| Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements
and related notes are presented in accordance with generally accepted accounting principles in the United States (“GAAP”),
expressed in U.S. dollars. The unaudited condensed consolidated financial statements
include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been
eliminated in consolidation. These unaudited condensed consolidated financial statements
reflect all adjustments including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly the
financial position, results of operations and cash flows for the periods presented in accordance with the GAAP. These unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended January
2, 2021 which are included in the Company’s January 2, 2021 Form 10-K (“Fiscal 2020”), filed with the United States
Securities and Exchange Commission on April 16, 2021. The Company assumes that the users of the interim financial information herein have
read, or have access to, the audited consolidated financial statements for the preceding period, and that the adequacy of additional disclosure
needed for a fair presentation may be determined in that context. The results of operations for the period ended April 3, 2021 are not
necessarily indicative of results for the entire year end. This report is for the period January 3, 2021 to April 3, 2021 (“Q1 2021
YTD”) and December 29, 2019 to March 28, 2020 (“Q1 2020 YTD”). The Company uses a 4-4-5 calendar month which only has
364 days and as such an extra week would need to be added every few years. In October of 2020, the Company’s board of directors
(the “Board”) approved the addition of such an extra week to last year’s fiscal year end resulting in the last year
ended on January 2, 2021. Liquidity The accompanying financial statements do not include
any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. The accompanying
financial statements have been prepared on a basis, which contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. As shown in the accompanying financial statements as of the quarter ended April 3, 2021, the Company has
an accumulated deficit of $93,867 and a working capital deficit of $27,001. At April 3, 2021, we had total debt of $40,352 and $2,363
of cash on hand. We have historically met our cash needs through a combination of cash flows from operating activities, term loans, promissory
notes, convertible notes, private placement offerings and sales of equity. Our cash requirements are generally for operating activities
and debt repayments. The financial statements included in this quarterly
report have been prepared assuming that we will continue as a going concern, which contemplates the recoverability of assets and the satisfaction
of liabilities in the normal course of business. Significant assumptions underlie this belief, including, among other things, that there
will be no material adverse developments in our business, liquidity, capital requirements and that our credit facilities with our lenders
will remain available to us. Further, the Second Amended and Restated 12% Senior
Secured Note, due September 30, 2022 (the “Jackson Note”) that the Company issued on October 26, 2020 to Jackson Investment
Group LLC (“Jackson”) pursuant to that certain Second Amended and Restated Note Purchase Agreement, dated October 26, 2020,
among the Company, certain of its subsidiaries and Jackson (the “Amended Note Purchase Agreement”), and the Company’s
accounts receivable financing facility with Midcap include certain customary financial covenants and the Company has had instances of
non-compliance, including the current quarter ended April 3, 2021. Management has historically been able to obtain from Jackson and Midcap
waivers of any non-compliance, including the current quarter ended April 3, 2021 and management expects to continue to be able to obtain
necessary waivers in the event of future non-compliance; however, there can be no assurance that the Company will be able to obtain such
waivers, and should Jackson and Midcap refuse to provide a waiver in the future, the outstanding debt under the Amended Note Purchase
Agreement and the Jackson Note and the Midcap accounts receivable financing facility could become due immediately, which exceeds our current
cash balance. On February 12, 2021, the Company closed an offering
(the “February 2021 Offering”) of 20,851,199 shares of common stock and pre-funded warrants to purchase up to 1,004,081 shares
of common stock. The Pre-funded Warrants were sold at $0.8999 per Pre-Funded Warrant. The Pre-Funded Warrants were exercised immediately
upon issuance, whereupon 1,004,081 shares of common stock were issued on February 12, 2021. The net proceeds to the Company from the February
2021 Offering were approximately $18.1 million, after deducting placement agent fees and estimated offering expenses totaling $1,596 payable
by the Company. The Company also incurred professional fees related to the February 2021 Offering totaling $227. Prior to the exchange
of the Company’s Series E Convertible Preferred Stock for newly issued Series G Convertible Preferred Stock, consummated on May
6, 2021, the Company was required to use the proceeds of any sales of equity securities, including the securities offered in the February
2021 Offering, exclusively to redeem any outstanding shares of the Company’s Series E Convertible Preferred Stock, subject to certain
limitations. On February 5, 2021, the Company received a Limited Consent and Waiver from Jackson Investment Group, LLC (the “Limited
Consent”), the sole holder of the Company’s outstanding shares of Series E Convertible Preferred Stock, to use approximately
(i) 75% of the net proceeds from the February 2021 Offering to redeem a portion of the Jackson Note, which had an outstanding principal
amount of $32,710 as of February 9, 2021, and (ii) 25% of the net proceeds from the February 2021 Offering to redeem a portion of the
Company’s Series E Convertible Preferred Stock. Pursuant to the Limited Consent, upon closing of the February 2021 Offering, the
Company redeemed a portion of the Jackson Note with an outstanding principal amount of $13,556 and redeemed 4,518 shares of the Base Series
E Preferred Stock. Following the redemption of the portion of the Jackson Note and Base Series E Preferred Stock, the Jackson Note balance
was $19,154 and the Company had 6,172 shares of Base Series E Preferred Stock outstanding with an aggregate stated value of $6,172. On April 21, 2021, the Company entered into a securities
purchase agreement with certain institutional and accredited investors for the issuance and sale of an aggregate of 4,697.6328 shares
of Series F Convertible Preferred Stock at a price of $1,000 per share and warrants (the “Warrants”) to purchase up to an
aggregate of 7,829,388 shares of common stock, at an exercise price of $0.60 per share. The Warrants are exercisable upon the later of
the effective date of a reverse stock split or six months following the closing of the private placement and will expire five years following
the date that the Warrants first become exercisable. The Series F Convertible Preferred Stock is convertible
into an aggregate of approximately 7,829,388 shares of common stock at a conversion price of $0.60 per share, subject to certain ownership
limitations, upon the Company amending its certificate of incorporation to effect a reverse split within a range of 2-into-1 to up to
20-into-1 to be determined by the Board. The net proceeds to the Company from the securities
purchase agreement were approximately $4.2 million, after deducting placement agent fees and estimate offering expenses payable by the
Company. The Company used $3.2 million of the net proceeds to redeem a portion of the outstanding Second Amended and Restated 12% Senior
Secured Note due September 30, 2022, which had an outstanding principal amount of $19,154 immediately prior to such redemption. In addition,
the Company used $1,000 of the net proceeds for working capital purposes. Going concern The accompanying financial statements have been prepared
in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company’s debt obligations and certain
unsecured payments associated with historical acquisitions are due in the next 12 months, and the Company’s debt obligations with
Jackson and MidCap may become due on demand due to certain covenant violations discussed above, which are in excess of cash on hand. Lastly,
the Company has short term debt obligations amounting to $16,624 from loans received under the Payroll Protection Plan, for which forgiveness
cannot be assured. Historically, the Company has funded such payments either through cash flow from operations or the raising of capital
through additional debt or equity. If the Company is unable to obtain additional capital, such payments may not be made on time. The Novel Coronavirus Disease 2019 (“COVID-19”),
is impacting worldwide economic activity, and activity in the United States and the United Kingdom where our operations are based. The
nature of work of the contractors we support mostly are on the site of our clients. As a result, we are subject to the plans and approaches
of our clients to work during this period. This includes whether they support remote working when they have decided to close their facilities.
To the extent that our clients have decided to or are required to close their facilities or not permit remote work when they decide to
close facilities, we would no longer generate revenue and profit from that client. Developments such as social distancing and shelter-in-place
directives have impacted the Company’s ability to deploy its staffing workforce effectively thereby impacting contracts with customers
in the Company’s Commercial Staffing and Professional Staffing business streams where we had declines in revenues during Fiscal
2020. While expected to be temporary, prolonged workforce disruptions can negatively impact sales in fiscal year 2021 and the Company’s
overall liquidity. The Company’s negative working capital and liquidity
position combined with the uncertainty generated by the economic reaction to the COVID-19 pandemic raise substantial doubt about the Company’s
ability to continue as a going concern. The full impact of the COVID-19 outbreak continues
to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s
financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation
on its financial condition, liquidity, operations, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the
global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations,
financial condition, or liquidity for fiscal year 2021. Divesture of Business On September 24, 2020, the Company and Staffing 360
Georgia, LLC d/b/a first first first first In addition, the Buyer has agreed to assume certain
liabilities related to the Assets. The purchase price in connection with the first first The Asset Purchase Agreement contains non-competition
and non-solicitation provisions customary for agreements of this type. In addition, under the terms of the Asset Purchase Agreement, the
Company has agreed to indemnify the Buyer against certain liabilities, subject to certain conditions and limitations as set forth in the
Asset Purchase Agreement. In connection with execution of the Asset Purchase
Agreement, the Company and certain of its subsidiaries entered into a Consent Agreement (the “Consent”) with Jackson, a noteholder
under our Amended and Restated Note Purchase Agreement, dated September 15, 2017 (the “the Existing Note Purchase Agreement”.)
Under the terms of the Consent and the Certificate of Designation of the Company’s Series E Convertible Preferred Stock (the “Series
E Preferred Stock”), in consideration for Jackson’s consent to the first To induce the Buyer to enter into the Asset Purchase
Agreement, the Company also entered into a Transition Services Agreement with the Buyer, pursuant to which each party agreed to provide
certain transition services such as payrolling through to year end 2020 to minimize any disruption to the businesses of the Seller and
the Buyer arising from the first COVID-19 The full impact of the COVID-19
pandemic continues to evolve as of the date of this quarterly report. As such, it is uncertain as to the full magnitude that the pandemic
will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the
impact of the global situation on its financial condition, liquidity, operations, industry, and workforce. Developments such as social
distancing and shelter-in-place directives have impacted the Company’s ability to generate revenues. Given the daily evolution of
the COVID-19 pandemic, including new information which may emerge concerning the severity of COVID-19 and the global responses to curb
its spread and to treat its impact, the Company is not able to estimate the duration of the effects of the COVID-19 pandemic on its results
of operations, financial condition, or liquidity beyond fiscal year 2020, however the Company continues to take action to reduce the negative
effects of the COVID-19 pandemic on its operations through various cost cutting initiatives including reductions to support personnel,
temporary salary reductions, and elimination of other non-essential spend. Should the impact from the pandemic go on for an extended period
of time, management has developed further plans to partially mitigate the impact of the pandemic. On March 27, 2020, President
Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things,
includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss
carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations
on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also
appropriated funds for the SBA Paycheck Protection Program (“PPP”) loans that are forgivable in certain situations to promote
continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. On May 12, 2020, Monroe Staffing
Services, LLC (“Monroe Staffing”), an indirect subsidiary of the Company, entered into a note (the “May 12 Note”)
with Newton Federal Bank (the “Bank”), pursuant to the PPP of the CARES Act administered by the U.S. Small Business Administration
(“SBA”). The principal amount of the May 12 Note is $10,000. In accordance with the requirements
of the CARES Act, the Company and Monroe Staffing (collectively, the “May 12 Note Borrowers”) used the proceeds from the May
12 Note in accordance with the requirements of the PPP to cover certain qualified expenses, including payroll costs, rent and utility
costs. Interest accrues on the May 12 Note at the rate of 1.00% per annum. The May 12 Note Borrowers applied for forgiveness of the amount
due under the May 12 Note, in an amount equal to the sum of qualified expenses under the PPP. The May 12 Note Borrowers used the entire
proceeds under the May 12 Note for such qualifying expenses. Subject to any forgiveness
under the PPP, the May 12 Note matures two years following the date of issuance of the May 12 Note and included a period for the first
ten months during which time required payments of interest and principal are deferred. Beginning on the eleventh month following the date
of the May 12 Note, the May 12 Note Borrowers are required to make 14 monthly payments of principal and interest. The May 12 Note may
be prepaid at any time prior to maturity. The May 12 Note provides for customary events of default, including, among others, those relating
to breaches of obligations under the May 12 Note, including a failure to make payments, any bankruptcy or similar proceedings involving
the May 12 Note Borrowers, and certain material effects on the May 12 Note Borrowers’ ability to repay the May 12 Note. The May
12 Note Borrowers did not provide any collateral or guarantees for the May 12 Note. On May 20, 2020, Key Resources
Inc. (“KRI”), Lighthouse Placement Services, LLC (“LH”) and Staffing 360 Georgia, LLC (“SG”), each
a wholly owned direct or indirect subsidiary of the Company, entered into the following notes, each dated May 20, 2020, with the Bank,
pursuant to the PPP of the CARES Act administered by the SBA. KRI entered into a note (the “KRI Note”) for the principal amount
of approximately $5,443, LH entered into a note (the “LH Note”) for the principal amount of approximately $1,890, and SG entered
into a note (the “SG Note,” and, together with the KRI Note and LH Note, the “May 20 Notes”) for the principal
amount of approximately $2,063. The combined total of the May 20 Notes is approximately $9,395. In accordance with the requirements
of the CARES Act, the Company, KRI, LH and SG (collectively, the “May 20 Note Borrowers”) used the proceeds from the May 20
Notes in accordance with the requirements of the PPP to cover certain qualified expenses, including payroll costs, rent and utility costs.
Interest accrues on each of the May 20 Notes at the rate of 1.00% per annum. The May 20 Note Borrowers may apply for forgiveness of the
amount due under the May 20 Notes, in an amount equal to the sum of qualified expenses under the PPP. The May 20 Note Borrowers used the
entire proceeds under the May 20 Notes for such qualifying expenses. Subject to any forgiveness
under the PPP, each of the May 20 Notes mature two years following the date of issuance of the May 20 Notes and included a period for
the first ten months during which time required payments of interest and principal are deferred. Beginning on the eleventh month following
the date of each of the May 20 Notes, the May 20 Note Borrowers are required to make 14 monthly payments of principal and interest. Based
upon these payment terms the Company has recognized $16,624 of the PPP Loans as a short-term obligation and $2,771 as non-current. The
May 20 Notes may be prepaid at any time prior to maturity. The May 20 Notes provide for customary events of default, including, among
others, those relating to breaches of obligations under the May 20 Notes, including a failure to make payments, any bankruptcy or similar
proceedings involving the Borrowers, and certain material effects on the Borrowers’ ability to repay the May 20 Notes. The May 20
Note Borrowers did not provide any collateral or guarantees for the May 20 Notes. The application for these
funds required the Company to certify in good faith that the current economic uncertainty made the loan request necessary to support the
ongoing operations of the Company. This certification further required the Company to take into account our current business activity
and our ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental
to the business. The Company made this good faith assertion based upon the adverse impact the COVID-19 pandemic had on our business and
the degree of uncertainty introduced to the capital markets. While the Company has made this assertion in good faith based upon all available
guidance, management will continue to assess their continued qualification if and when updated guidance is released by the Treasury Department. All or a portion of the PPP
Loan may be forgiven by the SBA upon application by the Company beginning 60 days but not later than 120 days after loan approval and
upon documentation of expenditures in accordance with the SBA requirements. Under the CARES Act, loan forgiveness is available for the
sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during the eight-week period beginning
on the date of loan approval. The Company provided all documents in accordance with the SBA requirements. The SBA has yet to respond and
the timeline provided has expired. The Company continues to wait for a response. For purposes of the CARES Act, payroll costs exclude
compensation of an individual employee in excess of $100, prorated annually. Not more than 40% of the forgiven amount may be for non-payroll
costs. Forgiveness is reduced if full-time headcount declines, or if salaries and wages for employees with salaries of $100 or less annually
are reduced by more than 25%. The ultimate forgiveness of the PPP loan is also predicated upon regulatory authorities concurring with
management’s good faith assessment that the current economic uncertainty made the loan request necessary to support ongoing operations.
If, despite the Company’s good-faith belief that given the circumstances the Company satisfied all eligibility requirements for
the PPP Loan, the Company is later determined to have violated any applicable laws or regulations or it is otherwise determined that the
Company was ineligible to receive the PPP Loan, the Company may be required to repay the PPP Loan in its entirety and/or be subject to
additional penalties. In the event the PPP Loan, or any portion thereof, is forgiven pursuant to the PPP, the amount forgiven is applied
to outstanding principal. Effective March 27, 2020,
the Company is deferring Federal Insurance Contributions Act taxes under the CARES Act section 2302. Payment of these tax deferrals of
$2,473 and $2,473 are delayed to December 31, 2021 and December 31, 2022, respectively. Goodwill Goodwill relates to amounts that arose in connection
with various acquisitions and represents the difference between the purchase price and the fair value of the identifiable intangible and
tangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized, but it is subject to periodic
review for impairment. Events that would indicate impairment and trigger an interim impairment assessment include, but are not limited
to, current economic and market conditions, a decline in the equity value of the business, a significant adverse change in certain agreements
that would materially affect reported operating results, business climate or operational performance of the business and an adverse action
or assessment by a regulator. In accordance with ASU No. 2011-08, Intangibles-Goodwill
and Other (Topic 350) Testing Goodwill for Impairment, or ASU 2011-08, the Company is required to review goodwill by reporting unit for
impairment at least annually or more often if there are indicators of impairment present. During the year ended January 2, 2021 the Company
changed its annual measurement date from the first day of the fiscal fourth quarter to the last day of the fiscal year end. A reporting
unit is either the equivalent of, or one level below, an operating segment. The Company early adopted the provisions in ASU 2017-04, which
eliminates the second step of the goodwill impairment test. As a result, the Company’s goodwill impairment tests include only one
step, which is a comparison of the carrying value of each reporting unit to its fair value, and any excess carrying value, up to the amount
of goodwill allocated to that reporting unit, is impaired. The carrying value of each reporting unit is based
on the assignment of the appropriate assets and liabilities to each reporting unit. Assets and liabilities were assigned to each reporting
unit if the assets or liabilities are employed in the operations of the reporting unit and the asset and liability is considered in the
determination of the reporting unit fair value. In Q1 and Q3 of 2020, the Company determined that
the COVID-19 outbreak is, and its continued impact on certain reporting units was a triggering event due to its possible impact on industry
and market conditions and the possible negative effect on earnings and cash flows, and overall financial performance. The Company employed
a combination of market approach (valuations using comparable company multiples) and income approach (discounted cash flow analysis) to
derive the fair value of the reporting unit when performing its impairment testing. Volatility in the Company’s stock price can
result in the net book value of the Company’s reporting units approximating, or even temporarily exceeding market capitalization,
however, the fair value of the Company’s reporting units is driven solely by the market price of the Company’s common stock.
As described above, fair value of the Company’s reporting units is derived using a combination of an asset approach, an income approach
and a market approach. These valuation techniques consider several other factors beyond our market capitalization, such as the estimated
future cash flows of our reporting units, the discount rate used to present value such cash flows and the market multiples of comparable
companies. Changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. The Company recognized an impairment with respect
to its first No impairments to goodwill were recognized subsequent
to Q1 2020. Management has made assumptions regarding partial recovery from the COVID-19 pandemic in 2021 and 2022. If the assumptions
utilized by management are not achieved and declines to operations are greater than anticipated, while failing to achieve growth in future
periods as a result of the prolonged impact of COVID-19 pandemic, an impairment to goodwill could be recorded and such amount could be
material to the financial statements. A reduction in the projected long-term operating performance of the reporting units, market declines,
changes in discount rates or other conditions could result in a material impairment in the future. Revenue Recognition The Company recognizes revenue in accordance with
ASC 606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods
or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract
with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction
price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. The Company accounts for revenues when both parties
to the contract have approved the contract, the rights and obligations of the parties are identified, payment terms are identified, and
collectability of consideration is probable. Payment terms vary by client and the services offered. The Company has two main forms of revenue –
temporary contractor revenue and permanent placement revenue. Temporary contractor revenue is accounted for as a single performance obligation
satisfied over time because the customer simultaneously receives and consumes the benefits of the Company’s performance on an hourly
basis. The contracts stipulate weekly billing and the Company has elected the “as invoiced” practical expedient to recognize
revenue based on the hours incurred at the contractual rate as we have the right to payment in an amount that corresponds directly with
the value of performance completed to date. Permanent placement revenue is recognized on the date the candidate’s full-time employment
with the customer has commenced. The customer is invoiced on the start date, and the contract stipulates payment due under varying terms,
typically 30 days. The contract with the customer stipulates a guarantee period whereby the customer may be refunded if the employee is
terminated within a short period of time, however this has historically been infrequent, and immaterial upon occurrence. As such, the
Company’s performance obligations are satisfied upon commencement of the employment, at which point control has transferred to the
customer. Revenue in Q1 2021 YTD was comprised of $47,918 of temporary contractor revenue and $1,033 of permanent placement revenue, compared
with $55,996 and $2,696 for Q1 2020 YTD, respectively. Refer to Note 10 for further details on breakdown by segments. Reclassifications We may make certain reclassifications to prior period
amounts to conform with the current year’s presentation. These reclassifications did not have a material effect on our condensed
consolidated statement of financial position, results of operations or cash flows. Income Taxes The Company’s provision
for income taxes is based upon an estimated annual tax rate for the year applied to federal, state and foreign income. On a quarterly
basis, the annual effective tax rate is adjusted, as appropriate, based upon changed facts and circumstances, if any, as compared with
those forecasted at the beginning of the fiscal year and each interim period thereafter. The effective income tax
rate was 2.2% and 2.4% for the three months ended April 3, 2021 and March 28, 2020, respectively. The Company’s effective tax rate
differs from the U.S. federal statutory rate of 21%, primarily due to changes in valuation allowances in the U.S., which eliminates the
effective tax rate on current year losses, offset by current state taxes. Foreign Currency The Company recorded a non-cash foreign currency remeasurement
gain (loss) of $128 and $(675), respectively, associated with its U.S dollar denominated intercompany note. Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, which
simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible
debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not
separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as
debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported
net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires
the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available.
ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years
beginning after December 15, 2020. On December 31, 2019, the FASB issued ASC 2019-12
“Income Taxes: Simplifying the Accounting for Income Taxes” (Topic 740.) The amendments in this update simplify the accounting
for income taxes by removing certain exceptions. For public business entities, the amendments in this update are effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted,
including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been
issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity
that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period
that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. In June 2016, the FASB issued ASU 2016-13, “Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This
standard requires an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected
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