Tuesday, August 14, 2018 4:48:53 PM
Impact on Financial Statements
The errors identified above had the following impact on the Company’s consolidated financial statements and related footnote disclosures for the three-month period ended March 31, 2018 included in the Original Filing:
(1) The error related to the fair value of the derivative related to a note receivable at the date of issuance resulted in an overstatement of notes receivable in the amount of $2.1 million, an overstatement of $0.3 million of gain on discontinued operations, net of tax, and an overstatement of gain on fair value of change of derivative in the amount of $1.8 million for the first quarter of 2018.
(2) The error related to the fair value of a derivative related to a note receivable at March 31, 2018 resulted in an overstatement of notes receivable of $0.3 million as of March 31, 2018 and an overstatement of gain on change in fair value of derivative of $0.3 million for the period ended March 31, 2018.
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