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RESTATEMENT OF PREVIOUSLY REPORTED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)
9 Months Ended
Sep. 30, 2018
RESTATEMENT OF PREVIOUSLY REPORTED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]  
RESTATEMENT OF PREVIOUSLY REPORTED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The nature of the restatement adjustments and the impact of the adjustments to June 30, 2018 are shown in the following tables:


 
June 30, 2018
Condensed Consolidated Balance Sheet
 
  
As Reported
  
Adjustments
  
Restated
 
Assets
         
Accounts Receivable
 
$
12,893,893
  
$
754,365
  
$
13,648,258
 
Total Current Assets
  
81,402,261
   
754,365
   
82,156,626
 
Total Assets
  
89,330,315
   
754,365
   
90,084,680
 
             
Liabilities
            
AP and Accrued Liabilities
  
1,591,707
   
58,740
   
1,650,447
 
Income Tax Payable
  
801,800
   
148,361
   
950,161
 
Total Current Liabilities
  
2,393,507
   
207,101
   
2,600,608
 
             
Stockholders' Equity
            
Retained Earnings
  
60,402,721
   
547,264
   
60,949,985
 
Total Stockholders' Equity
  
86,936,808
   
547,264
   
87,484,072
 
Total Liabilities and Stockholders' Equity
 
$
89,330,315
  
$
754,365
  
$
90,084,680
 

  
Condensed Consolidated Income Statements
 
  
Three months ended June 30, 2018
  
Six months ended June 30, 2018
 
  
As
Reported
  
Adjustments
  
Restated
  
As
Reported
  
Adjustments
  
Restated
 
Revenues
                  
Royalties
 
$
7,061,139
  
$
754,365
  
$
7,815,504
  
$
14,146,139
  
$
754,365
  
$
14,900,504
 
Total Revenues
  
7,096,409
   
754,365
   
7,850,774
   
14,185,818
   
754,365
   
14,940,183
 
                         
Cost and expenses
                        
General and administrative
  
1,985,212
   
58,740
   
2,043,952
   
4,054,845
   
58,740
   
4,113,585
 
Total cost and expenses
  
2,197,008
   
58,740
   
2,255,748
   
4,461,868
   
58,740
   
4,520,608
 
                         
Operating income
  
4,899,401
   
695,625
   
5,595,026
   
9,723,950
   
695,625
   
10,419,575
 
                         
Income before income tax expense
  
5,255,132
   
695,625
   
5,950,757
   
10,312,310
   
695,625
   
11,007,935
 
Provision for income tax expense
  
(954,465
)
  
(148,361
)
  
(1,102,826
)
  
(2,033,039
)
  
(148,361
)
  
(2,181,400
)
Net income
 
$
4,300,667
  
$
547,264
  
$
4,847,931
  
$
8,279,271
  
$
547,264
  
$
8,826,535
 
                         
Basic net income per share
 
$
0.60
      
$
0.67
  
$
1.15
      
$
1.23
 
Diluted net income per share
 
$
0.59
      
$
0.66
  
$
1.13
      
$
1.21
 

  
Condensed Consolidated Statement of Cash Flow
Six months ended June 30, 2018
 
  
As Reported
  
Adjustments
  
Restated
 
Cash Flows from Operating Activities
         
Net Income
 
$
8,279,271
  
$
547,264
  
$
8,826,535
 
Changes in Operating Assets and Liabilities:
         
Accounts Receivable
  
(684,061
)
  
(754,365
)
  
(1,438,426
)
Income tax receivable
  
(666,874
)
  
148,361
   
(518,513
)
Accounts payable and accrued expenses
  
118,696
   
58,740
   
177,436