| Summary of Significant Accounting Policies | Basis of Presentation The accompanying
consolidated financial statements for the years ended April 30, 2018 and 2017 have been prepared in accordance and in conformity
with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and
regulations of the Securities and Exchange Commission (“SEC”) regarding consolidated financial information. Use of Estimates The preparation of
financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make certain 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 expenses during the periods
presented. Actual results could differ from those estimates. Significant estimates
made by management are, among others, realizability of long-lived assets, deferred taxes and stock option valuation. Management
reviews its estimates on a quarterly basis and, where necessary, makes adjustments prospectively. Revenue Recognition We recognize revenue
when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services are
rendered; (3) the price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. During the year ended
April 30, 2018, we had one contract with a customer to provide services. The Company used the OTC Market price of our customer
because we felt the price was readily available and volume of the common stock, which we received as compensation, was fairly liquid
to use the OTC Market price as an appropriate valuation. The Company may enter into additional agreements where we receive non-cash
assets as compensation, which will require us to use estimates on the value of our services, which will be recorded as revenue.
To the extent the Company receives compensation of illiquid non-cash assets, or any asset that may not have a readily determinable
fair market value, we may require the use of certain Level 3 fair value estimated as defined by ASC 820. Currently, the Company’s
revenue is in the form of consulting services provided to customers, sponsorship fees for promotional material and events and event
registration. Revenue is recognized pro rata on a monthly basis over the term of the contractual agreement for consulting services
and on the day of the event for promotional material and events and event registration. Stock-based Compensation In accordance with
ASC 718, Compensation – Stock Based Compensation, and ASC 505, Equity Based Payments to Non-Employees, the Company accounts
for share-based payment using the fair value method. Common shares issued to third parties for non-cash consideration are valued
based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever
is readily determinable. The Company calculates the fair value of option grants utilizing the Black-Scholes pricing model and estimates
the fair value of the stock based upon the estimated fair value of the common stock. The amount of stock-based compensation recognized
during a period is based on the value of the portion of the awards that are ultimately expected to vest. The result of the estimates
used in our valuation was approximately $3,222,436 million of stock-based compensation expense for the year ended April 30, 2018,
comprised of $2,460,083 of expense related to independent contractors and $762,353 of expense related to options granted to independent
contractors. Investments in Digital Currencies The Company uses
fair value as its method of accounting for digital currencies (also referred to herein as digital assets) in accordance with the
fair value election pursuant to FASB ASC 825, Financial Instruments (“ASC 825”). The Company considers its investments
in digital currencies to be analogous to commodities as the Commodity Futures Trading Commission (“CFTC”) determined
that Bitcoin and other digital currencies are commodities in September 2015. On March 6, 2018, a United States District Court of
New York ruled that the CFTC has standing to exercise its enforcement power over fraud related to virtual currencies sold in interstate
commerce. This ruling affirmed the CFTC’s position that digital currencies are subject to the anti-fraud and anti-manipulation
enforcement authority, thereby asserting jurisdiction over futures, swaps, and other CFTC regulated derivatives that reference
digital currencies. Consistent with the recent ruling, the Company classifies its investment in digital currencies as commodities
and are held at fair value. Changes in net unrealized gains or losses for these digital currencies are included in realized and
unrealized gains, net on the Consolidated Statement of Income. Principle Market and Fair Value
Determination In determining which
of the eligible digital currency exchanges is the Company’s principal market for the purpose of determining fair value of
individual digital currencies, the Company considers only digital currency exchanges that have an online platform and publish transaction
price and volume publicly. In determining which of the eligible digital currency exchanges is the appropriate principal market,
the Company reviews these criteria in the following order, for each digital currency being fair valued: First, the Company
prepares a list of eligible digital currency exchanges and determines if any meet all of the following three criteria: (i) the
digital currency exchange has a USD pairing to allow for USD liquidation to U.S. based customers, (ii) the Company has access to
the exchange as a U.S. based customer and can legally open an account on the exchange platform, and (iii) the exchange complies
with federal and state licensing requirements and practices regarding anti-money laundering procedures that are applicable to the
Company. From the list of
eligible digital currency exchanges prepared in accordance with the eligibility criteria noted above, the Company selects the exchange
with the highest trading volume and USD pairing for the trailing twelve months, taking into consideration intra-day pricing fluctuations
and the degree of variances in price on the digital currency exchanges. Second, if no digital
currency exchange meets all of the above criteria, the Company will filter each exchange that has a USD pairing, regardless of
whether it is accessible to U.S. based customers. From this list, the Company selects the exchange with the highest trading volume
and USD pairing for the trailing twelve months, taking into consideration intra-day pricing fluctuations and the degree of variances
in price. Third, if there are
no exchanges with USD pairing, the Company will assess exchanges for compliance with federal and state licensing requirements that
are applicable to the Company. The Company also assesses each exchange’s practices regarding anti-money laundering procedures.
The Company then identifies the pairing with the highest trading volume of the digital currency being fair valued to the digital
currency with the highest market capitalization for the prior trailing twelve months, taking into consideration intra-day pricing
fluctuations and the degree of variances in price on digital currency exchanges. The Company determines
its principal market annually for each digital currency held to determine if (i) there have been recent changes to each digital
currency exchange’s transaction volume in the prior trailing twelve months, (ii) if any digital currency exchanges have fallen
out of, or come into, compliance with applicable regulatory requirements, (iii) if there have been any digital currency exchanges
that have added a USD pairing, (iv) if exchanges previously inaccessible to the Company are now accessible, or (v) if recent changes
to each exchange price stability have occurred that would materially impact the selection of the principal market and necessitate
a change in the Company’s determination of its principal market. Investments in SAFTs and Pre-ICO
Tokens The Company enters
into simple agreements for future tokens (“SAFT”) in which the Company invests in a company for a promise of access
to future product of the company. Investments in SAFT agreements are carried at cost. The Company had investments
in the following companies as of April 30, 2018: KinerjaPay ICO(KPAY) On January 11, 2018,
the Company entered into an advisory agreement to provide Initial Coin Offering (“ICO”) services to PT KinerjaPay Indonesia,
an Indonesian company and a wholly-owned subsidiary of KinerjaPay Corp., a Delaware corporation (OTCQB: KPAY) (“KPAY”).
As consideration for entering into the advisory agreement and providing services related to administering the KinerjaPay ICO and
establishing a Digital Asset Exchange in Indonesia, we were paid $250,000 in cash, and received 1,000,000 restricted shares of
KinerjaPay’s common stock, having a market value approximately $1,800,000 based upon the closing price of the KPAY shares
on the OTCQB of $1.80 on January 11, 2018. In addition, we shall receive a 50% equity ownership in an Indonesian-based Digital
Asset Exchange which has yet to be formed. Per the advisory agreement, the Company, in conjunction with Fintech Financial Consultants,
Inc. (“FFCI”) shall provide to the Company the following Advisory Services (“Services”):
● Consulting related to the launch of the ICO and the establishment of a market on the Exchange for which to trade and transfer digital tokens;
● Introductions to third parties with marketing and advisory experience potentially relevant to the ICO; and
● Creation of the Exchange and a full complement of related pre-sale support, functionality and acquisitions concerning digital tokens. As part of the Services,
the Company and FFCI will formulate, develop, structure, establish, administer and operate the Exchange. Such Services may include
but shall not be limited to consulting and advisory services regarding trading, price discovery and settlement/clearing, as well
as, due diligence, escrow, underwriting and providing communication platforms to enable the adoption of new products and technologies
and to attract investors. The Company was previously working through its
Japanese partner to assist KPAY with its coin offering. A visit was made to Indonesia to collect additional data and develop
strategy, however due to a sharp reduction in demand for digital assets, the advisory work is still underway and will resume at
the appropriate time in the future. There are no disagreements between KPAY and Blockchain Industries and we anticipate being
able to assist them in the future with the their contemplated ICO. The equity interests
of the Exchange Entity shall be beneficially owned one-half (50%) by KPAY and one-half (50%) by the Company. The Company and FFCI
having made other arrangements between themselves, and FFCI acknowledges and agrees that FFCI shall have no equity interest in
the Exchange Entity. The Exchange Entity
shall initially be funded pursuant to a contribution by KPAY of Two Hundred Fifty Thousand U.S. Dollars ($250,000 USD) from the
proceeds generated by the ICO (the “Startup Contribution”). KPAY and the Company shall contribute such additional capital
to the Exchange Entity as mutually agreed upon to be necessary and appropriate for the operation of the Exchange and in proportion
to their respective ownership interests in the Exchange Entity. If the Company and/or FFCI advance funds to the Exchange Entity
prior to KPAY’s funding of the Startup Contribution, the Company and/or FFCI, as the case may be, shall be entitled to prompt
reimbursement for the entire amount of such funds so advanced. Chimes ICO On December 19, 2017
and February 5, 2018, the Company entered into two agreements with Chimes Broadcasting, Inc. (“Chimes”) to purchase
500,000 equity tokens for $400,000 (the “Chimes Equity Tokens”). As of the year ended April 30, 2018, the Company has
disbursed $400,000 to Chimes in exchange for 500,000 Chimes Equity Tokens, to be issued at a later date, representing less than
1% (0.5%) ownership in Chimes. There are 100,000,000 authorized Chimes Equity Tokens, which share the same economic benefits to
common shareholders of Chimes, however, the Chimes Equity Tokens are non-voting shares. In addition, the
Company entered into two Simple Agreements for Future Tokens (“SAFTs”) with Chimes Broadcasting, Inc. which grants
us the option to purchase future utility tokens for use on the Chimes network platform. To date, the Company has disbursed $100,000
to Chimes for an amount of CHIME tokens yet to be determined. The Company has not been issued or received any CHIME tokens to date. AutoLotto On January 17, 2018,
the Company entered into a Promissory Note Agreement (“AutoLotto Agreement”) with AutoLotto, Inc., a Delaware corporation.
Under the terms of the AutoLotto Agreement, the Company will pay to AutoLotto $1.5 million (the Principal”) in exchange for
a promissory note that will accrue interest at one percent per annum (the “Interest”). All unpaid Principal and Interest
are due and payable to the Company at the earlier of (i) the closing of AutoLotto’s initial coin offering of at least $20,000,000
or (ii) AutoLotto’s issuance of equity securities (excluding any conversion or issuance of any note or other convertible
security) of at least $20,000,000. In the event AutoLotto does not raise $20,000,000 through an initial coin offering or issuance
of equity noted above, any unpaid Principal and Interest will convert to equity at a rate of $250,000,000 divided by the number
of common shares outstanding immediately prior to January 17, 2020. As part of the AutoLotto Agreement, the Company also received
an option to purchase tokens of the AutoLotto initial coin offering (the “Option”) equal to two times the outstanding
unpaid Principal and Interest under the AutoLotto Agreement. The exercise price of the Option will be an undisclosed private pre-sale
price, and the Option is exercisable within ten days of AutoLotto providing notice to the Company of its initial coin offering.
The Option expires on January 16, 2020. Academy On January 30, 2018,
the Company invested $250,000 into Academy Token, a utility token that will be used as a means of paying for immersive training
programs, educational offerings, and to access online content related to blockchain technology. Academy intends to address the
shortfall in the supply of blockchain developers due to the increasing demand of blockchain technology. Coral Health On January 31, 2018,
the Company invested $250,000 into the Coral Health utility token. Coral Health aims to align the interests of different players
in the healthcare ecosystem. Coral Health intends to utilize blockchain technology to accelerate the uptake of personalized medicine,
incorporating all levels of healthcare from patient records, payments, insurance, prescriptions, clinical trials and monitoring. Basecoin & Origin Protocol On February 13, 2018
and February 20, 2018, the Company entered into two separate subscription agreements with KR CRYPTO SPE, LLC, a special-purpose
entity, for the purpose of acquiring tokens of Basecoin and Origin Protocol, respectively. The Company invested $100,000 and $50,000
into the subscription agreements for Basecoin and Origin Protocol, respectively. Basecoin’s token will be utilized as a form
of controlling the supply and demand of fiat-based currencies to expand or contract the money-supply, similar to how current central
banks attempt to maintain a normalized supply and demand of their respective fiat currencies. The Origin Protocol utilizes the
Ethereum blockchain, allowing developers to build decentralized marketplaces to facilitate the shared economy, such as home rentals,
ride share and bike share, without intermediary companies such as Airbnb and Uber. BlockEx On February 16, 2018,
we entered into a Private Token Purchase Commitment Form (“BlockEx Agreement”) with BlockEx Limited (“BlockEx”)
a privately held limited liability company incorporated under the laws of Gibraltar. Under the terms of the BlockEx Agreement,
the Company agreed to purchase up to 5,714,285.71 Digital Asset Exchange Tokens (“DAXT”) from the Company for 2,000,000
Euros, or at the time of the purchase, approximately $2,481,600 USD. As of the date of this Report, the Company has purchased tokens
amounting to approximately 1,428,571 tokens for a purchase price of 395,069.53 Euros, approximately $500,000 USD. The tokens were
issued to the Company in June 2018. The Company filled the 2,000,000 Euro obligation for the BlockEx Agreement by pooling with
other investors for the remaining 1,604,930 Euros. The remaining 4,285,714.71 DAXT will be issued to the investor pool. This investment provides
the Company with exposure to a digital asset exchange platform. The BlockEx platform provides an institutional exchange, white-labeled
brokerage software, and the ability to launch ICO’s. DAXT is BlockEx’s ICO. It is a utility token. Only holders of
DAXT will be able to access the pre-sale feature of ICOs in BlockEx Markets. DAXT must be burnt each time a customer uses it to
purchase ICOs on a pre-sale basis. Wireline On February 6, 2018,
the Company invested $20,000 into Wireline tokens (“WRL”). These tokens are offered by Wireline Developer Fund, Inc.,
a Cayman Islands company established to launch a network platform that enables developers to create applications and services that
dynamically discover, interact, and trade with each other using smart contracts. Wireline is the decentralized network and registry
for serverless cloud computing. Services running on Wireline benefit from the scaling and high-availability guarantees of internet-scale
serverless architecture; the blockchain-backed registry provides a decentralized mechanism for service discovery and coordination. VideoCoin On January 23, 2018,
the Company invested $50,000 into VideoCoin tokens. These tokens are offered by VideoCoin Development Association, LTD which develops
and operates VideoCoin Network, a decentralized platform for video encoding, video storage, and video distribution. The company's
platform turns cloud-based video services into an algorithmic market running on a blockchain with a VideoCoin token. The platform
also captures unused computing capacity while providing tokenized rewards for users that participate in decentralizing video content
processing through the network. The company is based in Los Angeles, California. LegatumX On February 19, 2018,
the Company entered into a Stock Purchase Agreement (“LegatumX Agreement”) with LegatumX, Inc. (“LegatumX”).
This investment will provide us with a market share into the legal industry for the storage, authentication and validation of legal
documents such as wills, trusts, deeds, mortgages, and more. We expect that the Media and Education segment of our business will
be able to assist this company in marketing their products to consumers worldwide, although we will be starting with U.S. consumers.
Under the terms of the LegatumX Agreement, we will initially receive 30% of LegatumX’s common stock calculated on a fully
diluted basis for a purchase price of $1,300,000:
Amount paid by Company Paid or Due on
$100,000 February 19, 2018
$200,000 May 20, 2018
100,000 shares of our Common Stock (1) March 1, 2018 (1) The value of our Common Stock for
this agreement was valued at $10 per share. The Company may earn
an additional (i) 5%, for a total of 35%, of LegatumX’s common stock if LegatumX realizes $2.3 million in gross proceeds
from the sale of the 100,000 shares of our common stock within the 12-month period following the effective date of the Company’s
filing of a Form 10 with the SEC (the “Form 10”), or (ii) an additional 10%, for a total of 40%, of LegatumX’s
common stock if LegatumX realizes $10.1 million in gross proceeds from the sale of the 100,000 shares of our common stock within
the 12-month period following the effective date of the Form 10. As of April 30, 2018, the Company paid $100,000 to LegatumX in
exchange for 20% ownership in LegatumX. As of the date of this Report, the Company has paid an additional $20,000 (for a total
of $120,000) and issued 100,000 shares of our common stock to LegatumX for a total of 25.5% ownership in LegatumX. Fair Value Measurement The Company applies
ASC 820, Fair Value Measurement The valuation hierarchy
is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant
to the fair value measurement. The levels within the valuation hierarchy are described below: Level 1 — Assets and
liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable
inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the
fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as
well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the
fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market
data exists for the assets or liabilities. Financial assets
are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar
techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy
gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority
to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described
above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts
of the Company’s financial assets and liabilities, such as cash, prepaid expenses and other current assets, accounts payable
and accrued expenses approximate their fair values due to the short-term nature of these instruments. The Company had no
Level 3 financial assets or liabilities as of April 30, 2018 and 2017. The Company uses Level 1 of the fair
value hierarchy to measure the fair value of investments in common equity securities. The Company uses Level 2 of the fair value
hierarchy to measure the fair value of investments in digital currencies. The Company revalues such assets at every reporting period
and recognizes gains or losses as revenue and cost of revenue respectively in the consolidated statements of operations that are
attributable to the change in the fair value of the digital currencies. Refer to the table below for a breakout of the Company’s
investments in digital currencies and traditional securities as of April 30, 2018:
Fair Value Measurement Using
Carrying value Level 1 Level 2 Level 3 Total
April 30, 2018
Assets
Investments in digital currencies $ 1,166,477 $ - $ 1,166,477 $ - $ 1,166,477
BNB 213 - 213 - 213
BTC 753,371 - 753,371 - 753,371
BTCP 19,992 - 19,992 - 19,992
EOS 108,292 - 108,292 - 108,292
ETH 149,190 - 149,190 - 149,190
NEO 57,713 - 57,713 - 57,713
OMG 22,018 - 22,018 - 22,018
QSP 14,968 - 14,968 - 14,968
QTUM 8,782 - 8,782 - 8,782
REP 31,938 - 31,938 - 31,938
Investments in securities
KinerjaPay 780,000 780,000 - - 780,000
$ 1,946,477 $ 780,000 $ 1,166,477 $ - $ 1,946,477 There were no financial securities or
investments in digital assets as of April 30, 2017. The KinerjaPay Common Stock was received
as compensation and, as such, the Company did not use cash to acquire the securities. Deferred Revenue The Company has deferred
revenue from its first consulting contract for the KPAY agreement. The Company determined that its obligations would be met evenly
over the course of the contract and, as such, will record revenue evenly over the course of the agreement. Estimated used in the
determination of value and duration may change on a per-contract basis and, in addition, the Company could change the original
estimates used for a specific contract depending on changes over the course of contracts with customers. For example, the KPAY
agreement is currently being recorded evenly over one year, however, the Company may determine the obligations to have all been
met early and may decide to record the remaining, unearned revenue immediately. Going Concern We will need additional
working capital for ongoing operations, which raises substantial doubt about our ability to continue as a going concern. Management
of the Company is working on a strategy to meet future operational goals which may include equity funding, short term or long-term
financing or debt financing, to enable the Company to reach profitable operations, however, there can be no assurances that the
plan will succeed, nor that the Company will be able to execute its plans. Cost of Goods Sold The cost of goods sold is the direct
costs attributable to the production of goods sold. Cost of goods sold primarily consisted of catering and jobs supplies relating to the events
portion of the Company’s business. Stock Purchase Warrants The Company accounts
for warrants issued to purchase shares of its Common Stock as equity in accordance with FASB ASC 480, Accounting for Derivative
Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, Distinguishing Liabilities from Equity. Cash and cash equivalents The Company considers
all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash and
cash equivalents consist of cash on deposit with banks and money market funds, the fair value of which approximates cost. The Company
maintains its cash balances with a high-credit-quality financial institution. At times, such cash may be in excess of the Federal
Deposit Insurance Corporation-insured limit of $250,000. The Company has not experienced any losses in such accounts, and management
believes the Company is not exposed to any significant credit risk on its cash and cash equivalents. Property and equipment Property and equipment
are stated at cost or fair value if acquired as part of a business combination. Depreciation is computed by the straight-line method
and is charged to operations over the estimated useful lives of the assets. Maintenance and repairs are charged to expense as incurred.
The carrying amount and accumulated depreciation of assets sold or retired are removed from the accounts in the year of disposal
and any resulting gain or loss is included in results of operations. The Company currently is in the process of building a mining
facility for Digital Assets. All cost associated with that project, including the architectural, designs, and planning cost are
being capitalized until the completion of the project. Property and equipment are stated at cost and depreciated on a straight-line
basis over their estimated useful lives. Useful lives are 10 years for software and 10 years for buildings. Basic and Diluted Net Loss Per
Share Net earnings or loss
per share is calculated in accordance with SFAS No. 128, Earnings Per Share for the period presented. Basic earnings, net loss
per share is based upon the weighted average number of common shares outstanding. Fully diluted earnings per share is based on
the assumption includes dilutive equivalents such as warrants, stock options, and convertible preferred stock. Recently Adopted Accounting Standards In January 2017,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business
Combinations: Clarifying the Definition of a Business In May 2014, the
Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue
from Contracts with Customers,” Topic 606. This Update affects any entity that either enters into contracts with customers
to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within
the scope of other standards. The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue
Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue
to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the
entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure
requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and
uncertainty of revenue and cash flows arising from a reporting organization’s contracts with customers. In April 2016, the
FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers,” Topic 606: “Identifying Performance Obligations
and Licensing”. This Update clarifies guidance related to identifying performance obligations and licensing implementation
guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board
received from the Transition Resource Group for Revenue Recognition and other stakeholders. The update seeks to proactively address
areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain
aspects of the guidance both at implementation and on an ongoing basis. In May 2016, the FASB issued ASU No. 2016-12, “Revenue
from Contracts with Customers,” Topic 606: “Narrow-Scope Improvements and Practical Expedients”. The amendments
in this Update address narrow-scope improvements to the guidance on collectability, noncash consideration, and completed contracts
at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition
and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.
This ASU is the final version of Proposed Accounting Standards Update 2015-320, “Revenue from Contracts with Customers,”
(Topic 606): “Narrow-Scope Improvements and Practical Expedients,” which has been deleted. In December 2016, the FASB
issued ASU No. 2016-20, “Revenue from Contracts with Customers,” Topic 606: “Technical Corrections and Improvements
to Topic 606, Revenue from Contracts with Customers”. The amendments in this Update address narrow-scope improvements to
the guidance on loan guarantee fees, contract cost-impairment testing, contract costs-interaction of impairment testing with guidance
in other topics, provision for losses on construction-type and production-type contracts, scope of topic 606 to exclude all contracts
that are within the scope of Topic 944, disclosure of remaining performance obligations, disclosure of prior-period performance
obligations, contract modifications, contract asset versus receivable, refund liability, advertising costs, fixed-odds wagering
contracts in the casino industry and cost capitalization for advisors to private funds and public funds. The Board decided to issue
a separate Update for technical corrections and improvements to Topic 606 and other Topics amended by Update 2014-09 to increase
stakeholders’ awareness of the proposals and to expedite improvements to Update 2014-09. This ASU is effective for fiscal
years, and interim periods within those years beginning after December 15, 2017 for public companies and 2018 for non-public entities.
We adopted the new standard effective May 1, 2018, using the modified retrospective transition method. We
developed an implementation plan to adopt this new guidance, which included an assessment of the impact of the new guidance on
our financial position and results of operations. We have substantially completed our assessment and have determined that this
standard will not have a material impact on our financial position or results of operations, except enhanced disclosure regarding
revenue recognition, including disclosures of revenue streams, performance obligations, variable consideration and the related
judgments and estimates necessary to apply the new standard. On May 1, 2018, we adopted the new accounting standard ASC 606, Revenue
from Contracts with Customers and for |
