| Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting
Policies
[A] Basis of Presentation
The Company’s fiscal year ends on March 31 and its first
three fiscal quarters end on June 30, September 30, and
December 31. The accompanying condensed consolidated balance sheet
as of June 30, 2020 and the condensed consolidated statements
of operations, comprehensive loss, cash flows and
stockholders’ equity for the three months ended June 30,
2020 and 2019 are unaudited. The unaudited condensed consolidated
financial statements have been prepared in accordance with
generally accepted accounting principles in the United States
(“U.S. GAAP”) and follow the requirements of the
Securities and Exchange Commission (“SEC”) for interim
financial reporting. Accordingly, they do not include all of the
information and disclosures required by U.S. GAAP for complete
financial statements as certain footnotes or other financial
information that are normally required by U.S. GAAP can be
condensed or omitted. The unaudited condensed consolidated
financial statements have been prepared on the same basis as the
audited combined and consolidated financial statements. The
unaudited condensed consolidated financial statements include the
accounts of the Company and its wholly-owned subsidiaries. The
Company has no unconsolidated subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
Any reference in these notes to applicable guidance is meant to
refer to the authoritative U.S. GAAP as found in the Accounting
Standards Codification (“ASC”) and Accounting Standards
Updates (“ASU”) of the Financial Accounting Standards
Board (“FASB”).
In the opinion of management, the unaudited condensed consolidated
financial statements include all normal and recurring adjustments
that are considered necessary for the fair statement of results for
the interim periods. The results for the three months ended
June 30, 2020 are not necessarily indicative of those expected
for the year ending March 31, 2021 or for any future period.
The condensed consolidated balance sheet as of March 31, 2020
included herein was derived from the audited combined and
consolidated financial statements as of that date. These unaudited
condensed consolidated financial statements should be read in
conjunction with the Company’s audited combined and
consolidated financial statements included in the Company’s
Annual Report on Form 10-K
All share and per-share
[B] Use of Estimates
The preparation of unaudited condensed consolidated financial
statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the amounts reported in the
unaudited condensed consolidated financial statements and
accompanying notes. The Company regularly evaluates estimates and
assumptions related to assets, liabilities, stock-based
compensation, operating leases, research and development costs and
income taxes. The Company bases its estimates and assumptions on
historical experience and on various other factors that it believes
to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources.
Actual results could differ from those estimates.
Additionally, the Company assessed the impact that the COVID-19 COVID-19
[C] Risks and Uncertainties
The Company is subject to risks common to early stage companies in
the biopharmaceutical industry including, but not limited to,
uncertainties related to commercialization of products, regulatory
approvals, dependence on key products, key personnel, third-party
service providers such as contract research organizations,
protection of intellectual property rights and the ability to make
milestone, royalty or other payments due under any license,
collaboration or supply agreements.
[D] Concentration of Credit Risk
Financial instruments that potentially subject the Company to
concentration of credit risk include cash. At June 30, 2020,
the cash balance is kept in one banking institution that the
Company believes is of high credit quality and is in excess of
federally insured levels. The Company maintains its cash with an
accredited financial institution and accordingly, such funds are
subject to minimal credit risk. The Company has not experienced any
losses on its cash.
[E] Research and Development Expense
Research and development costs with no alternative future use are
expensed as incurred. Payments for a product license prior to
regulatory approval of the product and payments for milestones
achieved prior to regulatory approval of the product are expensed
in the period incurred as research and development. Milestone
payments made in connection with regulatory approvals are
capitalized and amortized to cost of product sales over the
remaining useful life of the asset. Research and development
expenses primarily consist of employee-related costs and expenses
from third parties who conduct research and development activities
on behalf of the Company. The estimated costs of research and
development activities conducted by third-party service providers,
which primarily include the conduct of clinical trials and contract
manufacturing activities, are accrued over the service periods
specified in the contracts and adjusted as necessary based upon an
ongoing review of the level of effort and costs actually incurred.
The estimate of the work completed is developed through discussions
with internal personnel and external services providers as to the
progress toward completion of the services and the agreed-upon fee
to be paid for such services. As actual costs become known, the
accrued estimates are adjusted. Such estimates are not expected to
be materially different from amounts actually incurred, however the
Company’s understanding of the status and timing of services
performed, the number of subjects enrolled, and the rate of subject
enrollment may vary from estimates and could result in reporting
amounts that are higher or lower than incurred in any particular
period. The estimate of accrued research and development expense is
dependent, in part, upon the receipt of timely and accurate
reporting from clinical research organizations and other
third-party service providers.
[F] Leases
In accordance with ASC 842, Leases right-of-use
Operating lease ROU assets and lease liabilities are initially
recognized based on the present value of the future minimum lease
payments over the lease term at commencement date calculated using
the Company’s incremental borrowing rate applicable to the
lease asset, unless the implicit rate is readily determinable.
Operating lease ROU assets also include any lease payments made at
or before lease commencement, adjusted by any initial direct costs
and exclude any lease incentives received. The Company determines
the lease term as the non-cancelable
The Company accounts for lease and non-lease
[G] Fair Value of Financial Instruments
The Company applies a fair value framework in order to measure and
disclose its financial assets and liabilities. Fair value is
defined as the exchange price that would be received for an asset
or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date.
The fair value hierarchy requires an entity to maximize the use of
observable inputs, where available, and minimize the use of
unobservable inputs when measuring fair value. There are three
levels of inputs that may be used to measure fair value:
•
Level 1 — Quoted prices in active markets
for identical assets or liabilities.
•
Level 2 — Observable inputs other than
Level 1 prices, such as quoted prices for similar assets or
liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or
liabilities. Fair values are determined by utilizing quoted prices
for similar assets and liabilities in active markets or other
market observable inputs such as interest rates and yield
curves.
•
Level 3 — Unobservable inputs that are
supported by little or no market activity and that are significant
to the fair value of the assets or liabilities.
To the extent the valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of
fair value requires more judgment. Accordingly, the degree of
judgment exercised by the Company in determining fair value is
greatest for instruments categorized in Level 3. A financial
instrument’s level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair
value measurement.
The Company’s financial instruments consist of cash, accounts
payable, accrued expenses and amounts due to RSL. These financial
instruments are stated at their respective historical carrying
amounts, which approximates fair value due to their short-term
nature. There were no Level 2 or Level 3 financial
instruments as of June 30, 2020 or March 31, 2020.
[H] Net Loss per Common Share
Basic net loss per common share is computed by dividing net loss
applicable to common stockholders by the weighted-average number of
common stock outstanding during the period. Diluted net loss per
common share is computed by dividing the net loss applicable to
common stockholders by the diluted weighted-average number of
common stock outstanding during the period. In periods in which the
Company reports a net loss, all common stock equivalents are deemed
anti-dilutive such that basic net loss per common share and diluted
net loss per common share are equivalent. Potentially dilutive
common stock have been excluded from the diluted net loss per
common share computations in all periods presented because such
securities have an anti-dilutive effect on net loss per common
share due to the Company’s net loss. There are no reconciling
items used to calculate the weighted-average number of total common
stock outstanding for basic and diluted net loss per common share
data.
The following potentially dilutive securities have been excluded
from the calculation of diluted net loss per share due to their
anti-dilutive effect:
Three Months Ended
June 30,
2020 2019
Preferred stock as converted 10,000
—
Restricted stock (unvested) (Note 3) 900,000
—
Options 5,238,554 3,123,356
Restricted stock units (unvested) 127,200
—
Earnout shares (Note 3) 10,000,000
—
Total 16,275,754 3,123,356
[I] Recently Adopted Accounting Pronouncements
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement
(Topic 820): Disclosure Framework – Changes to the Disclosure
Requirements for Fair Value Measurement 2018-13”). 2018-13 2018-13 2018-13
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments 2016-13”), 2016-13 available-for-sale 2016-13
Recent authoritative guidance issued by the FASB (including
technical corrections to the Accounting Standards Codification),
the American Institute of Certified Public Accountants, and the SEC
did not, or are not expected to, have a material impact on the
Company’s consolidated financial statements and related
disclosures. | Note 2 — Summary of Significant Accounting
Policies
[A] Basis of Presentation
The Company’s fiscal year ends on March 31, and its
first three fiscal quarters end on June 30, September 30,
and December 31. The accompanying combined and consolidated
financial statements have been prepared in accordance with
generally accepted accounting principles in the United States of
America (“U.S. GAAP”). Any reference in these notes to
applicable guidance is meant to refer to the authoritative U.S.
GAAP as found in the Accounting Standards Codification
(“ASC”) and Accounting Standards Updates
(“ASU”) of the Financial Accounting Standards Board
(“FASB”).
Prior to July 6, 2018 (date of formation), the Company’s
financial statements were derived by carving out the historical
results of operations and historical cost basis of the assets and
liabilities associated with product candidate IMVT-1401, that have
been contributed to the Company by RSL, from RSL’s financial
statements. Because the transfer of assets and liabilities in the
formation of the Company were between entities under the common
control of RSL and/or its wholly owned subsidiaries, the financial
statements of the Company have been presented as if the Company had
been a separate business since the acquisition of IMVT-1401 by RSG
on December 19, 2017. Prior to July 6, 2018 (date of
formation), the Company’s financial statements include
reasonable allocations for assets and liabilities and expenses
attributable to the Company’s operations. Beginning on
July 6, 2018 (date of formation), the combined and
consolidated financial statements include the accounts of the
Company and its wholly owned subsidiaries. The Company has no
unconsolidated subsidiaries. All intercompany balances and
transactions have been eliminated in consolidation.
The Company believes that the assumptions underlying the
allocations of expenses as well as assets and liabilities in
financial information are reasonable, however, the financial
position, results of operations and cash flows may have been
materially different if the Company had operated as a stand-alone
entity prior to July 6, 2018 (date of formation).
The Company has calculated its income tax amounts using a separate
return methodology and it has presented these amounts as if it were
a separate taxpayer from RSL.
In April 2012, the Jumpstart Our Business Startups Act of 2012 (the
“JOBS Act”) was enacted. Section 107(b) of the
JOBS Act provides that an emerging growth company can take
advantage of an extended transition period for complying with new
or revised accounting standards. Thus, an emerging growth company
can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. The Company
has irrevocably elected not to avail itself of this extended
transition period, and, as a result, the Company will adopt new or
revised accounting standards on the relevant dates on which
adoption of such standards is required for other public
companies.
All share and per-share
[B] Use of Estimates
The preparation of combined and consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the amounts reported in the combined
and consolidated financial statements and accompanying notes. The
Company regularly evaluates estimates and assumptions related to
assets, liabilities, stock-based compensation, research and
development costs and income taxes. The Company bases its estimates
and assumptions on historical experience and on various other
factors that it believes to be reasonable under the circumstances,
the results of which form the basis for making judgments about the
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results could differ from those
estimates.
Additionally, the Company assessed the impact of COVID-19 COVID-19
[C] Risks and Uncertainties
The Company is subject to risks common to early stage companies in
the biopharmaceutical industry including, but not limited to,
uncertainties related to commercialization of products, regulatory
approvals, dependence on key products, third-party service
providers such as contract research organizations, protection of
intellectual property rights and the ability to make milestone,
royalty or other payments due under any license, collaboration or
supply agreements.
[D] Concentration of Credit Risk
Financial instruments that potentially subject the Company to
concentration of credit risk include cash. At March 31, 2020,
the cash balance is kept in one banking institution that the
Company believes is of high credit quality and is in excess of
federally insured levels. The Company maintains its cash with an
accredited financial institution and accordingly, such funds are
subject to minimal credit risk. The Company has not experienced any
losses on its cash.
[E] Cash and Cash Equivalents
The Company considers all highly liquid investments with original
maturities of three months or less from the date of purchase to be
cash equivalents. At March 31, 2020, cash consisted of cash
held at a financial institution. There were no cash equivalents as
of March 31, 2020 and 2019.
[F] Property and Equipment
Property and equipment, consisting of computers, is recorded at
cost. Maintenance and repairs that do not improve or extend the
lives of the respective assets are expensed to operations as
incurred. Depreciation is recorded using the straight-line method
over the estimated useful life of three years. Upon disposal,
retirement or sale, the related cost and accumulated depreciation
is removed from the accounts and any resulting gain or loss is
included in the combined and consolidated statements of
operations.
[G] Impairment of Long-lived Assets
The Company reviews the recoverability of all long-lived assets,
including the related useful lives, whenever events or changes in
circumstances indicate that the carrying amount of a long-lived
asset might not be recoverable. Recoverability is measured by
comparison of the book values of the assets to future net
undiscounted cash flows that the assets are expected to generate.
If such assets are considered to be impaired, the impairment to be
recognized is measured as the amount by which the book value of the
assets exceed their fair value, which is measured based on the
projected discounted future net cash flows arising from the
assets.
[H] Contingencies
The Company, from time to time, may be a party to various disputes
and claims arising from normal business activities. The Company
continually assesses litigation to determine if an unfavorable
outcome would lead to a probable loss or reasonably possible loss
which could be estimated. The Company accrues for all contingencies
at the earliest date at which the Company deems it probable that a
liability has been incurred and the amount of such liability can be
reasonably estimated. If the estimate of a probable loss is a range
and no amount within the range is more likely than another, the
Company accrues the minimum of the range. In the cases where the
Company believes that a reasonably possible loss exists, the
Company discloses the facts and circumstances of the litigation,
including an estimable range, if possible.
[I] Research and Development Expense
Research and development costs with no alternative future use are
expensed as incurred. Payments for a product license prior to
regulatory approval of the product and payments for milestones
achieved prior to regulatory approval of the product are expensed
in the period incurred as research and development. Milestone
payments made in connection with regulatory approvals are
capitalized and amortized to cost of product sales over the
remaining useful life of the asset. Research and development
expenses primarily consist of employee-related costs and expenses
from third parties who conduct research and development activities
on behalf of the Company. The estimated costs of research and
development activities conducted by third-party service providers,
which primarily include the conduct of clinical trials and contract
manufacturing activities, are accrued over the service periods
specified in the contracts and adjusted as necessary based upon an
ongoing review of the level of effort and costs actually incurred.
The estimate of the work completed is developed through discussions
with internal personnel and external services providers as to the
progress toward completion of the services and the agreed-upon fee
to be paid for such services. As actual costs become known, the
accrued estimates are adjusted. Such estimates are not expected to
be materially different from amounts actually incurred, however the
Company’s understanding of the status and timing of services
performed, the number of subjects enrolled, and the rate of subject
enrollment may vary from estimates and could result in reporting
amounts that are higher or lower than incurred in any particular
period. The estimate of accrued research and development expense is
dependent, in part, upon the receipt of timely and accurate
reporting from clinical research organizations and other
third-party service providers.
[J] Leases
In accordance with ASC 842, Leases right-of-use
Operating lease ROU assets and lease liabilities are initially
recognized based on the present value of the future minimum lease
payments over the lease term at commencement date calculated using
the Company’s incremental borrowing rate applicable to the
lease asset, unless the implicit rate is readily determinable.
Operating lease ROU assets also include any lease payments made at
or before lease commencement and exclude any lease incentives
received. The Company determines the lease term as the non-cancelable
The Company accounts for lease and non-lease
The Company’s leases are short-term in nature and cancelable
at any time. Subsequent to March 31, 2020, the Company entered
into two sublease agreements with RSI for office space expiring in
2024. For more information on such subleases, see Note 12 —
Subsequent Events.
[K] Income Taxes
The Company accounts for income taxes under the asset and liability
method. Under this method, deferred tax assets and liabilities are
determined on the basis of the differences between amounts in the
combined and consolidated financial statements and the tax bases of
assets and liabilities using enacted tax rates in effect for the
year in which the differences are expected to reverse. The effect
of a change in tax rates on deferred tax assets and liabilities is
recognized in income tax expense (benefit) in the accompanying
combined and consolidated statements of operations in the period
that includes the enactment date.
The Company recognizes deferred tax assets to the extent that it
believes these assets are more likely than not to be realized. In
making such a determination, the Company considers all available
positive and negative evidence, including future reversals of
existing taxable temporary differences, projected future taxable
income, tax-planning
When uncertain tax positions exist, the Company recognizes the tax
benefit of tax positions to the extent that the benefit will more
likely than not be realized. The determination as to whether the
tax benefit will more likely than not be realized is based upon the
technical merits of the tax position as well as consideration of
the available facts and circumstances. The Company’s policy
is to recognize interest and/or penalties related to income tax
matters in provision for income taxes.
[L] Stock-based Compensation
Stock-based awards to employees and directors are valued at fair
value on the date of the grant and that fair value is recognized as
stock-based compensation expense over the requisite service period.
The grant date fair value of the stock-based awards with graded
vesting is recognized on a straight-line basis over the requisite
service period, which is generally the vesting period of the
respective awards. The Company values its stock options that only
have service vesting requirements or performance-based awards
without market conditions using the Black-Scholes option pricing
model. For performance-based awards with market conditions, the
Company determines the fair value of awards as of the grant date
using a Monte Carlo simulation model.
Certain assumptions need to be made with respect to utilizing the
Black-Scholes option pricing model, including the expected life of
the award, volatility of the underlying shares, the risk-free
interest rate, expected dividend yield and the fair value of the
Company’s common stock. Since the Company has no option
exercise history, it has generally elected to estimate the expected
life of an award based upon the “simplified method”
with the continued use of this method extended until such time the
Company has sufficient exercise history. The expected share price
volatility for the Company’s common stock is estimated by
taking the average historical price volatility for industry peers.
The risk-free interest rate is based on the rates paid on
securities issued by the U.S. Treasury with a term approximating
the expected life of the equity award. As the Company has never
paid and does not anticipate paying cash dividends on its common
stock, the expected dividend yield is assumed to be zero. The
Company accounts for pre-vesting
As part of the valuation of stock-based compensation under the
Black-Scholes option pricing model, it is necessary for the Company
to estimate the fair value of its common stock. Prior to the
closing of the Business Combination, the fair value of the
Company’s common stock was estimated on each grant date by
the Company’s board of directors. Given the absence of a
public trading market, and in accordance with the American
Institute of Certified Public Accountants’ Practice Guide,
Valuation of Privately-Held-Company Equity Securities Issued as
Compensation
After the closing of the Business Combination, the Company’s
board of directors determined the fair value of each share of
common stock underlying stock-based awards based on the closing
price of the Company’s common stock as reported by Nasdaq on
the date of grant.
Determining the appropriate amount to expense for performance-based
awards based on the achievement of stated goals requires judgment.
The estimate of expense is revised periodically based on the
probability of achieving the required performance targets and
adjustments are made as appropriate. The cumulative impact of any
revisions is reflected in the period of change. If any applicable
financial performance goals are not met, no compensation expense is
recognized, and any previously recognized compensation cost is
reversed.
[M] Fair Value of Financial Instruments
The Company applies a fair value framework in order to measure and
disclose its financial assets and liabilities. Fair value is
defined as the exchange price that would be received for an asset
or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date.
The fair value hierarchy requires an entity to maximize the use of
observable inputs, where available, and minimize the use of
unobservable inputs when measuring fair value. There are three
levels of inputs that may be used to measure fair value:
•
Level 1 — Quoted prices in active markets
for identical assets or liabilities.
•
Level 2 — Observable inputs other than
Level 1 prices, such as quoted prices for similar assets or
liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or
liabilities. Fair values are determined by utilizing quoted prices
for similar assets and liabilities in active markets or other
market observable inputs such as interest rates and yield
curves.
•
Level 3 — Unobservable inputs that are
supported by little or no market activity and that are significant
to the fair value of the assets or liabilities.
To the extent the valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of
fair value requires more judgment. Accordingly, the degree of
judgment exercised by the Company in determining fair value is
greatest for instruments categorized in Level 3. A financial
instrument’s level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair
value measurement.
The Company’s financial instruments consist of cash, accounts
payable, accrued expenses and amounts due to Roivant Sciences Ltd.
These financial instruments are stated at their respective
historical carrying amounts, which approximates fair value due to
their short-term nature.
[N] Foreign Currency
The Company has operations in the United States, the United
Kingdom, Bermuda, and Switzerland. The results of its non-U.S.
[O] Net Loss per Common Share
Basic net loss per common share is computed by dividing net loss
applicable to common stockholders by the weighted-average number of
common stock outstanding during the period. Diluted net loss per
common share is computed by dividing the net loss applicable to
common stockholders by the diluted weighted-average number of
common stock outstanding during the period. In periods in which the
Company reports a net loss, all common stock equivalents are deemed
anti-dilutive such that basic net loss per common share and diluted
net loss per common share are equivalent. Potentially dilutive
common stocks have been excluded from the diluted net loss per
common share computations in all periods presented because such
securities have an anti-dilutive effect on net loss per common
share due to the Company’s net loss. There are no reconciling
items used to calculate the weighted-average number of total common
stock outstanding for basic and diluted net loss per common share
data.
The following potentially dilutive securities have been excluded
from the calculation of diluted net loss per share due to their
anti-dilutive effect:
Years Ended March 31,
2020 2019
Preferred stock as converted 10,000
—
Restricted stock (unvested) (See Note 3) 1,800,000
—
Options 3,873,888 189,269
Warrants (See Note 9) 5,750,000
—
Earnout shares (See Note 3) 20,000,000
—
Total 31,433,888 189,269
The Company was formed on July 6, 2018 and basic and diluted
net loss per common share was calculated assuming the shares issued
at formation were outstanding for the period prior to incorporation
adjusted for subsequent share issuances during the period.
[P] Deferred Offering Costs
Legal, accounting and other costs directly attributable to the
issuance of the Company’s equity are capitalized within
deferred offering costs on the combined and consolidated balance
sheets and reclassified to equity upon issuance of the shares.
Offering costs comprised of legal, and accounting fees and other
costs incurred through June 30, 2019 were directly related to
ISL’s proposed initial public offering (“IPO”).
In August 2019, ISL’s board of directors determined to
suspend ISL’s IPO registration process. Accordingly, the
Company has written off deferred offering costs previously
capitalized to general and administrative expense within the
accompanying combined and consolidated statements of operations for
the year ended March 31, 2020.
[Q] Common Stock Warrants
The Company accounts for the issuance of common stock warrants
based on the terms of the contract and whether there are any
requirements for the Company to net cash settle the contract under
any terms or conditions. Warrants for the purchase of 5,750,000
shares of common stock were issued by HSAC as part of the units
sold in its IPO in May 2019. Each unit was comprised of one share
of common stock and a warrant to purchase one half of one share of
common stock upon the consummation of a business combination by
HSAC. None of the terms of the warrants were modified as a result
of the Business Combination.
[R] Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic
842) No. 2016-02”), No. 2016-02 No. 2016-02 right-of-use non-lease
In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to
Nonemployee Share-Based Payment Accounting No. 2018-07”). No. 2018-07 No. 2018-07
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic
740) Simplifying the Accounting for Income Taxes No. 2019-12”). 2019-12 2019-12
[S] Recently Issued Accounting Pronouncements
In June 2016, the FASB issued ASU No. 2016-13, Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments No. 2016-13”), No. 2016-13 available-for-sale No. 2016-13
In August 2018, the FASB issued ASU No. 2018-13, Fair Value
Measurement (Topic 820): Disclosure Framework — Changes to
the Disclosure Requirements for Fair Value Measurement No. 2018-13”). No. 2018-13 No. 2018-13 No. 2018-13
Other recent authoritative guidance issued by the FASB (including
technical corrections to the Accounting Standards Codification),
the American Institute of Certified Public Accountants, and the
Securities and Exchange Commission (“SEC”) did not, or
are not expected to, have a material impact on the Company’s
combined and consolidated financial statements and related
disclosures. |
