| Organization, Nature of Business and Summary of Operations and Significant Accounting Policies | (1)
Organization, Nature of Business and Summary of Operations and Significant Accounting Policies Organization
and Nature of Business TheStreet,
Inc. together with its wholly owned subsidiaries (“TheStreet”, “we”, “us” or the “Company”), is
a leading digital financial media company focused on the financial and mergers and acquisitions environment. The CompanyÂ’s
collection of digital services provides users, subscribers and advertisers with a variety of content and tools through a range
of online, social media, tablet and mobile channels. Our mission is to provide investors and advisors with actionable ideas
from the world of investing, finance and business, and dealmakers with sophisticated analysis of the mergers and acquisitions
environment, in order to break down information barriers, level the playing field and help all individuals and organizations grow
their wealth. With a robust suite of digital services, TheStreet offers the tools and insights needed to make informed decisions
about earning, investing, saving and spending money. Since its inception in 1996, TheStreet believes it has distinguished itself
from other financial media companies with its journalistic excellence, unbiased approach and interactive multimedia coverage of
the financial markets, economy, industry trends, investment and financial planning. Substantially
all of the CompanyÂ’s revenue in 2015, 2014 and 2013 was generated from customers in the United States and Europe. During
2015, 2014 and 2013, substantially all of the CompanyÂ’s long-lived assets were located in the United States and Europe. Use
of Estimates The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting
period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects
of revisions are reflected in the consolidated financial statements in the period they are deemed to be necessary. Significant
estimates made in the accompanying consolidated financial statements include, but are not limited to, the following:
• useful
lives of intangible assets,
• useful
lives of fixed assets,
• the
carrying value of goodwill, intangible assets and marketable securities,
• allowances
for doubtful accounts and deferred tax assets,
• accrued
expense estimates,
• reserves
for estimated tax liabilities,
• estimates
in connection with the allocation of the purchase price of Management Diagnostics Limited and certain assets acquired from
DealFlow Media, Inc. to the fair value of the assets acquired and liabilities assumed,
• certain
estimates and assumptions used in the calculation of the fair value of equity compensation issued to employees,
• restructuring
charges, and
• the
calculation of a contingent earn-out payment from the acquisition of Management Diagnostics Limited. Consolidation The
consolidated financial statements have been prepared in accordance with GAAP and include the accounts of TheStreet, Inc. and its
wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Revenue
Recognition The
Company generates its revenue primarily from subscription services and media. Subscription
services revenue is comprised of subscriptions, licenses and fees for access to securities investment information, stock market
commentary, rate services, director and officer profiles, relationship capital management services, and transactional information
pertaining to mergers and acquisitions and other changes in the corporate control environment. Subscriptions are charged to customersÂ’
credit cards or are directly billed to corporate subscribers, and are generally billed in advance on a monthly, quarterly or annual
basis. The Company calculates net subscription revenue by deducting from gross revenue an estimate of potential refunds from cancelled
subscriptions as well as chargebacks of disputed credit card charges. Net subscription revenue is recognized ratably over the
subscription periods. Deferred revenue relates to payments for subscription fees for which revenue has not been recognized because
services have not yet been provided. Subscription
services revenue is subject to estimation and variability due to the fact that, in the normal course of business, subscribers
may for various reasons contact us or their credit card companies to request a refund or other adjustment for a previously purchased
subscription. With respect to many of our annual newsletter subscription products, we offer the ability to receive a refund during
the first 30 days but none thereafter. Accordingly, we maintain a provision for estimated future revenue reductions resulting
from expected refunds and chargebacks related to subscriptions for which revenue was recognized in a prior period. The calculation
of this provision is based upon historical trends and is reevaluated each quarter. The provision was not material for any of the
three years ended December 31, 2015. Media
revenue is comprised of fees charged for the placement of advertising and sponsorships within TheStreet and our affiliated properties,
our subscription and institutional services, and other miscellaneous revenue. Media revenue is recognized as the advertising or
sponsorship is displayed, provided that collection of the resulting receivable is reasonably assured. Cash,
Cash Equivalents and Restricted Cash The
Company considers all short-term investment-grade securities with original maturities of three months or less from the date of
purchase to be cash equivalents. As of December 31, 2015, the Company has a total of approximately $661 thousand of cash that
serves as collateral for outstanding letters of credit, which cash is classified as restricted. The letters of credit serve as
security deposits for the CompanyÂ’s office space in New York City. Property
and Equipment Property
and equipment are stated at cost, net of accumulated depreciation and amortization. Property and equipment are depreciated on
a straight-line basis over the estimated useful lives of the assets. The estimated useful life of computer equipment, computer
software and telephone equipment is three years and of furniture and fixtures is five years. Leasehold improvements are amortized
on a straight-line basis over the shorter of the respective lease term or the estimated useful life of the asset. If the useful
lives of the assets differ materially from the estimates contained herein, additional costs could be incurred, which could have
an adverse impact on our expenses. Capitalized
Software and Website Development Costs The
Company expenses all costs incurred in the preliminary project stage for software developed for internal use and capitalizes all
external direct costs of materials and services consumed in developing or obtaining internal-use computer software in accordance
with Accounting Standards Codification (“ASC”) 350, Intangibles
– Goodwill and Other (“ASC 350”) . In
addition, for employees who are directly associated with and who devote time to internal-use computer software projects, to the
extent of the time spent directly on the project, the Company capitalizes payroll and payroll-related costs of such employees
incurred once the development has reached the applications development stage. For the years ended December 31, 2015, 2014 and
2013, the Company capitalized software development costs totaling approximately $486 thousand, $408 thousand and $289 thousand,
respectively. All costs incurred for upgrades, maintenance and enhancements that do not result in additional functionality are
expensed. The
Company also accounts for its Website development costs under ASC 350 , which
provides guidance on the accounting for the costs of development of company Websites, dividing the Website development costs into
five stages: (1) the planning stage, during which the business and/or project plan is formulated and functionalities, necessary
hardware and technology are determined, (2) the Website application and infrastructure development stage, which involves acquiring
or developing hardware and software to operate the Website, (3) the graphics development stage, during which the initial graphics
and layout of each page are designed and coded, (4) the content development stage, during which the information to be presented
on the Website, which may be either textual or graphical in nature, is developed, and (5) the operating stage, during which training,
administration, maintenance and other costs to operate the existing Website are incurred. The costs incurred in the Website application
and infrastructure stage, the graphics development stage and the content development stage are capitalized; all other costs are
expensed as incurred. Amortization of capitalized costs will not commence until the project is completed and placed into service.
For the years ended December 31, 2015, 2014 and 2013, the Company capitalized Website development costs totaling approximately
$1.8 million, $1.2 million and $443 thousand, respectively. Capitalized
software and Website development costs are amortized using the straight-line method over the estimated useful life of the software
or Website, which varies based upon the project. Total amortization expense was approximately $1.0 million, $428 thousand and
$743 thousand, for the years ended December 31, 2015, 2014 and 2013, respectively. Goodwill
and Indefinite Lived Intangible Assets Goodwill
represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of businesses
acquired. Under the provisions of ASC 350, goodwill and indefinite lived intangible assets are required to be tested
for impairment on an annual basis and between annual tests whenever circumstances arise that indicate a possible impairment might
exist. We perform our annual impairment tests of goodwill and indefinite lived intangible assets as of October 1 each
year. Impairment exists when the carrying amount of goodwill and indefinite lived intangible assets exceed their implied fair
value, resulting in an impairment charge for this excess. The
Company evaluates goodwill for impairment using a two-step impairment test approach at the Company level, as the Company is considered
to operate as a single reporting unit. In the first step, the fair value of the Company is compared to its book value, including
goodwill and indefinite-lived intangible assets. If the fair value of the Company is less than the book value, a second
step is performed that compares the implied fair value of the Company's goodwill and indefinite lived intangible assets to the
book value of the goodwill and indefinite lived intangible assets. The fair value for the goodwill and indefinite lived
intangible assets is determined based on the difference between the fair value of the Company and the net fair values of identifiable
assets and liabilities. If the fair value of the goodwill and indefinite lived intangible assets is less than the book
value, the difference is recognized as impairment. ASU
2011-08, Testing for Goodwill Impairment (“ASU
2011-08”) permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s
fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity concludes it is
not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the two-step
impairment test. During 2015, the Company elected not to apply the qualitative assessment under this guidance and continued to
apply the quantitative assessment in its evaluating of goodwill for impairment. In
testing for impairment of goodwill, the
fair value of the Company was estimated using a market approach for the valuation of our common stock, based upon actual prices
of the CompanyÂ’s Common Stock, and the income approach for the estimated fair value of the CompanyÂ’s outstanding Preferred
Shares. The Company also performed an income approach to confirm the reasonableness of the common stock market approach by using
the discounted cash flow method. Based upon annual impairment tests performed in 2015 and 2014, no impairment was indicated as
the CompanyÂ’s fair value, inclusive of a control premium, exceeded its book value by approximately 53% and 62%, respectively.
The fair value of the CompanyÂ’s outstanding Preferred Shares requires significant judgments, including the estimation of
the amount of time until a liquidation event occurs as well as an appropriate cash flow discount rate. Further, in assigning a
fair value to the CompanyÂ’s Preferred Stock, the Company also considered that the preferred shareholders are entitled to
receive a $55 million liquidation preference upon liquidation or dissolution of the Company or upon any change of control event.
Additionally, the holders of the Preferred Shares are entitled to receive dividends and to vote as a single class together with
the holders of the Common Stock on an as-converted basis and, provided certain preferred share ownership levels are maintained,
are entitled to representation on the CompanyÂ’s board of directors and may unilaterally block issuance of certain classes
of capital stock, the purchase or redemption of certain classes of capital stock, including Common Stock (with certain exceptions)
and any increases in the per-share amount of dividends payable to the holders of the Common Stock. A decrease in the price of
the CompanyÂ’s Common Stock, or changes in the estimated value of the CompanyÂ’s Preferred Shares, could materially affect
the determination of the fair value and could result in an impairment charge to reduce the carrying value of goodwill, which could
be material to the CompanyÂ’s financial position and results of operations. In testing
for impairment of the CompanyÂ’s Additionally,
the Company evaluates the remaining useful lives of intangible assets each year to determine whether events or circumstances continue
to support their useful life. There have been no changes in useful lives of intangible assets for each period presented. During
the year ended December 31, 2014, the Company performed its annual impairment test of goodwill and indefinite-lived intangible
assets as of September 30. For the year ended December 31, 2015, the Company changed the date of its annual impairment test of
goodwill and indefinite-lived intangible assets to October 1 in order to allow for a more comprehensive review. The change in
the testing date does not represent a material change in the method of applying the accounting policy and such change does not
have an effect on the financial statements. Long-Lived
Assets The
Company evaluates long-lived assets, including amortizable identifiable intangible assets, for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability
of assets is measured by comparing the carrying amount of an asset to forecasted undiscounted net cash flows expected to be generated
by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is
recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Management does
not believe that there was any impairment of long-lived assets as of December 31, 2015 and 2014. Income
Taxes The
Company accounts for its income taxes in accordance with ASC 740-10, Income
Taxes (“ASC 740-10”). Under ASC 740-10, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their tax bases. ASC 740-10 also requires that deferred tax assets be reduced by a valuation allowance
if it is more likely than not that some or all of the deferred tax assets will not be realized based on all available positive
and negative evidence. As of December 31, 2015 and 2014, we maintain a full valuation allowance against our deferred tax assets
due to our prior history of pre-tax losses and uncertainty about the timing of and ability to generate taxable income in the future
and our assessment that the realization of the deferred tax assets did not meet the “more likely than not” criterion
under ASC 740-10. We expect to continue to maintain a full valuation allowance until, or unless, we can sustain a level of profitability
that demonstrates our ability to utilize these assets. ASC
740-10 also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement
of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more likely than not to be sustained upon examination by taxing authorities. Differences between tax positions taken
or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to
as “unrecognized benefits.” A liability is recognized for an unrecognized tax benefit because it represents an
enterpriseÂ’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of
applying the provisions of ASC 740-10. As of December 31, 2015 and 2014, no liability for unrecognized tax benefits was required
to be recorded. Interest costs related to unrecognized tax benefits would be classified within “Net interest income”
in the consolidated statements of operations. Penalties would be recognized as a component of “General and administrative”
expenses. There is no interest expense or penalty related to tax uncertainties reported in the consolidated statements of
operations for the years ended December 31, 2015, 2014 or 2013. Deferred
tax assets pertaining to windfall tax benefits on the exercise of share awards and the corresponding credit to additional paid-in
capital are recorded if the related tax deduction reduces tax payable. The Company has elected the “with-and-without
approach” regarding ordering of windfall tax benefits to determine whether the windfall tax benefit did reduce taxes payable
in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only
if an incremental tax benefit is realized after considering all other tax benefits presently available to the Company. The
Company files income tax returns in the United States (federal), and in various state and local jurisdictions, as well as in the
United Kingdom and India. In most instances, the Company is no longer subject to federal, state and local income tax examinations
by tax authorities for years prior to 2012, and is not currently under examination by any federal, state or local jurisdiction.
It is not anticipated that unrecognized tax benefits will significantly change in the next twelve months. Fair
Value of Financial Instruments The
carrying amounts of accounts and other receivables, accounts payable, accrued expenses and deferred revenue approximate fair value
due to the short-term maturities of these instruments. Business
Concentrations and Credit Risk Financial
instruments that subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted
cash. The Company maintains all of its cash, cash equivalents and restricted cash in seven financial institutions, and performs
periodic evaluations of the relative credit standing of these institutions. As of December 31, 2015, the CompanyÂ’s cash,
cash equivalents and restricted stock primarily consisted of money market funds and checking accounts. For
the years ended December 31, 2015, 2014 and 2013, no individual client accounted for 10% or more of consolidated revenue. As of
December 31, 2015 and 2014, no individual client accounted for more than 10% of our gross accounts receivable balance. The
CompanyÂ’s customers are primarily concentrated in the United States and Europe, and we carry accounts receivable balances.
The Company performs ongoing credit evaluations, generally does not require collateral, and establishes an allowance for doubtful
accounts based upon factors surrounding the credit risk of customers, historical trends and other information. To date, actual
losses have been within managementÂ’s expectations. Other
Comprehensive Loss Comprehensive
loss is a measure which includes both net loss and other comprehensive loss. Other comprehensive loss results from
items deferred from recognition into the statement of operations. Accumulated other comprehensive loss is separately
presented on the consolidated statement of comprehensive loss and on both the Company's consolidated balance sheet and as part
of the consolidated statement of stockholdersÂ’ equity. Other comprehensive loss consists of unrealized gains and losses on
marketable securities classified as available for sale as well as foreign currency translation adjustments from subsidiaries where
the local currency is the functional currency. Foreign
Currency The
functional currency of the CompanyÂ’s international subsidiaries is the local currency. The financial statements of these
subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities, historical rates
of exchange for equity, and average rates of exchange for the period for revenue and expense. Translation gains (losses) are recorded
in accumulated other comprehensive loss as a component of stockholdersÂ’ equity. Gains and losses resulting from currency
transactions are included in earnings. Net
Loss Per Share of Common Stock Basic
net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss
per share is computed using the weighted average number of common shares and potential common shares outstanding during the period,
so long as the inclusion of potential common shares does not result in a lower net loss per share. Potential common shares consist
of restricted stock units (using the treasury stock method), the incremental common shares issuable upon the exercise of stock
options (using the treasury stock method), and the conversion of the CompanyÂ’s convertible preferred stock (using the if-converted
method). For the years ended December 31, 2015 2014 and 2013, approximately 3.1 million, 5.2 million and 4.2 million, respectively,
of unvested restricted stock units, vested and unvested options to purchase Common Stock, were excluded from the calculation,
as their effect would result in a lower net loss per share. Advertising
Costs Advertising
costs are expensed as incurred. For the years ended December 31, 2015, 2014 and 2013, advertising expense totaled approximately
$2.6 million, $3.0 million and $2.9 million, respectively. Stock-Based
Compensation The
Company accounts for stock-based compensation in accordance with ASC 718-10, Share
Based Payment Transactions (“ASC 718-10”). This requires that the cost resulting
from all share-based payment transactions be recognized in the financial statements based upon estimated fair values. Stock-based
compensation expense recognized for the years ended December 31, 2015, 2014 and 2013 was approximately $1.6 million, $1.8 million
and $2.1 million, respectively. As of December 31, 2015, there was approximately $1.8 million of unrecognized stock-based compensation
expense remaining to be recognized over a weighted-average period of 1.9 years. Stock-based
compensation expense recognized in the CompanyÂ’s consolidated statements of operations for the years ended December 31, 2015,
2014 and 2013 includes compensation expense for all share-based payment awards based upon the estimated grant date fair value.
The Company recognizes compensation expense for share-based payment awards on a straight-line basis over the requisite service
period of the award. As stock-based compensation expense recognized in the years ended December 31, 2015, 2014 and 2013 is based
upon awards ultimately expected to vest, it has been reduced for estimated forfeitures. The Company estimates forfeitures at the
time of grant which are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The
Company estimates the value of stock option awards on the date of grant using the Black-Scholes option-pricing model. This determination
is affected by the CompanyÂ’s stock price as well as assumptions regarding expected volatility, risk-free interest rate, and
expected dividends. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can
materially affect the fair value of the options. The assumptions presented in the table below represent the weighted-average value
of the applicable assumption used to value stock option awards at their grant date. In determining the volatility assumption,
the Company used a historical analysis of the volatility of the CompanyÂ’s share price for the preceding period equal to the
expected option lives. The expected option lives, which represent the period of time that options granted are expected to be outstanding,
were estimated based upon the “simplified” method for “plain-vanilla” options. The risk-free interest rate
assumption was based upon observed interest rates appropriate for the term of the CompanyÂ’s stock option awards. The dividend
yield assumption was based on the history and expectation of future dividend payouts. The value of the portion of the award that
is ultimately expected to vest is recognized as expense over the requisite service periods. The CompanyÂ’s estimate of pre-vesting
forfeitures is primarily based on historical experience and is adjusted to reflect actual forfeitures as the options vest. The
weighted-average grant date fair value per share of stock option awards granted during the years ended December 31, 2015, 2014
and 2013 was $0.39, $0.44 and $0.63, respectively, using the Black-Scholes model with the following weighted-average assumptions:
For the Year Ended December 31,
2015 2014 2013
Expected
option lives 3.0
years 3.6
years 3.7
years
Expected
volatility 35.45 % 35.54 % 40.11 %
Risk-free
interest rate 0.97 % 1.11 % 0.85 %
Expected
dividends 4.59 % 4.22 % 0.00 % The
value of each restricted stock unit awarded is equal to the closing price per share of the CompanyÂ’s Common Stock on the
date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite
service periods. The weighted-average grant date fair value per share of restricted stock units granted during the years ended
December 31, 2015, 2014 and 2013 was $2.19, $2.23 and $2.06, respectively. The
Company utilizes the alternative transition method for calculating the tax effects of stock-based compensation. Under the alternative
transition method the Company established the beginning balance of the additional paid-in capital pool (“APIC pool”)
related to the tax effects of employee stock-based compensation and then determines the subsequent impact on the APIC pool and
cash flows of the tax effects of employee stock-based compensation awards that are outstanding. 2007
Performance Incentive Plan In
2007, the Company adopted the 2007 Plan, whereby executive officers, directors, employees and consultants may be eligible to receive
cash or equity-based performance awards based on set performance criteria. In
2015, 2014 and 2013, the Compensation Committee granted short-term cash performance awards, payable to certain officers upon the
CompanyÂ’s achievement of specified performance goals for such year. The target short-term cash bonus opportunities for officers
reflected a percentage of the officerÂ’s base salary. The short-term cash incentives were based upon achievement of certain
financial targets, as defined by the Compensation Committee. Potential payout was zero if a threshold percentage of the target
was not achieved and a sliding scale thereafter, subject to a cap, starting at a figure less than 100% if the threshold was achieved
but the target was not met and ending at a figure above 100% if the target was exceeded. Short-term incentives of approximately
$670 thousand, $918 thousand and $599 thousand were deemed earned with respect to the years ended December 31, 2015, 2014 and
2013, respectively. Services
Agreement On
November 13, 2012, the Company entered into a Services Agreement (the “Agreement”) in which a third-party granted TheStreet
an exclusive right to sell and serve advertisement and e-commerce on certain of its personal finance Websites. The agreement terminated
on May 31, 2013. TheStreet supported the Websites by providing personal finance content, various promotion and advertisements
on TheStreetÂ’s Websites, and marketing and accounting support. Under the Agreement, the Company reimbursed this third party
for certain expenses, subject to specified limits. Both parties shared in the profits generated by the partnership, after TheStreet
recouped the aggregate amount paid to the third party in addition to certain sales, marketing, editorial and operational costs
incurred by the Company. In
accordance with ASC 808, “ Accounting for Collaborative Agreement ,”
a participant in a collaborative arrangement must report the costs incurred and revenues generated on sales to third parties at
gross or net amounts, depending on whether the participant is the principal or the agent in the transaction. Based on the facts
and circumstances with regards to the Agreement, the Company determined that it was the Principal in this Agreement for all advertising
sold by the Company. With respect to the advertising and e-commerce revenue generated by the third party, the Company treated
this as a reimbursement of expenses paid. For the year ended December 31, 2013 the Company recognized $264 thousand in net expense
reimbursements reflected in cost of sales on the consolidated statement of operations related to this agreement. Preferred
Stock The
Company applies the guidance in ASC 480, Distinguishing Liabilities
from Equity (“ASC 480”) when determining the classification and measurement of
its convertible preferred shares. Preferred shares subject to mandatory redemption (if any) are classified as liability instruments
and are measured at fair value. Accordingly the Company classifies conditionally redeemable preferred shares (if any), which includes
preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon
the occurrence of uncertain events not solely within the CompanyÂ’s control, as temporary equity. At all other times, the
Company classifies its preferred shares as a component of stockholdersÂ’ equity. The
CompanyÂ’s Series B Convertible Preferred Stock does not feature any redemption rights within the holdersÂ’ control or
conditional redemption features not solely within the CompanyÂ’s control as of December 31, 2015. Accordingly, the Series
B Convertible Preferred Stock is presented as a component of stockholdersÂ’ equity. Subsequent
Events The
Company has evaluated subsequent events for recognition or disclosure. New
Accounting Pronouncements In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue
from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance
under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers
in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09
defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within
the revenue recognition process than are required under existing GAAP. On July 9, 2015, the FASB voted to defer the effective
date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. Early adoption
of ASU 2014-09 is permitted but not before the original effective date (annual periods beginning after December 15, 2016). When
effective, ASU 2014-09 prescribes either of the following transition methods: (i) a full retrospective a |
