RESTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTATEMENT OF FINANCIAL STATEMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTATEMENT OF FINANCIAL STATEMENTS |
3. RESTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited consolidated financial statements as of and for the three and six months ended June 30, 2016, have been restated to properly reflect our equity in the earnings of AMAK for that three and six month period. In the originally issued unaudited financial statements as of and for the three and six months ended June 30, 2016, we recorded our share of the earnings of AMAK based upon the interim statements as received from AMAK. AMAK had originally recorded a gain of approximately $9.2 million during the three months ended June 30, 2016, as recognition of spare part inventory that was acquired as part of the settlement with its former operator. It has now been determined the accounting for this transaction was incorrect. There was no gain from the assumption of spare parts. However, there was an additional gain on the settlement with the former operator of approximately $1.2 million. Accordingly, we have restated our unaudited consolidated financial statements as of and for the three and six months ended June 30, 2016, to correctly reflect this change to AMAK's financial statements in our equity in earnings from AMAK.
The effects of the restatement are as follows:
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