| Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES Basis
of Presentation The accompanying consolidated financial
statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
Certain prior year balances have been reclassified to conform to the current year’s presentation. Principles
of Consolidation The accompanying consolidated financial
statements include the financial statements of the Company, its wholly-owned subsidiaries, and the VIE and its subsidiary. All
inter-company transactions and balances have been eliminated upon consolidation. VIE
Agreements with Beijing Hongtao The Company does not have a direct equity
ownership interest in Beijing Luji but relies on the VIE Agreements to control and receive the economic benefits of Beijing Luji’s
business. The Company relies on contractual arrangements with its variable interest entity to operate its online to office (O2O)
business in the PRC in which foreign investment is restricted or prohibited. The O2O platform integrates the Company’s e-commerce
platform with physical outlets (service centers) to connect consumers and merchants in a dynamic marketplace. Pursuant to the VIE
Agreements, the Company, through Beijing Hongtao, is able to exercise effective control over, bears the risks of, enjoys substantially
all of the economic benefits its VIE and its subsidiary and has an exclusive option to purchase all or part of the equity interests
in the VIE when and to the extent permitted by PRC law. The Company’s management concluded that Beijing Luji and
its subsidiary are variable interest entities of the Company and Beijing Hongtao is the primary beneficiary of Beijing Luji and
its subsidiary. As such, the financial statements of the VIE and its subsidiary are included in the consolidated financial statements
of the Company. Each of the VIE Agreements is described in detail below: Exclusive
Consulting and Services Agreement Pursuant to the Exclusive Consulting and
Services Agreement signed on May 15, 2019, between Beijing Hongtao and Beijing Luji, Beijing Hongtao agrees to provide various
services exclusively to Beijing Luji including development and research services for business-related software, pre-job and on-the-job
training services, technology development and transfer services, public relations services, market research and consulting services,
short and medium-term market development and planning services, various technical support services, consulting services related
to business compliance, organization and planning services related to marketing and membership activities. For services rendered
to Beijing Luji by Beijing Hongtao under this agreement, Beijing Hongtao is entitled to collect 100% of the net income of
Beijing Luji. The Exclusive Consulting and Services Agreement
shall remain in effect for ten years from the date of signing unless it is terminated by Beijing Hongtao in advance or upon the
mutual agreement of both parties. Beijing Luji may terminate the agreement subject to payment of all service fees for completed
services and compensation to Beijing Hongtao for losses. Prior to the termination of this agreement, the parties may extend the
term of this agreement in accordance with the requirements of Beijing Hongtao. Business
Operations Agreement Pursuant to the Business Operations Agreement
signed on May 15, 2019, by and among the Beijing Luji shareholders, Beijing Luji and Beijing Hongtao. Beijing Luji agreed not to
conduct any transactions that may materially affect its assets, business, personnel, obligations, rights or company operations,
without the prior written consent of Beijing Hongtao. Beijing Hongtao agrees to provide advice to Beijing Luji from time to time
regarding the appointment and dismissal of employees, daily management and financial management systems. Beijing Luji and Beijing
Luji shareholders also agree to appoint designees of Beijing Hongtao to serve as its board of directors and on the senior management
team of Beijing Luji. In connection with this agreement, the Beijing Luji shareholders executed a power of attorney of the Business
Operations Agreement in which the Beijing Luji shareholders shall irrevocably authorize the designated personnel of Beijing Hongtao
to exercise their shareholders’ rights on their behalf, including voting rights at the shareholders' meeting in the name
of the shareholders. The Beijing Luji shareholders further agree that they will replace the person authorized in the above power
of attorney at any time upon Beijing Hongtao's request. The Business Operations Agreement shall remain in effect for ten years
from the date of signing unless earlier terminated by Beijing Hongtao by delivering 30 days prior written notice or upon the mutual
agreement of all parties. Beijing Luji and the Beijing Luji shareholders do not have the right to terminate the agreement unilaterally.
Upon the termination of any agreement between Beijing Hongtao and Beijing Luji, Beijing Hongtao shall be entitled to terminate
all agreements between such parties. Equity
Disposal Agreement Pursuant to the Equity Disposal Agreement
signed on May 15, 2019, by and among the Beijing Luji shareholders, Beijing Luji and Beijing Hongtao, the Beijing Luji shareholders
granted to Beijing Hongtao an exclusive option right to purchase all of their equity interests in Beijing Luji to secure the execution
of the Equity Pledge Agreement in which the details are set out below. Under the terms of this agreement, Beijing Hongtao
has an exclusive right to purchase, to the extent permitted under the PRC law, at any time, all or any part of the equity interests
of the Beijing Luji shareholders in Beijing Luji or an option to transfer the equity interests in Beijing Luji to any third party
designated by Beijing Hongtao. The option price shall be the minimum permitted by the laws and regulations of the PRC. The
Equity Disposal Agreement has a term of ten years from the date of signing, and it may be renewed at Beijing Hongtao’s discretion. Equity
Pledge Agreement Pursuant to the Equity Pledge Agreement
signed on May 15, 2019, by and among the Beijing Luji shareholders and Beijing Hongtao, the Beijing Luji shareholders pledged all
of their equity interests in Beijing Luji to Beijing Hongtao to guarantee the performance of Beijing Luji’s obligations under
the Exclusive Consulting and Services Agreement, the Equity Disposal Agreement and the Business Operations Agreement. Under
the terms of the agreement, in the event that Beijing Luji or its shareholders breach their respective contractual obligations
under the Exclusive Consulting and Services Agreement, the Equity Disposal Agreement and the Business Operations Agreement, or
upon occurrence of any event of default as set forth in the Equity Pledge Agreement, Beijing Hongtao shall be entitled to exercise
its rights under this agreement, subject to certain cure periods. The Beijing Luji shareholders further agree not to dispose of
the pledged equity interests or take any actions that would prejudice Beijing Hongtao’s interest. The Equity Pledge Agreement shall be effective
until Beijing Luji and the Beijing Luji shareholders have performed all of their obligations under the Exclusive Consulting and
Services Agreement, the Equity Disposal Agreement and the Business Operations Agreement and the written approval of Beijing Hongtao
has been obtained. Agency
Agreement Pursuant to the Agency Agreement signed
on May 15, 2019, among the Beijing Luji shareholders and Beijing Hongtao, the Beijing Luji shareholders granted Beijing Hongtao
an irrevocable license for the longest period permitted under law the right to exercise the voting rights of the Beijing Luji shareholders
in accordance with the laws of the PRC and the Articles of Association of Beijing Luji. During the term of this Agreement, none
of the Beijing Luji shareholders shall be entitled to transfer their interest in Beijing Luji to any third party other than entities
or individuals designated by Beijing Hongtao. This Agency Agreement shall be irrevocable and continuously valid from the date of
execution of this Agency Agreement, and it can be terminated at Beijing Hongtao’s discretion. During
the year ended December 31, 2020 and 2019, HanJiao, Luji Technology and Inooka did not have any business activities. Use of Estimates The
preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected
in the Company’s consolidated financial statements include the allowance for doubtful accounts and slow-moving inventory,
and the useful lives of property and equipment. Since the use of estimates is an integral component of the financial reporting
process, actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) FASB ASC Section 820, “Fair Value
Measurements and Disclosures.” ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value,
and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 applies to assets or
liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or
liabilities for which there are inputs, other than quoted prices in level 1, that are observable for the asset or liability
such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in
markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant
inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or
liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the
fair value of the asset or liability. The carrying value of financial instruments included in current
assets and liabilities approximate their fair values because of the short-term nature of these instruments. Cash and Cash Equivalents Cash and cash
equivalents consist of cash on hand, cash on deposit and other highly liquid investments which are unrestricted as to withdrawal
or use, and which have original maturities of three months or less when purchased. The Company maintains cash with various financial
institutions in the PRC. As of December 31, 2020 and 2019, the Company had cash and cash equivalents of approximately $2.7 million
and $28.9 million, respectively. The Company’s cash equivalents included approximately $nil and $11.6 million (RMB 80 million)
of the bank’s financial products as of December 31, 2020 and 2019, respectively. Restricted Cash Restricted cash represents cash preserved
for a legal matter (see Note 19). Risks and Uncertainties The operations of the Company are located
in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the
political, economic, and legal environment in the PRC, as well as by the general state of the PRC economy. The Company’s
operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North
America and Western Europe. These include risks associated with, among other factors, the political, economic and legal environment
and foreign currency restrictions. The Company’s results may be adversely affected by changes in the political, regulatory
and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations,
anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. Although
the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations,
changes in the future could affect the Company’s interest in these entities. The outbreak of COVID-19 that started in
late January 2020 in the PRC had negatively affected our business. In March 2020, the World Health Organization declared COVID-19
as a pandemic and has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities
in China and the U.S. in the subsequent months. Given the rapidly expanding nature of the COVID-19 pandemic, and because substantially
all of the Company’s business operations and its workforce are concentrated in China, the Company’s business, results
of operations, and financial condition for the year ended December 31, 2020 have been adversely affected. There is an uncertainty
around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the Company’s business.
Based on management’s assessment of the current economic environment in the PRC, the Company’s recent sales trend,
and the possible negative impact from a prolonged pandemic in the PRC, management believes that the Company’s revenues and
operating cash flows may be lower than expected in the first half of 2021. To mitigate the overall financial impact of COVID-19
on the Company’s business, management continues to explore opportunities to reduce its operating overhead and works closely
with its service centers to develop promotional activities that will hopefully generate additional sales in 2021. Inventor Inventories consist of finished goods and
they are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Company
periodically evaluates its inventories and will record an allowance for inventories that are either slow-moving, may not be saleable
or whose cost exceeds its net realizable value. Advance to Suppliers Advance to suppliers consists of payments
to suppliers for finished goods that have not been delivered to the Company. The Company periodically evaluates and reviews its
advance to suppliers to determine whether its carrying value has been impaired. Long-term Investment Long-term investment consists of the Company’s
equity investment for strategic or business development purposes. The Company applies the equity method of accounting for its equity
investment, according to FASB ASC 323 “Investment—Equity Method and Joint Ventures,” over which it has significant
influence but does not own a majority equity interest or otherwise control. Under the equity method, the Company’s share
of the profits or losses of the equity investees are recorded in its consolidated statements of comprehensive income (loss). The Company reviews its investment at least
annually to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors
the Company considers in its determination are the duration and severity of the decline in fair value; the financial condition,
operating performance and the prospects of the equity investee; and other company specific information such as recent financing
activities. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment will be written
down to its fair value. No events have occurred that indicated
an impairment in fair value for the year ended December 31, 2020. Property and Equipment, Net Property and equipment are carried at cost
and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs and
maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of,
the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included
in income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment,
when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Estimated useful lives are as follows,
taking into account the assets’ estimated residual value:
Classification Estimated useful lives
Property 20 years
Vehicles 10 years
Office equipment 3 years
Furniture and fixtures 3 years
Software 3 years Long-lived Assets Finite-lived assets and intangibles are
reviewed for impairment testing when circumstances require. For purposes of evaluating the recoverability of long-lived assets,
when undiscounted future cash flows will not be sufficient to recover an asset’s carrying amount, the asset is written down
to its fair value. The long-lived assets of the Company that are subject to evaluation consist primarily of property and equipment,
and long-term investment. For the year ended December 31, 2020 and 2019, the Company did not recognize any impairment of its long-lived
assets. Leases In January 2016, the FASB issued ASU 2016-02,
“Leases” (“ASU 2016-02”) requiring leases to be recognized on the balance sheet as a right-of-use asset
and lease liability for all long-term leases and requiring disclosure of key information about leasing arrangements in order to
increase transparency and comparability among organizations. Effective July 1, 2020, the Company adopted
ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require it to reassess: (1) whether
any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3)
initial direct costs for any expired or existing leases. The Company also adopted the practical expedient that allows lessees to
treat the lease and non-lease components of a lease as a single lease component. The Company measures the lease liability
based on the present value of the lease payments discounted by the relevant borrowing rate and reduces the carrying value of the
lease liability for lease payments made. Leases with an initial expected term of 12 months or less are considered short-term and
are not recorded on the Company’s consolidated balance sheets. The Company recognizes lease expense for these leases on a
straight-line basis over the expected lease term. Revenue Recognition On January 1, 2019, the Company adopted
FASB ASC 606, Revenue from Contracts with Customers using the modified retrospective method for all contracts not completed as
of the date of adoption. Accordingly, revenues for the year ended December 31, 2020 and 2019, are presented under ASC 606. The core principle underlying the revenue
recognition standard is that the Company will recognize revenue to represent the transfer of products or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the
Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or
over time, based on when control of the product or the benefit of the services transfers to the customer. Under the guidance of
ASC 606, the Company is required to (a) identify the contract with a customer, (b) identify the performance obligations
in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations
in the contract and (e) recognize revenue when (or as) the Company satisfies its performance obligations. Product Sales: Fozgo Beijing Luji collects cash from customers
before or upon delivery of products mainly through banks and third-party online payment platforms (such as Alipay). Cash collected
from customers before product delivery is recognized as advance from customers. Cost of Revenues Cost of revenues consists primarily of
the cost of merchandise sold, delivery cost, service fees, sales incentives and commissions that are directly attributable to the
sale of certain designated products as well as allowance for and write-down of slow-moving inventories. General and Administrative Expenses General and administrative expenses consist
mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax,
legal and human resources, professional fees and other general corporate expenses as well as costs associated with the use by these
functions of facilities and equipment, such as depreciation and rental expenses. Selling Expenses Selling expenses consist mainly of payroll
and benefits for employees involved in the sales and distribution functions, meeting/event fees, advertisement, marketing and selling
expenses that are related to events and activities at the Company’s service centers designed to promote product sales as
well as operating expenses related to the service centers. Finance Expenses (Income) Finance expenses consist mainly of service
fees related to the use of third-party online payment platforms, bank fees and interest expenses related to borrowings; net of
interest income from bank and related bank products. For the years ended December 31, 2020 and
2019, payment processing fees amounted to $9,911 and $274,149, respectively. For year ended December 31, 2020 and 2019, interest
expense amounted to $30,920 and $16,312, respectively. For the years ended December 31, 2020 and 2019, interest income amounted
to $230,590 and $207,052, respectively. Other Income (Expenses) Other income consists primarily of income
from the administration of Beijing Luji’s online marketplace. Other expenses consist mainly of estimated tax penalties and
charitable contributions. Income Taxes The Company follows FASB ASC Topic 740,
“Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences
of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized
for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting
amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences
are expected to affect taxable income. Deferred tax assets are also recognized for operating losses that are available to offset
the future taxable income. Valuation allowances are established when deemed necessary to reduce deferred tax assets to the amount
expected to be realized. The Company follows FASB ASC 740-10-25,
“Accounting for Uncertainty in Income Taxes”, which requires income tax positions to meet a more-likely-than-not recognition
threshold to be recognized in the financial statements. Under ASC 740-10-25, tax positions that previously failed to meet the more-likely-than-not
threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized
tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting
period in which that threshold is no longer met. The Company believes that it does not have any uncertain tax positions. It is
not expected that there will be any uncertain tax position within year of December 31, 2020. The application of tax laws and regulations
is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change
as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the
actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities
or potentially reverse previously recorded tax liabilities or the deferred tax asset valuation allowance. Due to the lack of temporary
differences between the tax bases and their financial reporting amounts, the Company has not recognized any deferred tax assets
or liabilities as of December 31, 2020 and 2019. Enterprise Income Tax Under the Provisional Regulations of the
PRC concerning income tax on enterprises promulgated by the PRC (the “EIT Law”), the Company was qualified as a high
and new technology enterprise starting in 2018, and enjoys a preferential tax rate of 15% for 3 years that expired in 2020 and
the Company is applying to qualify for the same preferential tax rate. An entity can re-apply to be a high and new technology enterprise
when the prior certificate expires. Income tax is payable at a rate of 15% of our taxable income for the year ended December 31,
2020 and 2019. Value-Added Tax Starting from May 1, 2018, the VAT rate
for revenue generated from providing products was 16%. Starting from April 1, 2019, the VAT rate for revenue generated from providing
products changed from 16% to 13%. VAT is reported as a reduction of revenue when incurred. Entities that are VAT general taxpayers
are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The net VAT balance between input
VAT and output VAT is recorded in taxes payable. Foreign Currency Translation The functional currency of the Company’s
operations in the PRC is the Chinese Yuan or Renminbi (“RMB”). The financial statements are translated into U.S. dollars
(“USD”) using the period end rates of exchange for assets and liabilities, equity is translated at historical exchange
rates, and average rates of exchange (for the period) are used for revenues and expenses and cash flows. As a result, amounts relating
to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding
balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial
statements into USD are included in determining comprehensive income (loss). Transactions denominated in foreign currencies are
translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated
in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with
any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than
the functional currency are included in the results of operations as incurred. All of the Company’s revenue transactions
are transacted in its functional currency. The Company does not enter into any material transactions in foreign currencies. Transaction
gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company. The exchange rates as of December 31, 2020
and 2019 and for the year ended December 31, 2020 and 2019 are as follows:
December 31, December 31, Years ended
2020 2019 2020 2019
Foreign currency Balance Sheet Balance Sheet Profits/Loss Profits/Loss
RMB:1USD 6.5249 6.9762 6.8976 6.8985 Comprehensive Income (Loss) Comprehensive income (loss) consists of
two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses,
gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income (loss).
Other comprehensive income (loss) consists entirely of foreign currency translation adjustments resulting from the Company’s
translation of its financial statements from its functional currency into USD. Earnings (loss) Per
Share Basic earnings (loss) per share is computed
by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings
per share is computed by dividing net income by the weighted-average number of ordinary shares plus dilutive potential ordinary
shares outstanding during the period. When the Company has a loss, the potential ordinary shares are not included since their inclusion
would be anti-dilutive. For the year ended December 31, 2020 and 2019, there were no potential ordinary shares, such as options,
warrants or conversion rights, that would have a dilutive effect on the Company’s earnings per share. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02,
Amendments to the ASC 842 Leases. This update requires a lessee to recognize an asset and liability (the lease liability) arising
from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee
(and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option
to extend the lease or not to exercise an option to terminate the lease. Leases with twelve months or less lease term, a lessee
is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election,
it should recognize lease expense on a straight-line basis over the lease term. In transition, this update was effective for public
entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted
ASU 2016-02 upon the completion of the Share Exchange Transaction. The adoption of ASU 2016-02 did not have a material impact on
the Company’s consolidated financial statements. In July 2017, the FASB Issued ASU 2017-11,
Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815). The
amendments in Part I of the Update change the reclassification analysis of certain equity-linked financial instruments (or embedded
features) with down round features. The amendments in Part II of this Update recharacterize the indefinite deferral of certain
provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. For public business
entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years,
beginning after December 15, 2018. For all other entities, the amendments in Part I of this Update are effective for fiscal years
beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The amendments in
Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The adoption
of this ASU did not have a material effect on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair
Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU
2018-13”), which amends certain disclosure requirements over Level 1, Level 2, and Level 3 fair value measurements.
ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years.
Early adoption is permitted. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial
statements. In December 2019, the FASB issued ASU No.
2019-12, Income Taxes (Topic 740) to simplify accounting for income taxes. This ASU removes certain exceptions to the general principles
in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning
after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company does not expect
the adoption of the new ASU to have a significant impact on its consolidated financial statements. The Company does not believe that other
recently issued accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial
statements. |
