| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis
of presentation The
accompany consolidated financial statements of the Company has been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities
and Exchange Commission (“SEC”).
(b) Basis
of consolidation The
consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses
of all majority-owned subsidiaries and VIE over which the Company exercises control and, when applicable, entities for which the
Company has a controlling financial interest or is the primary beneficiary. All inter-company accounts and transactions have been
eliminated in consolidation. The
VIE, Taizhou Suxuantang is owned by three shareholders, each of which act as the Company’s nominee shareholder. For the
consolidated VIEs, the Company’s management made evaluations of the relationships between the Company and the VIE and the
economic benefit flow of contractual arrangements with Taizhou Suxuantang. In connection with such evaluation, management also
took into account the fact that, as a result of such contractual arrangements, the Company control the shareholders’ voting
interests in these VIEs. As a result of such evaluation, management concluded that the Company is the primary beneficiary of the
consolidated VIEs. The Company do not have any VIEs that are not consolidated in the financial statements.
(c) Risks
in relation to the VIE structure It
is possible that the Company’s operation of certain of its operations and businesses through its VIE could be found by PRC
authorities to be in violation of PRC law and regulations prohibiting or restricting foreign ownership of companies that engage
in such operations and businesses. While the Company’s management considers the possibility of such a finding by PRC regulatory
authorities under current law and regulations to be remote. On January 19, 2015, the Ministry of Commerce of the PRC, or
(the “MOFCOM”) released on its Website for public comment a proposed PRC law (the “Draft FIE Law”)
that appears to include VIE within the scope of entities that could be considered to be foreign invested enterprises (or “FIEs”)
that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically,
the Draft FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be
an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual
arrangements within the definition of “actual control.” If the Draft FIE Law was passed by the People’s Congress
of the PRC and went into effect in its current form and as a result the Company’s VIE could become explicitly subject to
the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would
exempt from the definition of foreign invested enterprises entities where the ultimate controlling shareholders are either entities
organized under PRC law or individuals who are PRC citizens. The Draft FIE Law is silent as to what type of enforcement action
might be taken against existing VIEs that operate in restricted or prohibited industries and are not controlled by entities organized
under PRC law or individuals who are PRC citizens. If a finding were made by PRC authorities, under existing law and regulations
or under the Draft FIE Law if it becomes effective, about the Company’s operation of certain of its operations and businesses
through its VIEs, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses
would have broad discretion in dealing with such a violation, including levying fines, confiscating the Company’s income,
revoking the business or operating licenses of the affected businesses, requiring the Company to restructure its ownership structure
or operations, or requiring the Company to discontinue all or any portion of its operations. Any of these actions could cause
significant disruption to the Company’s business operations, and have a severe adverse impact on the Company’s cash
flows, financial position and operating performance. In
addition, it is possible that the contracts among Taizhou Suxuantang, WFOE, and the nominee shareholders of Taizhou Suxuantang
would not be enforceable in China if PRC government authorities or courts were to find that such contracts contravene PRC laws
and regulations or are otherwise not enforceable for public policy reasons. In the event that the Company was unable to enforce
these contractual arrangements, the Company would not be able to exert effective control over the VIEs. Consequently, the VIEs’
results of operations, assets and liabilities would not be included in the Company’s consolidated financial statements.
If such were the case, the Company’s cash flows, financial position, and operating performance would be materially adversely
affected. The Company’s contractual arrangements Taizhou Suxuantang, WFOE, and the nominee shareholders of Taizhou Suxuantang
are approved and in place. Management believes that such contracts are enforceable, and considers the possibility remote that
PRC regulatory authorities with jurisdiction over the Company’s operations and contractual relationships would find the
contracts to be unenforceable. The
Company’s operations and businesses rely on the operations and businesses of its VIEs, which hold certain recognized revenue-producing
assets. The VIEs also have an assembled workforce, focused primarily on research and development, whose costs are expensed as
incurred. The Company’s operations and businesses may be adversely impacted if the Company loses the ability to use and
enjoy assets held by its VIE.
(d) Foreign
currency translation Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates
prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional
currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting
exchange differences are recorded in the statement of operations. The
reporting and functional currencies of the Company and SXT HK are the United States Dollars (“US$”) and the accompanying
financial statements have been expressed in US$. In addition, the WFOE and the VIE maintain their books and records in their respective
local currency, Renminbi (“RMB”), which is also the respective functional currency for each subsidiary as they are
the primary currency of the economic environment in which each subsidiary operates. In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated
into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the
balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting
from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive
income within the statement of stockholders’ equity. Other equity items are translated using the exchange rates on the transaction
date. Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective
periods:
March 31, March 31, March 31,
Balance sheet items, except for equity accounts 6.7111 6.2807 6.8912
March 31, March 31, March 31,
Items in the statements of operations and comprehensive income(loss), and statements of cash flows 6.7138 6.6269 6.7304
(e) Use
of estimates The
preparation of consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes
in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on historical experience
and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments
about the carrying values of assets and liabilities. The following are some of the areas requiring significant judgments and estimates
as of March 31, 2019 and 2018: determinations of the useful lives of long-lived assets, estimates of allowances for doubtful accounts,
sales return rate and valuation assumptions in performing asset impairment tests of long-lived assets.
(f) Fair
values of financial instruments ASC
Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments,
whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market
prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques
are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard,
the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be
realized in immediate settlement of the instruments. Topic 825 excludes certain financial instruments and all nonfinancial assets
and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying
value of the Company.
Level
1 inputs
to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
2 inputs
to the valuation methodology include quoted prices for similar assets and liabilities inactive markets, and inputs that are
observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level
3 inputs
to the valuation methodology are unobservable and significant to the fair value. As
of March 31, 2019 and 2018, financial instruments of the Company primarily comprised of cash and cash equivalents,
restricted cash, accounts receivables, amounts due from related parties, other receivables prepayments, receivables and other
assets, short term borrowing, accounts payable, refund liabilities, amounts due to related parties and other payables accrued
expenses and other current liabilities and notes receivable, notes payable, tax payable,and long term payable The carrying
amounts of these financial instruments approximated their fair values because of their generally short maturities.
(g) Cash
and cash equivalents Cash
and cash equivalents primarily consists of bank deposits with original maturities of three months or less, which are unrestricted
as to withdrawal and use. (h)
Restricted cash Restricted
cash is cash held as collateral for transactions and a loan the Company has entered into. In
November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash,
which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and
cash equivalents when reconciling beginning-of-period and end-of-period total amounts presented in the statement of cash flows.
The Company adopted the new standard effective April 1, 2018, using the retrospective transition method. The
ending balance of cash and cash equivalents and restricted cash presented on the face of the consolidated statements of cash flows
in 2019 is $9,291,933 (2018 $657,767). It includes $ 9,130,849 cash and cash equivalents, 161,084 restricted cash in 2019, $560,252
cash and cash equivalents, $97,515 restricted cash in 2018 as presented in consolidated balance sheets.
(i) Accounts
receivable Accounts
receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which
are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical
collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition,
credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account
balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery
is considered remote. As of March 31, 2019 and 2018, the Company assessed the recoverability of its accounts receivable
and made an allowance of $66,917, $0, respectively.
(i) Inventories Inventories
primarily include raw materials and finished goods. Inventories
are stated at the lower of cost or net realizable value. Cost is determined by the weighted-average method. Raw material cost
is based on purchase costs while work-in-progress and finished goods comprise direct materials, direct labor and an allocation
of manufacturing overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less
estimated costs to completion for work in progress.
(j) Advance
to suppliers Advance
to suppliers represent amounts advanced to suppliers for future purchases of raw materials and for other services. The suppliers
usually require advance payments when the Company makes purchase or orders service and the prepayments will be utilized to offset
the Company’s future payments. These amounts are unsecured, non-interest bearing and generally short-term in nature. Allowances
are recorded when utilization and collection of amounts due are in doubt. Delinquent prepayments are written-off after
management has determined that the likelihood of utilization or collection is not probable and known bad debts are written
off against the allowances when identified. As of March 31, 2019 and March 31, 2018, the allowances were nil and nil,
respectively.
(k) Property,
plant and equipment Property,
plant and equipment primarily consists of machinery, electric equipment, office equipment and leasehold improvements, which is
stated at cost less accumulated depreciation and amortization less any provision required for impairment in value. Depreciation
and amortization are computed using the straight-line method with residual value based on the estimated useful life. The residual
value rate and useful life of property, plant and equipment are summarized as follows:
Asset category Residual value rate Useful
Machinery 5 % 10 years
Electric equipment 5 % 3~5 years
Office equipment 5 % 5 years
Vehicles 5 % 4 years
Leasehold improvement cost 5 % 3~10 years The
Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted
cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the
amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model.
For the years ended March 31, 2019 and 2018, there was no impairment of property, plant and equipment. Costs
of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation
and amortization of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in
the consolidated income statements.
(l) Intangible
assets Intangible
assets are stated at cost less accumulated amortization. Intangible assets represented the trade mark registered in the PRC and
purchased software which are amortized on a straight-line basis over a useful life of ten year. The
Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators
of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’
carrying amounts. For the years ended March 31, 2019 and 2018, there was no impairment of intangible assets.
(m) Construction
in process Construction
in process records the cost of construction work, which is not yet completed A construction
in process item is not depreciated until the asset is placed in service. Construction in process consist of the following:
March 31, March 31,
Factory $ 129,453 $ 138,325
Workshop 519,782 488,079
$ 649,235 $ 626,404 Construction
in process respects unfinished factory and workshop. Construction in process will be transferred to leasehold improvement when
it is finished, Depreciation is recorded starting at the time when assets are ready for the intended use.
(n) Impairment
of long-lived assets Long-lived
assets primarily include property, plant and equipment and intangible assets. In accordance with the provision of ASC Topic 360-10-5,
“Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to
its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such
as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting
unit level, which is an operating segment or one level below an operating segment. If the total of the expected undiscounted future
net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and
carrying amount of the asset. There has been no impairment charge for the years ended March 31, 2019 and 2018, respectively.
(o) Revenue
recognition In
accordance with ASC Topic 606, revenues are recognized when control of the promised goods is transferred to the Company’s
customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. In
determining when and how much revenue is recognized from contracts with customers, the Company performs the following five-step
analysis: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue
when (or as) the entity satisfies a performance obligation. Sales
of pharmaceutical products represent the invoiced value of goods, net of value-added taxes, sales returns, trade discounts and
allowances. Revenue is recognized base on agreed price determined in the contracts with the customers, when the products are delivered
and accepted by customers
(p) Cost
of revenue Cost
of revenue consists primarily of cost of materials, direct labors, overhead, and other related incidental expenses that are directly
attributable to the Company’s principal operations.
(q) Advertising
expense Advertising
expenses relate mainly to advertisements of our pharmaceutical products. For the years ended March 31, 2019 and 2018,
advertising expenses are $857,908 and $228,489, respectively, which are included in selling expenses in our
consolidated statements of operations and comprehensive income.
(r) Income
taxes Current
income tax expenses are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of
preparing financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it
operates. The Company accounts for income taxes using the liability method, under which deferred income taxes are recognized for
future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
taxes of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Valuation allowance
is provided on deferred tax assets to the extent that it is more likely than not that the asset will not be realizable in the
foreseeable future. The
Company adopts ASC 740-10-25 “Income Taxes” which prescribes a more likely than not threshold for financial statement
recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition
of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for
interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures.
The Company did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties
associated with unrecognized tax benefit as of March 31, 2019 and 2018.
(s) Comprehensive
income Comprehensive
income includes net income and foreign currency adjustments. Comprehensive income is reported in the statements of operations
and comprehensive income. Accumulated
other comprehensive income, as presented on the balance sheets are the cumulative foreign currency translation adjustments.
As of March 31, 2019 and 2018, the balance of accumulated other comprehensive income amounted to $50,395 and $257,373,
respectively.
(t) Leases Leases
are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental
to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the
inception of the lease. All other leases are accounted for as operating leases wherein rental payments are recognized in the consolidated
income statements on a straight-line basis over the lease terms. The Company had no capital leases for the years ended March 31,
2019 and 2018, respectively.
(u) Segment
reporting Operating
segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, which
is a strategic committee comprised of members of the Company’s management team. In the respective periods presented, the
Company had one single operating and reportable segment, namely the manufacture and distribution of TCMP. Although TCMP consist
of different business units of the Company, information provided to the chief operating decision-maker is at the revenue level
and the Company does not allocate operating costs or assets across business units, as the chief operating decision-maker does
not use such information to allocate resources or evaluate the performance of the business units. As the Company’s long-lived
assets are substantially all located in the PRC and substantially all of the Company’s revenue is derived from within the
PRC, no geographical information is presented.
(v) Significant
risks and uncertainties
1) Credit
risk Assets
that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents,
restricted cash accounts receivable, notes receivable, due from related parry, other current assets and advances to suppliers.
The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of March 31, 2019
and 2018 the Company held cash and cash equivalents of $9,130,849 and $560,252 respectively, which were primarily deposited in
financial institutions located in Mainland China, which were uninsured by the government authority. To limit exposure to credit
risk relating to deposits, the Company primarily place cash deposits with large financial institutions in China which management
believes are of high credit quality. The Company’s operations are carried out in Mainland China. Accordingly, the Company’s
business, financial condition and results of operations may be influenced by the political, economic and legal environments in
the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced
by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and
remittance abroad, rates and methods of taxation, and the extraction of mining resources, among other factors. The
Company conducts credit evaluations of its customers and suppliers and generally does not require collateral or other
security from them. The Company establishes an accounting policy for allowance for doubtful accounts on the individual
customer’s or supplier’s financial condition, credit history, and the current economic conditions. As of March
31, 2019 and 2018, the Company make an allowances of $66,917 and nil, respectively, for accounts receivable.
2) Liquidity
risk The
Company is also exposed to liquidity risk which is risk that it is unable to provide sufficient capital resources and liquidity
to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and
monitoring procedures. When necessary, the Company will turn to other financial institutions and the owners to obtain short-term
funding to meet the liquidity shortage.
3) Foreign
currency risk The
Company has significant operating activities, thus has assets and liabilities are denominated in RMB, which is not freely convertible
into foreign currencies. All foreign exchange transactions take place either through the Peoples’ Bank of China (“PBOC”)
or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC
or other regulatory institutions requires submitting a payment application form together with suppliers ‘invoices and signed
contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments
affecting supply and demand in the China Foreign Exchange Trading System market. Where there is a significant change in value
of RMB, the gains and losses resulting from translation of financial statements of a foreign subsidiary will be significantly
affected.
4) Concentration
risk During
the years ended March 31, 2019 and 2018, there are two and two customers generated sales which accounted for over 10% of total
revenues generated for that year, respectively. The details are as follows:
For the years ended
March 31, 2019 March 31, 2018
Customer A 17.07 % 19.86 %
Customer B 15.80 % 11.76 % As
of March 31, 2019 and 2018, accounts receivable due from these customers as a percentage of consolidated accounts receivable were
as follows:
For the years ended
March 31, 2018 March 31, 2018
Customer A (Note 3) 9.28 % 14.67 %
Customer B (Note 3) 9.81 % 23.00 %
(w) Newly
adopted accounting standards In
January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement
of Financial Assets and Financial Liabilities. The amendments in this ASU, among other things, required that equity investments
(except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be
measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments
that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable
price changes in orderly transactions for the identical or a similar investment of the same issuer. This ASU also simplified the
impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to
identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment
at fair value. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December
15, 2017, including interim periods within those fiscal years. The Company has adopted the amendments in this ASU on March 31,
2018 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial position and results
of operations. In
May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”)
No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (as further amended or clarified by other
related ASUs issued subsequently in 2015, 2016 and 2017). ASU No. 2014-09 clarifies the principles for recognizing revenue
and develops a common revenue standard for U.S. GAAP and IFRS. Simultaneously, this ASU supersedes the revenue recognition
requirements in ASC Topic 605-Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the
Codification. The core principle of this ASU requires an entity to 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 in exchange
for those goods or services. To achieve that core principle, an entity should apply the five steps: (1) identify the
contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price;
(4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the
entity satisfies a performance obligation. For public business entities, certain not-for-profit entities, and certain
employee benefit plans, the amendments in ASU No. 2014-09 and the amendments in other related ASUs that affected the guidance
in ASU 2014-09 should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting
periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after
December 15, 2016, including interim reporting periods within that reporting period. The Company has adopted this standard on
April 1, 2018 using the modified retrospective approach, in which case the cumulative effect of applying the standard, if
any, would be recognized at the date of initial application. The Company also determines there will not be a material impact
to the beginning balance of its retained earnings. In
November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. The amendments
in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents,
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU are effective for public business
entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and should be applied
using a retrospective transition method to each period presented, which resulted in an approximately US$0.97 thousand term deposit
held by the Company as of March 31, 2018 and matured during the year ended December 31, 2019 being reclassified from a cash inflow
from investing activities to the beginning balance of cash, cash equivalents, and restricted cash shown on the statement of cash
flows for the year ended March 31, 2019. The adoption of ASU No. 2016-18 had no impact on the Company’s statement of cash
flows for the year ended March 31, 2019. In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments”. The amendments in this ASU require the measurement and recognition of expected credit
losses for financial assets held at amortized c |
