Note 7 - Restatement
|12 Months Ended|
Dec. 31, 2015
|Note 7 - Restatement|
The Company’s management determined that the Company needs to make adjustments to correct errors identified in the previously issued financial statements related to the non-cash calculation of warranty liabilities. The error affects the periods ending December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016 financial statements.
As a result of the error, the Company will recognize a gain in the amount of $11,265,000, which will increase the change in warrant liability and decrease the Warrant Liability by $11,265,000 through December 31, 2015 and decrease the Change in Warrant Liability by $11,265,000 through December 31, 2016.
This change had no net effect on cash flows from operations, investing or financing.
The following table presents the impact of the restatement adjustment on the Company’s Consolidated Balance Sheets as of December 31, 2015.
The following table presents the impact of the restatement adjustment on the Company’s Consolidated Statement of Operations for the year ended December 31, 2015.
The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef