| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND CONSOLIDATION Our consolidated financial statements include
the accounts of Cinedigm and its wholly owned and majority owned subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation. Investments in which we do not have a controlling
interest or are not the primary beneficiary, but have the ability to exert significant influence, are accounted for under the equity method
of accounting. Noncontrolling interests for which we have been determined to be the primary beneficiary are consolidated and recorded
as net loss attributable to noncontrolling interest. See Note 4 - Other Interests USE OF ESTIMATES The preparation of consolidated financial statements
in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates
and assumptions that affect the assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include the adequacy
of accounts receivable reserves, return reserves, inventory reserves, recovery of advances, assessment of goodwill impairment, long-lived
and finite-lived assets impairment and estimated amortization lives, fair value for asset acquisitions and business combinations, valuation
allowances for income taxes and stock awards. Actual results could differ from these estimates. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH We consider all highly liquid investments with
an original maturity of three months or less to be “cash equivalents.” We maintain bank accounts with major banks, which from
time to time may exceed the Federal Deposit Insurance Corporation’s insured limits. We periodically assess the financial condition
of the institutions and believe that the risk of any loss is minimal. Our Prospect Loan (as defined below) requires that we maintain specified
cash balances that are restricted to repayment of interest thereunder. See Note 6- Notes Payable Cash, cash equivalents, and restricted cash consisted
of the following:
As of
(in thousands) June 30, March 31,
Cash and Cash Equivalents $ 13,355 $ 16,849
Restricted Cash 1,000 1,000
$ 14,355 $ 17,849 EQUITY INVESTMENT IN STARRISE, A RELATED PARTY On February 14, 2020, the Company acquired an
approximately 11.5% interest in Starrise Media Holdings Limited (“Starrise”), a leading publicly traded Chinese entertainment
company whose ordinary shares are listed on the Stock Exchange of Hong Kong. The Company acquired such interest as a strategic investment
and in a private transaction from a shareholder of Starrise that is related to our major shareholders. When we acquired the Starrise stock,
our then-majority affiliated stockholders also maintained a significant beneficial interest in Starrise. Upon consummation of the transaction
on February 14, 2020, the Company recorded an initial investment of approximately $25.1 million, which is the fair market value of the
Starrise shares on the transaction date on the Stock Exchange of Hong Kong, in exchange for the Company’s common stock of $11.2
million, valued as of the date of the issuance of the Class A common stock of the Company. The difference in value of shares received
in Starrise and shares issued by the Company is deemed as contributed capital and recorded in additional paid-in capital. On April 10, 2020, the Company purchased an additional
15% interest in Starrise in a private transaction from shareholders of Starrise that are affiliated with the major shareholder of the
Company. The Company recorded an additional equity investment of approximately $28.2 million, which is the fair market value of the
Starrise shares on the transaction date on the Stock Exchange of Hong Kong, in exchange for the Company’s common stock of $11.0 million,
valued at the date of the issuance of the Class A common stock of the Company. The difference in the value of shares received in Starrise
and shares issued by the Company is deemed as contributed capital and recorded in additional paid-in capital. This transaction was also
recorded as an equity investment in Starrise. The Company has accounted for these investments
under the equity method of accounting as the Company can exert significant influence over Starrise with its direct ownership and affiliation
with the Company’s majority shareholders. The Company has made an irrevocable election to apply the fair value option under ASC
825-10, Financial Instruments As of June 30, 2021 and March 31, 2021, the value
of our equity investment in Starrise, using the readily determinable fair value inputs from the market pricing of the Stock Exchange of
Hong Kong, was approximately $6.7 million and $6.4 million, respectively, resulting in a change in fair value of approximately $0.3 million
and $15.8 million for the three months ended June 30, 2021 and 2020 respectively, on our consolidated statement of operations. At June
30, 2021 and March 31, 2021, the Company owned 362,307,397 shares or 26% of Starrise. NON-MONETARY TRANSACTIONS During the three months ended June 30, 2020,
the Company entered into agreements with certain vendors to transfer 9,006,215 Starrise shares to satisfy outstanding
liabilities with these vendors. Upon the sale of the Starrise shares by the vendors, with certain restrictions on sales unless the
Company gives consent to sell, if the proceeds do not satisfy the amount due to the vendor, the Company is liable for the balance
owed. There were no such transactions during the three months ended June 30, 2021. There was no gain or loss resulting from these
transactions for the three months ended June 30, 2020. ACCOUNTS RECEIVABLE We maintain reserves for potential credit losses
on accounts receivable. We review the composition of accounts receivable and analyze historical bad debts, customer concentrations, customer
credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves
are recorded primarily on a specific identification basis. We record accounts receivable, long-term in connection
with activation fees that we earn from our digital cinema equipment (the “Systems”) deployments that have extended payment
terms. Such accounts receivable are discounted to their present value at prevailing market rate. ADVANCES Advances, which are recorded within prepaid and
other current assets on the consolidated balance sheets, represent amounts prepaid to studios or content producers for which we provide
content distribution services. We evaluate advances regularly for recoverability and record impairment charges for amounts that we expect
may not be recoverable as of the consolidated balance sheet date. Impairments and accelerated amortization related to advances were $0.2 million
and $0.2 million, respectively, for the three months ended June 30, 2021 and 2020. PROPERTY AND EQUIPMENT Property and equipment are stated at cost, less
accumulated depreciation and amortization. Depreciation expense is recorded using the straight-line method over the estimated useful lives
of the respective assets as follows:
Computer equipment and software 3 - 5 years
Internal use software 5 years
Digital cinema projection systems 10 years
Machinery and equipment 3 - 10 years
Furniture and fixtures 3 - 6 years We capitalize costs associated with software developed
or obtained for internal use when the preliminary project stage is completed, and it is determined that the software will provide significantly
enhanced capabilities and modifications. These capitalized costs are included in property and equipment and include external direct cost
of services procured in developing or obtaining internal-use software and personnel and related expenses for employees who are directly
associated with, and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially
complete and the software is ready for its intended use. Once the software is ready for its intended use, the costs are amortized over
the useful life of the software. Post-configuration training and maintenance costs are expensed as incurred. Leasehold improvements are amortized over the
shorter of the lease term or the estimated useful life of the leasehold improvements. Repair and maintenance costs are charged to expense
as incurred. Major renewals, improvements and additions are capitalized. Upon the sale or other disposition of any property and equipment,
the cost and related accumulated depreciation and amortization are removed from the accounts and the gain or loss on disposal is included
in the consolidated statements of operations. FAIR VALUE MEASUREMENTS The fair value measurement disclosures are grouped
into three levels based on valuation factors:
● Level
1 – quoted prices in active markets for identical investments
● Level
2 – other significant observable inputs (including quoted prices for similar investments and market corroborated inputs)
● Level
3 – significant unobservable inputs (including our own assumptions in determining the fair value of investments) Assets and liabilities measured at fair value
on a recurring basis use the market approach, where prices and other relevant information are generated by market transactions involving
identical or comparable assets or liabilities. The equity investment in Starrise is in Hong Kong
dollars and was translated into US dollars as of June 30, 2021 and March 31, 2021 at an exchange rate of 7.8 and 7.8 Hong Kong Dollars
to 1 US Dollar, respectively. The fair value of this equity investment is measured by the unadjusted market pricing of Starrise on the
Stock Exchange of Hong Kong. The following tables summarize the levels of fair
value measurements of our financial assets and liabilities as of June 30, 2021 and March 31, 2021:
As of June 30, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Restricted cash $ 1,000 $ — $ — $ 1,000
Equity investment in Starrise, at fair value 6,777 — — 6,777
$ 7,777 $ — — $ 7,777
As of March 31, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Restricted cash $ 1,000 $ — $ — $ 1,000
Equity investment in Starrise, at fair value 6,443 — — 6,443
$ 7,443 $ — $ — $ 7,443 Our cash and cash equivalents, accounts receivable,
unbilled revenue and accounts payable and accrued expenses are financial instruments and are recorded at cost in the consolidated balance
sheets. The estimated fair values of these financial instruments approximate their carrying amounts because of their short-term nature.
At June 30, 2021 and March 31, 2021, the estimated fair value of our fixed rate debt approximated its carrying amounts. We estimated the
fair value of debt based upon current interest rates available to us at the respective consolidated balance sheet dates for arrangements
with similar terms and conditions. Based on borrowing rates currently available to us for loans with similar terms, the fair value of
the variable rate debt is $3.0 million and lease obligations approximates fair value. IMPAIRMENT OF LONG-LIVED AND FINITE-LIVED ASSETS We review the recoverability of our long-lived
assets and finite-lived intangible assets, when events or conditions occur that indicate a possible impairment exists. The assessment
for recoverability is based primarily on our ability to recover the carrying value of our long-lived and finite-lived assets from expected
future undiscounted net cash flows. If the total of expected future undiscounted net cash flows is less than the total carrying value
of the asset, the asset is deemed not to be recoverable and possibly impaired. We then estimate the fair value of the asset to determine
whether an impairment loss should be recognized. An impairment loss will be recognized if the asset’s fair value is determined
to be less than its carrying value. Fair value is determined by computing the expected future discounted cash flows. During the three
months ended June 30, 2021 and 2020, no impairment charge was recorded from operations for long-lived assets or finite-lived assets. GOODWILL Goodwill is the excess of the purchase price paid
over the fair value of the net assets of an acquired business. Goodwill is tested for impairment on an annual basis or more often if warranted
by events or changes in circumstances indicating that the carrying value may exceed fair value, also known as impairment indicators. Inherent in the fair value determination for each
reporting unit are certain judgments and estimates relating to future cash flows, including management’s interpretation of current
economic indicators and market conditions, and assumptions about our strategic plans with regard to its operations. To the extent additional
information arises, market conditions change, or our strategies change, it is possible that the conclusion regarding whether our remaining
goodwill is impaired could change and result in future goodwill impairment charges that will have a material effect on our consolidated
financial position or results of operations. The Company has the option to assess goodwill
for possible impairment by performing a qualitative analysis to determine if it is more likely than not that the fair value of a reporting
unit is less than its carrying amount or to perform the quantitative impairment test. No goodwill impairment charge was recorded in
the three months ended June 30, 2021 and 2020. Gross amounts of goodwill and accumulated impairment
charges that we have recorded are as follows:
(In thousands)
Goodwill, net at March 31, 2021 $ 8,701
Goodwill from business combination – see Note 5 2,037
Goodwill , net at June 30, 2021 $ 10,738 REVENUE RECOGNITION We determine revenue recognition by:
● identifying the contract, or contracts, with the customer;
● identifying the performance obligations in the contract;
● determining the transaction price;
● allocating the transaction price to performance obligations in the contract; and
● recognizing revenue when, or as, we satisfy performance obligations by transferring the promised goods or services. We recognize revenue in the amount that reflects
the consideration we expect to receive in exchange for the services provided, sales of physical products (DVDs and Blu-ray Discs) or when
the content is available for subscription on the digital platform or available on the point-of-sale for transactional and video on demand
services which is when the control of the promised products and services is transferred to our customers and our performance obligations
under the contract have been satisfied. Revenues that might be subject to various taxes are recorded net of transaction taxes assessed
by governmental authorities such as sales value-added taxes and other similar taxes. Payment terms and conditions vary by customer
and typically provide net 30 to 90 day terms. We do not adjust the promised amount of consideration for the effects of a significant financing
component when we expect, at contract inception, that the period between our transfer of a promised product or service to our customer
and payment for that product or service will be one year or less. Cinema Equipment Business Our Cinema Equipment Business consists of financing
vehicles and administrators for 2,519 Systems installed nationwide in our first deployment phase (“Phase I Deployment”) to
theatrical exhibitors and for 3,025 Systems installed domestically and internationally in our second deployment phase (“Phase II
Deployment”). We retain ownership of our digital cinema equipment
(the “Systems”) and the residual cash flows related to the Systems in Phase I Deployment after the end of the 10-year deployment
payment period. For certain Phase II Deployment Systems, we do
not retain ownership of the residual cash flows and digital cinema equipment in Phase II Deployment after the completion of cost recoupment
and at the expiration of the exhibitor master license agreements. The
Cinema Equipment Business also provides monitoring, data collection, serial data verification and management services to this segment,
as well as to exhibitors who purchase their own equipment, in order to collect virtual print fees (“VPFs”) from motion picture
studios and distributors and Alternative Content Fees (“ACFs ”)
from alternative content providers, and to distribute those fees to theatrical exhibitors (collectively, “Services”). VPFs are earned, net of administrative fees, pursuant
to contracts with movie studios and distributors, whereby amounts are payable by a studio to Phase I Deployment and to Phase II Deployment
when movies distributed by the studio are displayed on screens utilizing our Systems installed in movie theatres. VPFs are earned and
payable to Phase I Deployment based on a defined fee schedule until the end of the VPF term. One VPF is payable for every digital title
initially displayed per System. The amount of VPF revenue is dependent on the number of movie titles released and displayed using the
Systems in any given accounting period. VPF revenue is recognized in the period the title first plays for general audience viewing in
a digital projector equipped movie theatre. The Phase 1 Deployment’s and Phase 2 Deployments performance obligations for revenue
recognition are met at this time. Phase II Deployment’s agreements with distributors
require the payment of VPFs, according to a defined fee schedule, for ten years from the date each system is installed; however, Phase
II Deployment may no longer collect VPFs once “cost recoupment,” as defined in the contracts with movie studios and distributors,
is achieved. Cost recoupment will occur once the cumulative VPFs and other cash receipts collected by Phase II Deployment have equaled
the total of all cash outflows, including the purchase price of all Systems, all financing costs, all “overhead and ongoing costs”,
as defined, and including service fees, subject to maximum agreed upon amounts during the three-year rollout period and thereafter. Further,
if cost recoupment occurs before the end of the eighth contract year, the studios will pay us a one-time “cost recoupment bonus.”
The Company evaluated the constraining estimates related to the variable consideration, i.e., the one-time bonus and determined that it
is not probable to conclude at this point in time that a significant reversal in the amount of cumulative revenue recognized will occur
when the uncertainty associated with the variable consideration is subsequently resolved. Under the terms of our standard cinema equipment
licensing agreements, exhibitors will continue to have the right to use our Systems through the end of the term of the licensing agreement,
after which time, they have the option to: (1) return the Systems to us; (2) renew their license agreement for successive one-year terms;
or (3) purchase the Systems from us at fair market value. As permitted by these agreements, we typically pursue the sale of the Systems
to such exhibitors. Cinedigm recognizes revenue once the customer takes possession of the systems and is predicated on Cinedigm’s
receipt of sale proceeds. Such sales were as originally contemplated as the conclusion of the digital cinema deployment plan. Cinedigm
completed the sale of 650 and 30 digital projection Systems, respectively, for an aggregate sales price of approximately $5.6 million
and $195.0 thousand, and recognized revenue of $5.6 million and $76.2 thousand, during the three months ended June 30, 2021 and 2020,
respectively. Revenues earned in connection with up front exhibitor
contributions are deferred and recognized over the expected cost recoupment period. Exhibitors who purchased and own Systems using
their own financing in the Cinema Equipment Business paid us an upfront activation fee of approximately $2.0 thousand per screen (the
“Exhibitor-Buyer Structure”). Upfront activation fees were recognized in the period in which these Systems were delivered
and ready for content, as we had no further obligations to the customer after that time and collection was reasonably assured. In addition,
we recognize activation fee revenue of between $1.0 thousand and $2.0 thousand on Phase II Deployment Systems and for Systems installed
by CDF2 Holdings, a related party, (See Note 4 - Other Interests The Cinema Equipment Business earns an administrative
fee of approximately 5% of VPFs collected and, in addition, earns an incentive service fee equal to 2.5% of the VPFs earned by Phase 1
DC. This administrative fee is related to the collection and remittance of the VPF’s and the performance obligation is satisfied
at that time the related VPF fees are due which is at the time the movies are displayed on screens utilizing our Systems installed in
movie theatres. The service fees are recognized as a point in time revenue when the corresponding VPF fees are due from the movie studios
and distributors. Content & Entertainment Business CEG earns fees for the distribution of content in the home entertainment
markets via several distribution channels, including digital, video on demand (“VOD” or “OTT Streaming and Digital”),
and physical goods (e.g., DVDs and Blu-ray Discs) (“Physical Revenue” or “Base Distribution Business”). Fees earned
are typically a percentage based on the net amounts received from our customers. Depending upon the nature of the agreements with the
platform and content providers, the fee rate that we earn varies. The Company’s performance obligations include the delivery of
content for transactional, subscription and ad supported/free ad-supported streaming TV (“FAST”) on the digital
platforms, and shipment of DVDs and Blu-ray Discs. Revenue is recognized at the point in time when the performance obligation is satisfied
which is when the content is available for subscription on the digital platform, at the time of shipment for physical goods, or point-of-sale
for transactional and VOD services as the control over the content or the physical title is transferred to the customer. The Company considers
the delivery of content through various distribution channels to be a single performance obligation. Physical Revenue is recognized after
deducting the reserves for sales returns and other allowances, which are accounted for as variable consideration. Physical goods reserves for sales returns and
other allowances are recorded based upon historical experience. If actual future returns and allowances differ from past experience, adjustments
to our allowances may be required. CEG also has contracts for the theatrical distribution
of third party feature movies and alternative content. CEG’s distribution fee revenue and CEG’s participation in box office
receipts is recognized at the time a feature movie and alternative content are viewed. CEG has the right to receive or bill a portion
of the theatrical distribution fee in advance of the exhibition date, and therefore such amount is recorded as a receivable at the time
of execution, and all related distribution revenue is deferred until the third party feature movies’ or alternative content’s
theatrical release date. Principal Agent Considerations We determine whether revenue should be reported
on a gross or net basis for each revenue stream based on the transfer of control of goods and services. Key indicators that we use in
evaluating gross versus net treatment include, but are not limited to, the following:
● which party is primarily responsible for fulfilling the promise to provide the specified good or service; and
● which party has discretion in establishing the price for the specified good or service. Shipping and Handling Shipping and handling costs are incurred to move
physical goods (e.g., DVDs and Blu-ray Discs) to customers. We recognize all shipping and handling costs as an expense in cost of goods
sold because we are responsible for delivery of the product to our customers prior to transfer of control to the customer. Contract Liabilities We generally record a receivable related to revenue
when we have an unconditional right to invoice and receive payment, and we record deferred revenue (contract liability) when cash payments
are received or due in advance of our performance, even if amounts are refundable. We maintain reserves for potential credit losses
on accounts receivable. We review the composition of accounts receivable and analyze historical bad debts, customer concentrations, customer
credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves
are recorded primarily on a specific identification basis. Our CEG segment recognizes accounts receivable,
net of an estimated allowance for product returns and customer chargebacks, at the time that it recognizes revenue from a sale. Reserves
for product returns and other allowances is variable consideration as part of the transaction price. If actual future returns and allowances
differ from past experience, adjustments to our allowances may be required. We record accounts receivable, long-term in connection with activation
fees that we earn from Systems deployments that have extended payment terms. Such accounts receivable are discounted to their present
value at prevailing market rates. Deferred revenue pertaining to our Content &
Entertainment Business includes amounts related to the sale of DVDs with future release dates. Deferred revenue relating to our Cinema Equipment
Business pertains to revenues earned in connection with up front exhibitor contributions that are deferred and recognized over the expected
cost recoupment period. It also includes unamortized balances in connection with activation fees due from the Systems deployments that
have extended payment terms. The ending deferred revenue balance, including
current and non-current balances, as of June 30, 2021 was $0.4 million. For the three months ended June 30, 2021 and 2020, respectively,
the additions to our deferred revenue balance were primarily due to cash payments received or due in advance of satisfying performance
obligations, while the reductions to our deferred revenue balance were primarily due to the recognition of revenue upon fulfillment of
our performance obligations, both of which were in the ordinary course of business. During the three months ended June 30, 2021 and
2020, $0.5 million and $0.6 million, respectively, of revenue was recognized that was included in the deferred revenue balance at the
beginning of the period. As of June 30, 2021, the aggregate amount of contract revenue allocated to unsatisfied performance obligations
was $0.4 million. We expect to recognize this balance in full by September 30, 2021. Participations and royalties payable When we use third parties to distribute company
owned content, we record participations payable, which represent amounts owed to the distributor under revenue-sharing arrangements. When
we provide content distribution services, we record accounts payable and accrued expenses to studios or content producers for royalties
owed under licensing arrangements. We identify and record as a reduction to the liability any expenses that are to be reimbursed to us
by such studios or content producers. Disaggregation of Revenue The Company disaggregates revenue into different
revenue categories for the Cinema Equipment and CEG Businesses. The Cinema Equipment Business revenue categories are: Phase I Deployment
revenue, Phase II Deployment revenue, Services, and Digital System Sales, and the Content & Entertainment Business revenue categories
are: Base Distribution Business and OTT Streaming and Digital. The following tables present the Company’s
revenue categories for the three months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended
2021 2020
Cinema Equipment Business:
Phase I Deployment $ 91 $ 31
Phase II Deployment 386 398
Services 179 100
Digital System Sales 5,575 76
Total Cinema Equipment Business revenue $ 6,231 $ 605
Content & Entertainment Business:
Base Distribution Business $ 1,778 $ 2,157
OTT Streaming and Digital 7,006 3,256
Total Content & Entertainment Business revenue $ 8,784 $ 5,413 DIRECT OPERATING COSTS Direct operating costs consist of operating costs
such as cost of goods sold, fulfillment expenses, shipping costs, property taxes and insurance on Systems, royalty expenses, impairments
of advances, and marketing and direct personnel costs. STOCK-BASED COMPENSATION The Company issues stock-based awards to employees
and non-employees, generally in the form of restricted stock units and performance stock units. The Company accounts for its stock-based
compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation INCOME TAXES The Company
accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts
of existing assets and liabilities and their respective tax bases. Valuation
allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred
tax asset will ultimately be realized. The Company is primarily subject to income taxes in the United States. The Company
accounts for uncertain tax positions in accordance with an amendment to ASC Topic 740-10, Income Taxes (Accounting
for Uncertainty in Income Taxes) NET INCOME/LOSS PER SHARE ATTRIBUTABLE TO COMMON
SHAREHOLDERS Basic and diluted net loss per common share has
been calculated as follows:
Basic and diluted net loss per common share attributable to common stockholders = Net loss attributable to common stockholders
Weighted average number of common stock outstanding during the period Stock issued and treasury stock repurchased during
the period are weighted for the portion of the period that they are outstanding. Shares issued and any shares that are reacquired during
the period are weighted for the portion of the period that they are outstanding. We incurred net income for the three months ended
June 30, 2021, and therefore the impact of potentially dilutive common shares from outstanding stock options, stock appreciation rights,
and warrants, totaling 2,003,235 shares for the three months ended June 30, 2021, respectively, were included in the computations of diluted
earnings per share. The calculation of diluted net income per share for the three months ended June 30, 2021 does not include the impact
of 9,616,429 potentially dilutive shares relating to stock options, stock appreciation rights, and warrants as their impact would have
been anti-dilutive. We incurred net losses for the three months ended
June 30, 2020, and therefore the impact of potentially dilutive common shares from outstanding stock options and warrants, totaling 3,940,138
shares as of June 30, 2020, respectively, were excluded from the computations of loss per share as their impact would have been anti-dilutive. COMPREHENSIVE LOSS As of the three months ended June 30, 2021 and
2020, comprehensive loss consisted of net loss and foreign currency translation adjustments. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Adopted On December 18, 2019, the FASB issued ASU 2019-12,
“ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, The
Company adopted this guidance on April 1, 2021 and the adoption of this ASU did not have a material impact on our consolidated financial
statements. Not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
