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Note 17 - Revisions of Previously Issued Unaudited Consolidated Financial Statements (Unaudited)

12 Months Ended

Dec. 31, 2022

Condensed Financial Statements [Text Block]

19.

Revisions of Previously Issued Unaudited Consolidated Financial Statements (unaudited)

The tables below show the effects of corrections of errors in the Company’s previously issued unaudited quarterly financial statements. The adjustments for the periods presented relate to the same matters discussed in Note 2. Specifically, for each period:

Equity investment in unconsolidated affiliate has been adjusted to record gains or losses due to translations in foreign currency.


	-	Total shareholder’s equity has been revised to record the AOCL in relation to gains or losses due to translations in foreign currency.

	-	Statements of Comprehensive income has been added to record other comprehensive income due to gains or losses due to translations in foreign currency.

The impact on the interim consolidated statement of balance sheets, consolidated statement of comprehensive income and consolidated statement of equity for all periods presented are as follows:

Consolidated Balance Sheets
	March 31, 2022								March 31, 2021
	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised
Assets

Equity investment in unconsolidated affiliate	$	6,169,000	$	(1,022,000	)	$	5,147,000		$	5,871,000	$	(881,000	)	$	4,990,000

Total assets	$	67,769,000	$	(1,022,000	)	$	66,747,000		$	68,454,000	$	(881,000	)	$	67,573,000

Shareholders' equity:
Retained earnings	$	63,311,000	$	-		$	63,311,000		$	61,648,000	$	-		$	61,648,000
Accumulated other comprehensive loss		-		(1,022,000	)		(1,022,000	)		-		(881,000	)		(881,000	)
Total shareholders' equity		63,441,000		(1,022,000	)		62,419,000			61,782,000		(881,000	)		60,901,000
Total liabilities and shareholders' equity	$	67,769,000	$	(1,022,000	)	$	66,747,000		$	68,454,000	$	(881,000	)	$	67,573,000

Consolidated Statements of Comprehensive Income

	Three Months ended March 31, 2022								Three Months ended March 31, 2021

	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised

Net Income	$	1,522,000	$	-		$	1,522,000		$	3,719,000	$	-		$	3,719,000
Other comprehensive loss- foreign currency translation loss		-		(152,000	)		(152,000	)		-		(108,000	)		(108,000	)
Comprehensive income	$	1,522,000	$	(152,000	)	$	1,370,000		$	3,719,000	$	(108,000	)	$	3,611,000

Consolidated Balance Sheets
	June 30, 2022								June 30, 2021
	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised
Assets

Equity investment in unconsolidated affiliate	$	6,219,000	$	(1,287,000	)	$	4,932,000		$	6,059,000	$	(802,000	)	$	5,257,000

Total assets	$	67,981,000	$	(1,287,000	)	$	66,694,000		$	67,606,000	$	(802,000	)	$	66,804,000

Shareholders' equity:
Retained earnings	$	63,108,000	$	-		$	63,108,000		$	62,130,000	$	-		$	62,130,000
Accumulated other comprehensive loss		-		(1,287,000	)		(1,287,000	)		-		(802,000	)		(802,000	)
Total shareholders' equity		63,236,000		(1,287,000	)		61,949,000			62,262,000		(802,000	)		61,460,000
Total liabilities and shareholders' equity	$	67,981,000	$	(1,287,000	)	$	66,694,000		$	67,606,000	$	(802,000	)	$	66,804,000

Consolidated Statements of Comprehensive Income

	Three Months ended June 30, 2022								Three Months ended June 30, 2021

	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments		Revised

Net Income	$	693,000	$	-		$	693,000		$	1,671,000	$	-	$	1,671,000
Other comprehensive income (loss) - foreign currency translation gain (loss)		-		(265,000	)		(265,000	)		-		79,000		79,000
Comprehensive income	$	693,000	$	(265,000	)	$	428,000		$	1,671,000	$	79,000	$	1,750,000

Consolidated Statements of Comprehensive Income

	Six Months ended June 30, 2022								Six Months ended June 30, 2021

	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised

Net Income	$	2,215,000	$	-		$	2,215,000		$	5,390,000	$	-		$	5,390,000
Other comprehensive loss- foreign currency translation loss		-		(417,000	)		(417,000	)		-		(29,000	)		(29,000	)
Comprehensive income	$	2,215,000	$	(417,000	)	$	1,798,000		$	5,390,000	$	(29,000	)	$	5,361,000

Consolidated Balance Sheets
	September 30, 2022								September 30, 2021
	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised
Assets

Equity investment in unconsolidated affiliate	$	6,207,000	$	(1,424,000	)	$	4,783,000		$	6,172,000	$	(989,000	)	$	5,183,000

Total assets	$	66,505,000	$	(1,424,000	)	$	65,081,000		$	68,014,000	$	(989,000	)	$	67,025,000

Shareholders' equity:
Retained earnings	$	62,559,000	$	-		$	62,559,000		$	62,596,000	$	-		$	62,596,000
Accumulated other comprehensive loss		-		(1,424,000	)		(1,424,000	)		-		(989,000	)		(989,000	)
Total shareholders' equity		62,685,000		(1,424,000	)		61,261,000			62,728,000		(989,000	)		61,739,000
Total liabilities and shareholders' equity	$	66,505,000	$	(1,424,000	)	$	65,081,000		$	68,014,000	$	(989,000	)	$	67,025,000

Consolidated Statements of Comprehensive Income

	Three Months ended September 30, 2022								Three Months ended September 30, 2021

	Previously								Previously
	Reported		Adjustments			Revised			Reported		Adjustments			Revised

Net Income	$	503,000	$	-		$	503,000		$	766,000	$	-		$	766,000
Other comprehensive loss- foreign currency translation loss		-		(137,000	)		(137,000	)		-		(187,000	)		(187,000	)
Comprehensive income	$	503,000	$	(137,000	)	$	366,000		$	766,000	$	(187,000	)	$	579,000

Consolidated Statements of Comprehensive Income

	Nine Months ended September 30, 2022								Nine Months ended September 30, 2021

	Previously								Previously
	Reported		Adjustments			Restated			Reported		Adjustments			Revised

Net Income	$	2,718,000	$	-		$	2,718,000		$	6,156,000	$	-		$	6,156,000
Other comprehensive loss- foreign currency translation loss		-		(554,000	)		(554,000	)		-		(216,000	)		(216,000	)
Comprehensive income	$	2,718,000	$	(554,000	)	$	2,164,000		$	6,156,000	$	(216,000	)	$	5,940,000