| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation Harrow
has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in
the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries, as well as Mayfield, 79 %
majority controlled, and Stowe, 70 %
majority controlled as of December 31, 2020. The remaining 21 %
of Mayfield is owned by Elle Pharmaceutical, LLC (“Elle”), TGV-Health, LLC and its affiliated entities (collectively
“TGV”) or other consultants. Mayfield was organized to develop women’s health and urological focused drug candidates.
The remaining 30 %
of Stowe was owned by TGV. Stowe was organized to develop ophthalmic drug candidates. The Company controls 100 %
of the equity interests in Visionology. All inter-company accounts and transactions have been eliminated in consolidation. Harrow
consolidates entities in which we have a controlling financial interest. We
consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% of the voting rights .
All intercompany accounts and transactions have been eliminated in consolidation. Use
of Estimates The
preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management are, among
others, allowance for doubtful accounts and contractual adjustments, renewal periods and discount rates for leases, realizability
of inventories, valuation of investments, realizability of deferred taxes, recoverability of goodwill and long-lived assets,
valuation of contingent acquisition obligations and deferred acquisition obligations, fair value of loans payable, and valuation
of stock-based transactions with employees and non-employees. Actual results could differ from those estimates. Risks,
Uncertainties and Liquidity The
Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. On March 18, 2020, the Centers for Medicare
& Medicaid Services (“CMS”) released guidance for U.S. healthcare providers to limit all elective medical procedures
in order to conserve personal protective equipment and limit exposure to COVID-19 during the pendency of the pandemic. In addition
to limiting elective medical procedures, many hospitals and other healthcare providers have strictly limited access to their facilities
during the pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and healthcare
delivery, led to social distancing recommendations, stay-at-home orders and other restrictive measures, and created significant
volatility in financial markets. Many
of the Company’s customers use its drugs in procedures impacted by the CMS guidance to limit elective procedures. In addition,
the Company and our business partners need access to healthcare providers and facilities to conduct clinical trials and other
activities required to achieve regulatory clearance of products under development. Management
believes reductions in elective procedures in response to CMS guidance have had, and will continue to have, an adverse impact,
which may be material, on the Company’s financial condition, liquidity and results of operations. The severity of the impact
of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the
duration and severity of the pandemic and the extent and severity of the impact on its customers, all of which are uncertain and
cannot be predicted. As of the date of the filing of this Annual Report on Form 10-K, the extent to which the COVID-19 pandemic
may materially impact the Company’s financial condition, liquidity or results of operations is uncertain. In addition, the
Company is subject to certain regulatory standards, guidelines and inspections which could impact the Company’s ability
to make, dispense, and sell certain products. If the Company was required to cease compounding and selling certain products as
a result of regulatory guidelines or inspections, this may have a material impact on the Company’s financial condition,
liquidity and results of operations. Prior
to 2020, the Company had incurred significant operating losses and negative cash flows from operations since its inception. The
Company recorded operating income of $ 385
for the year ended December 31, 2020 and
recorded an operating loss of $ 4,795
for the year ended December 31, 2019.
The Company has an accumulated deficit of $ 77,400
and $ 74,043
as of December 31, 2020 and 2019, respectively.
In addition, the Company used cash in operating activities of $ 1,100
for the year ended December 31, 2020 and
cash provided by operating activities was $ 950
for the year ended December 31, 2019. While
there is no assurance, management of the Company believes existing cash resources and restricted cash of $ 4,301
at December 31, 2020 together with cash
generated from operations, will be sufficient to sustain the Company’s planned level of operations for at least the next
twelve months. However, estimates of operating expenses and working capital requirements and the future impact of the COVID-19
pandemic on its business could be incorrect. The Company could use its cash resources faster than anticipated. Further, some or
all of the ongoing or planned activities may not be successful and could result in further losses. The
Company may seek to increase liquidity and capital resources through a variety of means which may include, but are not limited
to: the sale of assets, investments and/or businesses, obtaining financing through the issuance of equity, debt, or convertible
securities; and working to increase revenue growth through sales. There is no guarantee that the Company will be able to obtain
capital when needed on terms management deems acceptable, or at all. Segments The
Company’s chief operating decision-maker is its Chief Executive Officer who makes resource allocation decisions and assesses
performance based on financial information presented as operating segments. The Company has identified two
operating segments as reportable segments.
See Note 18 for more information regarding the Company’s reportable segments. Noncontrolling
Interests The
Company recognizes any noncontrolling interest as a separate line item in equity in the consolidated financial statements. A noncontrolling
interest represents the portion of equity ownership in a less-than-wholly-owned subsidiary not attributable to the Company. Generally,
any interest that holds less than 50% of the outstanding voting shares is deemed to be a noncontrolling interest; however, there
are other factors, such as decision-making rights, that are considered as well. The
Company includes the amount of net loss attributable to noncontrolling interests in consolidated net loss on the face of the consolidated
statements of operations. The
Company provides in the consolidated statements of stockholders’ equity a reconciliation at the beginning and the end of
the period of the carrying amount of total equity, equity attributable to the parent, and equity attributable to the noncontrolling
interests that separately discloses:
(1) net
income or loss;
(2) transactions
with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and
(3) each
component of other income or loss. Revenue
Recognition and Deferred Revenue The
Company recognizes revenue at the time of transfer of promised goods to customers in an amount that reflects the consideration
to which the Company expects to be entitled in exchange for those goods or services (see Note 3). Cost
of Sales Cost
of sales includes direct and indirect costs to manufacture formulations and other products sold, including active pharmaceutical
ingredients, personnel costs, packaging, storage, royalties, shipping and handling costs and the write-off of obsolete inventory. Research
and Development The
Company expenses all costs related to research and development as they are incurred. Research and development expenses consist
of expenses incurred in performing research and development activities, including salaries and benefits, other overhead expenses,
and costs related to clinical trials, contract services and outsourced contracts. Debt
Issuance Costs and Debt Discount Debt
issuance costs and the debt discount are recorded net of loans payable and finance lease obligations in the consolidated balance
sheets. Amortization of debt issuance costs and the debt discount is calculated using the effective interest method over the term
of the related debt and is recorded in interest expense in the accompanying consolidated statements of operations. Intellectual
Property The
costs of acquiring intellectual property rights to be used in the research and development process, including licensing fees and
milestone payments, are charged to research and development expense as incurred in situations where the Company has not identified
an alternative future use for the acquired rights, and are capitalized in situations where we have identified an alternative future
use for the acquired rights. Patents and trademarks are recorded at cost and capitalized at a time when the future economic benefits
of such patents and trademarks become more certain (see “—Goodwill and Intangible Assets” below). The Company
began capitalizing certain costs associated with acquiring intellectual property rights during 2015; if costs are not capitalized
they are expensed as incurred. Income
Taxes The
Company accounts for income taxes under the provisions of Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 740, Income Taxes
As part of the process of preparing the Company’s consolidated financial statements, the Company
must estimate the actual current tax assets and liabilities and assess permanent and temporary differences that result from differing
treatment of items for tax and accounting purposes. The temporary differences result in deferred tax assets and liabilities, which
are included within the consolidated balance sheets. The Company must assess the likelihood that the deferred tax assets will
be recovered from future taxable income and, to the extent the Company believes that recovery is not more likely than not, a valuation
allowance must be established which reduces the amount of deferred tax assets recorded on the consolidated balance sheets. To
the extent the Company establishes a valuation allowance or increase or decrease this allowance in a period, the impact will be
included in income tax expense in the consolidated statements of operations. Cash
and Cash Equivalents Cash
equivalents include short-term, highly liquid investments with maturities of three months or less at the time of acquisition. Concentrations
of Credit Risk The
Company places its cash with financial institutions deemed by management to be of high credit quality. The Federal Deposit Insurance
Corporation (“FDIC”) provides basic deposit coverage with limits up to $ 250
per owner. From time to time the Company
has cash deposits in excess of FDIC limits. Investment
in Eton Pharmaceuticals, Inc. – Related Party The
Company owns 3,500,000
shares of Eton common stock, which represents
approximately 14.4 %
of the equity and voting interests of Eton as of December 31, 2020. At December 31, 2020, the fair market value of Eton’s
common stock was $ 8.13
per share. In accordance with Accounting
Standard Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of
Financial Assets and Financial Liabilities 3,255
and $ 3,780 ,
respectively, related to the change in fair market value of the Company’s investment in Eton during the measurement periods.
As of December 31, 2020 and 2019, the fair market value of the Company’s investment in Eton was $ 28,455
and $ 25,200 ,
respectively. Mark
Baum, the Company’s Chief Executive Officer, is a member of the board of directors of Eton. Accounts
Receivable Accounts
receivable are stated net of allowances for doubtful accounts and contractual adjustments. The accounts receivable balance primarily
includes amounts due from customers the Company has invoiced or from third-party providers (e.g., insurance companies and governmental
agencies), but for which payment has not been received. Charges to bad debt are based on both historical write-offs and specifically
identified receivables. Accounts receivable are presented net of allowances for doubtful accounts and contractual adjustments
in the amount of $ 98 and
$ 76 as
of December 31, 2020 and 2019, respectively. Inventories Inventories
are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. The Company evaluates
the carrying value of inventories on a regular basis, based on the price expected to be obtained for products in their respective
markets compared with historical cost. Write-downs of inventories are considered to be permanent reductions in the cost basis
of inventories. The
Company also regularly evaluates its inventories for excess quantities and obsolescence (expiration), taking into account such
factors as historical and anticipated future sales or use in production compared to quantities on hand and the remaining shelf
life of products and active pharmaceutical ingredients on hand. The Company establishes reserves for excess and obsolete inventories
as required based on its analyses. Investment
in Melt Pharmaceuticals, Inc. – Related Party In
April 2018, the Company formed Melt as a wholly-owned subsidiary. In January and March of 2019, Melt entered into definitive stock
purchase agreements (collectively, the “Melt Series A Preferred Stock Agreement”) with certain investors and closed
on the sale of Melt’s Series A Preferred Stock (the “Melt Series A Stock”), totaling approximately $ 11,400
of proceeds (collectively, the “Melt
Series A Round”) at a purchase price of $ 5.00
per share. As a result, the Company lost
voting and ownership control of Melt and ceased consolidating Melt’s financial statements. In
January 2019, the Company deconsolidated Melt and recorded a gain of $ 5,810
and adjusted the carrying value in Melt
to reflect the increased valuation of Melt and the Company’s new ownership interest in accordance with ASC 810-10-40-4(c),
Consolidation The
Company owns 3,500,000
common shares of Melt (which is approximately
44 %
of the equity interests as of December 31, 2020) and uses the equity method of accounting for this investment, as management has
determined that the Company has the ability to exercise significant influence over the operating and financial decisions of Melt.
Under this method, the Company recognizes earnings and losses in Melt in its consolidated financial statements and adjusts the
carrying amount of its investment in Melt accordingly. The Company’s share of earnings and losses are based on the Company’s
ownership interest of Melt. Any intra-entity profits and losses are eliminated. The Company recorded equity in the net gain of
Melt of $ 3,968
during the year ended December 31, 2019.
The Company recorded equity in the net loss of Melt of $ 2,313
during the year ended December 31, 2020.
As of December 31, 2020 and 2019, the Company’s investment in Melt was $ 2,506
and $ 4,690 ,
respectively, which includes $ 851
and $ 722 ,
respectively, due from Melt for reimbursable expenses and amounts due under the Melt Master Services Agreement (“MSA”). See
Note 4 for more information and related party disclosure regarding Melt. Investment
in Surface Ophthalmics, Inc. – Related Party The
Company owns 3,500,000
common shares (which is approximately
30 %
of the equity interests as of December 31, 2020) of Surface and uses the equity method of accounting for this investment, as management
has determined that the Company has the ability to exercise significant influence over the operating and financial decisions of
Surface. Under this method, the Company recognizes earnings and losses in Surface in its consolidated financial statements and
adjusts the carrying amount of its investment in Surface accordingly. The Company’s share of earnings and losses are based
on the Company’s ownership interest of Surface. Any intra-entity profits and losses are eliminated. The Company recorded
equity in the net loss of Surface of $ 1,200
during the year ended December 31, 2019.
The Company recorded equity in the net loss of Surface of $ 2,433
during the year ended December 31, 2020.
As of December 31, 2020 and 2019, the carrying value of the Company’s investment in Surface was $ 1,314
and $ 3,747 ,
respectively. See
Note 5 for more information and related party disclosure regarding Surface. Property,
Plant and Equipment Property,
plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization is calculated
using the straight-line method over the estimated useful life of the asset. Leasehold improvements and capital lease equipment
are amortized over the estimated useful life or remaining lease term, whichever is shorter. Computer software and hardware and
furniture and equipment are depreciated over three
to five years Business
Combinations The
Company accounts for business combinations by recognizing the assets acquired, liabilities assumed, contractual contingencies,
and contingent consideration at their fair values on the acquisition date. The purchase price allocation process requires management
to make significant estimates and assumptions, especially with respect to intangible assets, estimated contingent consideration
payments and pre-acquisition contingencies. Examples of critical estimates in valuing certain of the intangible assets the Company
has acquired or may acquire in the future include but are not limited to:
● future
expected cash flows from product sales, support agreements, consulting contracts, other customer contracts, and acquired developed
technologies and patents; and
● discount
rates utilized in valuation estimates. Unanticipated
events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results.
Additionally, any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date,
including changes from events after the acquisition date, such as changes in our estimates of relevant revenue or other targets,
will be recognized in earnings in the period of the estimated fair value change. A change in fair value of the acquisition-related
contingent consideration or the occurrence of events that cause results to differ from our estimates or assumptions could have
a material effect on the consolidated financial position, statements of operations or cash flows in the period of the change in
the estimate. Goodwill
and Intangible Assets Patents
and trademarks are recorded at cost and capitalized at a time when the future economic benefits of such patents and trademarks
become more certain. At that time, the Company capitalizes third-party legal costs and filing fees associated with obtaining and
prosecuting claims related to its patents and trademarks. Once the patents have been issued, the Company amortizes these costs
over the shorter of the legal life of the patent or its estimated economic life, generally 20
years, using the straight-line method.
Trademarks are an indefinite life intangible asset and are assessed for impairment based on future projected cash flows as further
described below. The
Company reviews its goodwill and indefinite-lived intangible assets for impairment as of January 1 of each year and when an event
or a change in circumstances indicates the fair value of a reporting unit may be below its carrying amount. Events or changes
in circumstances considered as impairment indicators include but are not limited to the following:
● significant
underperformance of the Company’s business relative to expected operating results;
● significant
adverse economic and industry trends;
● significant
decline in the Company’s market capitalization for an extended period of time relative to net book value; and
● expectations
that a reporting unit will be sold or otherwise disposed. The
goodwill impairment test consists of a two-step process as follows: Step
1. The Company compares the fair value of each reporting unit to its carrying amount, including the existing goodwill. The fair
value of each reporting unit is determined using a discounted cash flow valuation analysis. The carrying amount of each reporting
unit is determined by specifically identifying and allocating the assets and liabilities to each reporting unit based on headcount,
relative revenues or other methods as deemed appropriate by management. If the carrying amount of a reporting unit exceeds its
fair value, an indication exists that the reporting unit’s goodwill may be impaired and the Company then performs the second
step of the impairment test. If the fair value of a reporting unit exceeds its carrying amount, no further analysis is required. Step
2. If further analysis is required, the Company compares the implied fair value of the reporting unit’s goodwill, determined
by allocating the reporting unit’s fair value to all of its assets and its liabilities in a manner similar to a purchase
price allocation, to its carrying amount. If the carrying amount of the reporting unit’s goodwill exceeds its fair value,
an impairment loss will be recognized in an amount equal to the excess. Impairment
of Long-Lived Assets Long-lived
assets, such as property, plant and equipment, purchased intangibles subject to amortization and patents and trademarks, are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted
future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash
flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the
asset. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the
carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group
classified as held-for-sale would be presented separately in the appropriate asset and liability sections of the consolidated
balance sheet, if material. Park
Restructuring In
August 2019, the Company’s subsidiary, Park Compounding, Inc. (“Park”), and Noice Rx, LLC (“Noice”)
terminated an Asset Purchase Agreement dated July 26, 2019 (the “Park Purchase Agreement”), between the parties. Under
the terms of the Park Purchase Agreement, Park had agreed to sell substantially all its assets associated with its non-ophthalmology
pharmaceutical compounding business to Noice, including its pharmacy facility and equipment located in Irvine, California. The
closing of the sale transaction was dependent on the California State Board of Pharmacy approving of the sale and issuing a temporary
pharmacy and sterile license permit to Noice, which did not occur and led to Park ceasing operations at the close of business
on August 27, 2019. As a result, the Company restructured its Park business, ceased operations at its Irvine, California-based
pharmacy, and facilitated the transition of certain compounded formulations and related equipment from Park to the Company’s
New Jersey-based compounded pharmaceutical production facilities (the “Park Restructuring”). As a result of the Park
Restructuring, the Company incurred non-cash impairment costs of approximately $ 3,781
related to assets held at Park, primarily
associated with property, plant, equipment, inventory, goodwill and other intangible assets, and $ 480
in one-time costs related to severance
packages and other costs associated with the Park Restructuring during the year ended December 31, 2019. The
Company has reduced the Park compounded product formulary to seven base formulations, based on factors including unit order volumes,
revenues and gross margin percentages, and ImprimisRx retained approximately half of Park’s historical revenues during
the first quarter of 2020. Fair
Value Measurements Fair
value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability.
GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes
the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value
hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels:
● Level
1: Applies to assets or liabilities for which there are quoted prices (unadjusted) for identical assets or liabilities in
active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure
fair value whenever available.
● Level
2: Applies to assets or liabilities for which there are significant other observable inputs other than Level 1 prices, such
as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are
observable or can be corroborated by observable market data.
● Level
3: Applies to assets or liabilities for which there are significant unobservable inputs that reflect a reporting entity’s
own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, Level
3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. At
December 31, 2020 and 2019, the Company measured its investment in Eton on a recurring basis. The Company’s investment in
Eton is classified as Level 1 as the fair value is determined using quoted market prices in active markets for the same securities.
As of December 31, 2020 and 2019, the fair market value of the Company’s investment in Eton was $ 28,455
and $ 25,200 ,
respectively. The
Company’s financial instruments include cash and cash equivalents, restricted cash, investment in Eton, accounts receivable,
accounts payable and accrued expenses, accrued payroll and related liabilities, deferred revenue and customer deposits, loans
payable and operating and finance lease liabilities. The carrying amount of these financial instruments, except for loans payable
and operating and finance lease liabilities, approximates fair value due to the short-term maturities of these instruments. The
Company’s restricted cash which is comprised of short-term investments are carried at amortized cost, which approximates
fair value. Based on borrowing rates currently available to the Company, the carrying values of the loans payable and operating
and finance lease liabilities approximate their respective fair values. Stock-Based
Compensation All
stock-based payments to employees, directors and consultants, including grants of stock options, warrants, restricted stock units
(“RSUs”) and restricted stock, are recognized in the consolidated financial statements based upon their estimated
fair values. The Company uses the Black-Scholes-Merton option pricing model and Monte Carlo simulation model to estimate the fair
value of stock-based awards. The estimated fair value is determined at the date of grant. The financial statement effect of forfeitures
is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates. Basic
and Diluted Net Income (Loss) per Common Share Basic
net income (loss) per common share is computed by dividing income (loss) attributable to common stockholders for the period by
the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is computed
by dividing the income (loss) attributable to common stockholders for the period by the weighted average number of common
and common equivalent shares, such as stock options and warrants, outstanding during the period. Basic
and diluted net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during
the period. Common stock equivalents (using the treasury stock or “if converted” method) from stock options, unvested
restricted stock units (“RSUs”) and warrants were 5,411,929
and 4,848,459
at December 31, 2020 and 2019, respectively,
and are excluded in the calculation of diluted net income (loss) per share for the periods presented, because the effect is anti-dilutive
for that time period. Included in the basic and diluted net income (loss) per share calculation were RSUs awarded to directors
that had vested, but the issuance and delivery of the shares are deferred until the director resigns. The number of shares underlying
vested RSUs at December 31, 2020 and 2019 was 200,463
and 324,303 ,
respectively. The
following table shows the computation of basic net income (loss) per share of common stock for the years ended December 31, 2020
and 2019 (in 000’s, except share and per share amounts): SCHEDULE
OF BASIC EARNINGS PER COMMON SHARE
2020 2019
For
the Year Ended December 31,
2020 2019
Numerator
– net (loss) income attributable to Harrow Health, Inc. $ (3,357 ) $ 168
Denominator – weighted average
number of shares outstanding, basic 25,895,352 25,323,159
Net
(loss) income per share, basic $ (0.13 ) $ 0.01 For
the year end December 31, 2019, the Company computed diluted net income per share using the weighted-average number of common
shares and dilutive common equivalent shares outstanding during that period. Diluted common equivalent shares for the year ended
December 31, 2019 consisted of the following (in 000’s, except share and per share amounts): SCHEDULE
OF DILUTED COMMON EQUIVALENT SHARES
For
the Year Ended
December
31, 2019
Diluted shares related to:
Warrants 488,498
Stock
options 654,441
Dilutive common
equivalent shares 1,142,939 The
following table shows the computation of diluted net income per share using the weighted-average number of common shares and dilutive
common equivalent shares outstanding for the year ended December 31, 2019 (in 000’s, except share and per share amounts): SCHEDULE
OF DILUTED EARNINGS PER COMMON SHARE
December
31, 2019
For
the Year Ended
December
31, 2019
Numerator
– net income $ 168
Weighted average number of shares outstanding, basic 25,323,159
Dilutive common
equivalents 1,142,939
Denominator –
number of shares used for diluted earnings per share computation 26,466,098
Net income per
share, diluted $ 0.01 Recently
Adopted Accounting Pronouncements In
June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments In
January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other In
August 2018, the FASB issued ASU 2018-13, Changes to Disclosure Requirements for Fair Value Measurements Recently
Issued Accounting Pronouncements In
December 2019, the FASB issued ASU 2019-12, Income Taxes Simplifying the Accounting for Income Taxes Reclassifications Certain
prior period items and amounts have been reclassified to conform to the classifications used to prepare the consolidated financial
statements for the year ended December 31, 2020. These reclassifications had no material impact on the Company’s consolidated
financial position, results of operations, or cash flows as previously reported. |
