During 2019, we discovered that an accounting error had been made related to the Company not properly recording contract assets as required under the relevant accounting guidance for revenue recognition.  (As discussed in Note 1 “Revenue Recognition and Deferred Revenue”, contract assets are netted with deferred revenues for balance sheet presentation purposes.) It was determined that the error is immaterial to the 2018 consolidated financial statements; however, correcting the error in 2019 would materially misstate the current year consolidated financial statements.  As such, we computed the appropriate amounts related to 2018 and recorded such in the accompanying consolidated financial statements.  See below for a summary of the corrections made for this error:

 

 

Account		Previously Recorded Balance				Corrected Balance				Correction Made
Balance Sheet
Current liabilities		$	1,359,732			$	1,130,752			$	228,980
Total liabilities		$	1,534,983			$	1,208,114			$	326,869
Accumulated deficit		$	(11,376,368	)		$	(11,049,499	)		$	326,869
Statement of Operations
Cost of revenues		$	646,424			$	668,664			$	22,240
Net loss		$	(1,153,080	)		$	(1,175,320	)		$	22,240
Loss per share		$	(0.02	)		$	(0.02	)		$	-
Statement of Cash Flows
Deferred revenues, net		$	(51,561	)		$	(73,801	)		$	(22,240	)