
Total current assets		19,597			–		19,597
Property, plant and equipment, net		21,910			–		21,910
Operating lease right-of use asset		707			–		707
Intangible assets
Goodwill and indefinite-lived intangibles		12,824			1,180		14,004
Other intangible assets, net		113			–		113
Total intangible assets		12,937			1,180		14,117
Other Assets		1,800			–		1,800
Total assets	$	56,951		$	1,180	$	58,131
Current liabilities
Accounts payable	$	6,113			–	$	6,113
Accrued expenses		2,632			–		2,632
Accrued income taxes		116			–		116
Total current liabilities		8,861			–		8,861
Line of credit		2,751			–		2,751
Operating lease liabilities		427			–		427
Deferred income taxes, net		1,292			1,180		2,472
Other long-term liabilities		50			–		50
Total liabilities		13,381			1,180		14,561
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,558 shares outstanding		6,509			–		6,509
Paid-in capital		2,748			–		2,748
Treasury stock, at cost		(12,796	)		–		(12,796	)
Retained earnings		47,109			–		47,109
Total stockholders’ equity		43,570			–		43,570
Total liabilities and stockholders’ equity	$	56,951		$	1,180	$	58,131

	June 30, 2020
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	4,619		$	–	$	4,619
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,300 at June 30, 2020		7,737			–		7,737
Inventories, net		6,653			–		6,653
Prepaid expenses and other current assets		1,086			–		1,086
Refundable income taxes		615			–		615
Total current assets		20,710			–		20,710
Property, plant and equipment, net		21,394			–		21,394
Operating lease right-of use asset		431			–		431
Intangible assets
Goodwill and indefinite-lived intangibles		12,824			1,180		14,004
Other intangible assets, net		74			–		74
Total intangible assets		12,898			1,180		14,078
Other Assets		1,800			–		1,800
Total assets	$	57,233		$	1,180	$	58,413
Current liabilities
Accounts payable	$	5,108			–	$	5,108
Accrued expenses		3,066			–		3,066
Line of credit- current		2,757			–		2,757
Accrued income taxes		92			–		92
Total current liabilities		11,023			–		11,023
Operating lease liabilities		239			–		239
Deferred income taxes, net		1,292			1,180		2,472
Other long-term liabilities		42			–		42
Total liabilities		12,596			1,180		13,776
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,592 shares outstanding		6,509			–		6,509
Paid-in capital		2,587			–		2,587
Treasury stock, at cost		(12,548	)		–		(12,548	)
Retained earnings		48,089			–		48,089
Total stockholders’ equity		44,637			–		44,637
Total liabilities and stockholders’ equity	$	57,233		$	1,180	$	58,413

	September 30, 2020
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	7,616		$	–	$	7,616
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,410 at September 30, 2020		8,159			–		8,159
Inventories, net		6,472			–		6,472
Prepaid expenses and other current assets		1,339			–		1,339
Refundable income taxes		189			–		189
Total current assets		23,775			–		23,775
Property, plant and equipment, net		21,082			–		21,082
Operating lease right-of use asset		380			–		380
Intangible assets
Goodwill and indefinite-lived intangibles		12,824			1,180		14,004
Other intangible assets, net		35			–		35
Total intangible assets		12,859			1,180		14,039
Other Assets		1,800			–		1,800
Total assets	$	59,896		$	1,180	$	61,076
Current liabilities
Accounts payable	$	6,036			–	$	6,036
Accrued expenses		2,890			–		2,890
Accrued income taxes		176			–		176
Total current liabilities		9,102			–		9,102
Line of credit		2,763			–		2,763
Operating lease liabilities		198			–		198
Deferred income taxes, net		1,292			1,180		2,472
Other long-term liabilities		35			–		35
Total liabilities		13,390			1,180		14,570
Commitments and contingencies		–			–		–
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,605 shares outstanding		6,509			–		6,509
Paid-in capital		2,532			–		2,532
Treasury stock, at cost		(12,450	)		–		(12,450	)
Retained earnings		49,915			–		49,915
Total stockholders’ equity		46,506			–		46,506
Total liabilities and stockholders’ equity	$	59,896		$	1,180	$	61,076

	March 31, 2021
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	8,618		$	–	$	8,618
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,100 at March 31, 2021		9,961			–		9,961
Inventories, net		6,736			–		6,736
Prepaid expenses and other current assets		1,110			–		1,110
Refundable income taxes		46			–		46
Total current assets		26,471			–		26,471
Property, plant and equipment, net		20,744			–		20,744
Operating lease right-of use asset		317			–		317
Intangible assets
Goodwill and indefinite-lived intangibles		12,824			1,180		14,004
Other intangible assets, net		–			–		–
Total intangible assets		12,824			1,180		14,004
Other Assets		1,800			–		1,800
Total assets	$	62,156		$	1,180	$	63,336
Current liabilities
Accounts payable	$	5,289			–	$	5,289
Accrued expenses		2,587			–		2,587
Accrued income taxes		1,215			–		1,215
Total current liabilities		9,091			–		9,091
Line of credit		2,774			–		2,774
Operating lease liabilities		143			–		143
Deferred income taxes, net		1,764			1,180		2,944
Other long-term liabilities		160			–		160
Total liabilities		13,932			1,180		15,112
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,604 shares outstanding		6,509			–		6,509
Paid-in capital		2,664			–		2,664
Treasury stock, at cost		(12,450	)		–		(12,450	)
Retained earnings		51,501			–		51,501
Total stockholders’ equity		48,224			–		48,224
Total liabilities and stockholders’ equity	$	62,156		$	1,180	$	63,336

	June 30, 2021
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	10,412		$	–	$	10,412
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,190 at June 30, 2021		9,157			–		9,157
Inventories, net		7,291			–		7,291
Prepaid expenses and other current assets		908			–		908
Refundable income taxes		354			–		354
Total current assets		28,122			–		28,122
Property, plant and equipment, net		20,671			–		20,671
Operating lease right-of use asset		226			–		226
Intangible assets
Goodwill and indefinite-lived intangibles		12,824			1,180		14,004
Other intangible assets, net		–			–		–
Total intangible assets		12,824			1,180		14,004
Other Assets		1,800			–		1,800
Total assets	$	63,643		$	1,180	$	64,823
Current liabilities
Accounts payable	$	5,285			–	$	5,285
Accrued expenses		3,587			–		3,587
Accrued income taxes		106			–		106
Total current liabilities		8,978			–		8,978
Line of credit		2,777			–		2,777
Operating lease liabilities		107			–		107
Deferred income taxes, net		1,764			1,180		2,944
Other long-term liabilities		12			–		12
Total liabilities		13,638			1,180		14,818
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,650 shares outstanding		6,509			–		6,509
Paid-in capital		2,488			–		2,488
Treasury stock, at cost		(12,111	)		–		(12,111	)
Retained earnings		53,119			–		53,119
Total stockholders’ equity		50,005			–		50,005
Total liabilities and stockholders’ equity	$	63,643		$	1,180	$	64,823

	September 30, 2021
	As Previously Reported			Restatement Adjustment		As Restated
Current assets
Cash and cash equivalents	$	10,018		$	–	$	10,018
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,290 at September 30, 2021		9,828			–		9,828
Inventories, net		7,572			–		7,572
Prepaid expenses and other current assets		1,315			–		1,315
Refundable income taxes		415			–		415
Total current assets		29,148			–		29,148
Property, plant and equipment, net		20,546			–		20,546
Operating lease right-of use asset		255			–		255
Intangible assets
Goodwill and indefinite-lived intangibles		14,224			1,180		15,404
Other intangible assets, net		4,367			–		4,367
Total intangible assets		18,591			1,180		19,771
Other Assets		1,800			–		1,800
Total assets	$	70,340		$	1,180	$	71,520
Current liabilities
Current maturities of notes payable	$	1,000			–	$	1,000
Accounts payable		7,867			–		7,867
Accrued expenses		3,872			–		3,872
Accrued income taxes		100			–		100
Total current liabilities		12,839			–		12,839
Line of credit		2,777			–		2,777
Notes Payable		3,726			–		3,726
Operating lease liabilities		113			–		113
Deferred income taxes, net		1,764			1,180		2,944
Other long-term liabilities		62			–		62
Total liabilities		21,281			1,180		22,461
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value; 2,500 shares authorized; none issued		–			–		–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,435 shares outstanding		6,509			–		6,509
Paid-in capital		2,387			–		2,387
Treasury stock, at cost		(13,436	)		–		(13,436	)
Retained earnings		53,599			–		53,599
Total stockholders’ equity		49,059			–		49,059
Total liabilities and stockholders’ equity	$	70,340		$	1,180	$	71,520