2.	Basis of Presentation and Revenue Recognition P olicy

The interim financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. These interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, omit certain information and note disclosures necessary to present the statements in accordance with US generally accepted accounting principles (“US GAAP”). The interim condensed consolidated financial statements should be read in conjunction with the Company’s current year SEC filings on Form

-K and Form

-Q as well as the consolidated financial statements for the year ended

December 31, 2017,

which are included in the Company’s Annual Report on Form

-K (the

“2017

Form

-K”), which was filed on

March 12, 2018.

The results of operations for the

six

months ended

June 30, 2018

reported in this Form

-Q are

not

necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet as of

December 31, 2017

was prepared using information from the audited consolidated balance sheet contained in the

2017

Form

-K and does

not

include all disclosures required by US GAAP for annual consolidated financial statements.

The Company adopted Accounting Standards Update

2014

09,

Revenue from Contracts with Customers

(Topic

606

) effective

January 1, 2018

on a full retrospective basis. Adoption of this standard did

not

result in significant changes to our accounting policies, business processes, systems or controls, or have a material impact on our financial position, results of operations and cash flows or related disclosures. As such, prior period financial statements were

not

recast. The Company recognizes revenue for the transfer of promised goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company typically satisfies its performance obligations in contracts with customers upon shipment of the goods. Generally, payment is due from customers within a fixed number of days of the invoice date, and the contracts do

not

have significant financing components.

The Company has determined that control does

not

pass at the time of manufacture for private label goods, based on the nature of the private labeling.

See Notes

and

for revenue disaggregated by type and by geographic region.