XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Restatement of Previously Issued Financial Statements
 6 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Accounting Changes and Error Corrections [Text Block]
2.
Restatement of Previously Issued Financial Statements—
On
June 28, 2018,
the Company concluded that it did
not
meet all of the criteria for bill and hold treatment under Staff Accounting Bulletin Topic
13
for the Green Giant contract. In particular, the Company determined that performance obligations were
not
complete at the time title transferred to the customer as the unlabeled products under this contract were
not
ready for shipment. The Company has determined that the audited consolidated financial statements as of and for the years ended
March 31, 2016
and
2017
and the unaudited condensed consolidated financial statements as of and for each of the interim periods within the years ended
March 31, 2017
and
2018
should be restated to correct these inadvertent errors in the application of generally accepted accounting principles dealing with complex and technical accounting issues relating to “bill and hold” revenue recognition.  For more information, see footnote
2
of the Company’s
March 31, 2018
10
-K filed on
June 29, 2018.
 
The Consolidated Statements of Cash Flows are
not
presented in the following tables because there is
no
impact on total cash flows from operating activities, investing activities and financing activities. The impact from the restatements for the
three
and
six
 month periods ended
September 30, 2017 
and
October 1, 2016 
within the operating activities section of the cash flow statement is illustrated in the balance sheet adjustments and income statement corrections presented below.
 
The following tables present a summary of the effects of these restatements: 
 
   
Consolidated Statements of Earnings (Loss)
Three Months Ended
  
   
September 30, 2017 (Unaudited)
    
October 1, 2016 (Unaudited)
  
   
As
            
As
    
As
            
As
  
   
Reported
    
Correction
    
Restated
    
Reported
    
Correction
    
Restated
  
Net Sales
   $
376,308
     $
(37,838
 )   $
338,470
     $
357,247
     $
(4,641
 )   $
352,606
  
Cost of Products Sold
    
355,904
      
(34,845
 )    
321,059
      
327,035
      
(5,454
 )    
321,581
  
Gross Profit
    
20,404
      
(2,993
 )    
17,411
      
30,212
      
813
      
31,025
  
Operating Income/(Loss)
    
1,584
      
(2,993
 )    
(1,409
 )    
11,202
      
813
      
12,015
  
Earnings/(Loss) Before Income Taxes
    
(1,849
 )    
(2,993
 )    
(4,842
 )    
8,781
      
813
      
9,594
  
Income Tax (Benefit) Expense
    
(737
 )    
(1,147
 )    
(1,884
 )    
2,637
      
136
      
2,773
  
Net Earnings (Loss)
    
(1,112
 )    
(1,846
 )    
(2,958
 )    
6,144
      
677
      
6,821
  
Earnings Per Common Share-Basic
   $
(0.11
 )   $
(0.19
 )   $
(0.30
 )   $
0.62
     $
0.07
     $
0.69
  
Earnings Per Common Share-Diluted
   $
(0.11
 )   $
(0.19
 )   $
(0.30
 )   $
0.62
     $
0.07
     $
0.69
  
 
   
Six Months Ended
  
   
September 30, 2017 (Unaudited)
    
October 1, 2016 (Unaudited)
  
   
As
            
As
    
As
            
As
  
   
Reported
    
Correction
    
Restated
    
Reported
    
Correction
    
Restated
  
Net Sales
   $
656,495
     $
(29,098
 )   $
627,397
     $
609,861
     $
14,880
     $
624,741
  
Cost of Products Sold
    
620,331
      
(25,880
 )    
594,451
      
559,674
      
12,087
      
571,761
  
Gross Profit
    
36,164
      
(3,218
 )    
32,946
      
50,187
      
2,793
      
52,980
  
Operating Income/(Loss)
    
2,422
      
(3,218
 )    
(796
 )    
12,799
      
2,793
      
15,592
  
Earnings/(Loss) Before Income Taxes
    
(4,207
 )    
(3,218
 )    
(7,425
 )    
8,671
      
2,793
      
11,464
  
Income Tax (Benefit) Expense
    
(2,256
 )    
(1,231
 )    
(3,487
 )    
2,589
      
1,089
      
3,678
  
Net Earnings (Loss)
    
(1,951
 )    
(1,987
 )    
(3,938
 )    
6,082
      
1,704
      
7,786
  
Earnings Per Common Share-Basic
   $
(0.20
 )   $
(0.20
 )   $
(0.40
 )   $
0.61
     $
0.18
     $
0.79
  
Earnings Per Common Share-Diluted
   $
(0.20
 )   $
(0.20
 )   $
(0.40
 )   $
0.61
     $
0.17
     $
0.78
  
 
   
Consolidated Balance Sheets
  
   
As of September 30, 2017 (Unaudited)
    
As of March 31, 2017 (Audited)
  
   
As
            
As
    
As
            
As
  
 
  
Reported
    
Correction
    
Restated
    
Reported
    
Correction
    
Restated
  
Assets
                                                
Inventory
   $
802,387
     $
56,759
     $
859,146
     $
598,056
     $
30,879
     $
628,935
  
Total Current Assets
    
932,609
      
56,759
      
989,368
      
688,270
      
30,879
      
719,149
  
Total Assets
    
1,209,968
      
61,976
      
1,271,944
      
946,019
      
32,249
      
978,268
  
                                                 
Liabilities and Stockholders' Equity
                                                
Deferred Revenue
   $
542
     $
74,608
     $
75,150
     $
545
     $
45,555
     $
46,100
  
Total Current Liabilities
    
322,982
      
74,585
      
397,567
      
132,277
      
45,487
      
177,764
  
Total Liabilities
    
780,214
      
73,020
      
853,234
      
511,758
      
41,306
      
553,064
  
Stockholders' Equity
    
429,754
      
(11,044
 )    
418,710
      
434,261
      
(9,057
 )    
425,204
  
Total Liabilities and Stockholders' Equity
    
1,209,968
      
61,976
      
1,271,944
      
946,019
      
32,249
      
978,268
  
 
   
As of October 1, 2016 (Unaudited)
                    
   
As
            
As
                          
   
Reported
    
Correction
    
Restated
                          
Assets
                                     
Inventory
   $
771,996
     $
29,688
     $
801,684
                          
Total Current Assets
    
905,029
      
29,688
      
934,717
              
Total Assets
    
1,148,714
      
36,489
      
1,185,203
                          
                                      
Liabilities and Stockholders' Equity
                                                
Deferred Revenue
   $
550
     $
47,166
     $
47,716
               
Total Current Liabilities
    
312,466
      
47,112
      
359,578
                          
Total Liabilities
    
738,474
      
47,112
      
785,586
               
Stockholders' Equity
    
410,240
      
(10,623
 )    
399,617
                          
Total Liabilities and Stockholders' Equity
    
1,148,714
      
36,489
      
1,185,203