| Summary of Significant Accounting Policies | 2. Summary
of Significant Accounting Policies
i. Basis of presentation The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles in the United States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are
normally required by US GAAP have been condensed or omitted. Any reference in these notes to applicable guidance is meant to refer to
the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”)
of the Financial Accounting Standards Board (“FASB”). The results of operations for the three and nine months ended December
31, 2023, are not necessarily indicative of the results for the fiscal year ending March 31, 2024, or any future interim period. These
Condensed Consolidated Financial Statements follow the same significant accounting policies as those included in the audited consolidated
financial statements of Zoomcar, Inc. for the year ended March 31, 2023. In the opinion of management, these condensed consolidated financial
statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the
condensed consolidated financial position, results of operations, and cash flows for these interim periods. The
unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and variable
interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations.
All intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements herein. The
equity of the comparative period of the Company has been presented based on the historical equity of Zoomcar, Inc. restated using the
exchange ratio to reflect the equity structure of the SPAC.
ii. Principles of consolidation The
unaudited Condensed Consolidated Financial Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries
and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical
locations (collectively, the “Company”). The
Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other
variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of
a VIE is the party that meets both of the following criteria:
(i) has
the power to direct the activities that most significantly affect the economic performance
of the VIE; and
(ii) has
the obligation to absorb losses or the right to receive benefits that in either case could
potentially be significant to the VIE. Periodically,
the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity
is still a VIE and, if so, whether the Company is the primary beneficiary. As
at December 31, 2023, following are the list of subsidiaries and step-down subsidiaries:
Name
of Entity Place
of Incorporation Investor
Entity
Zoomcar, Inc. USA Zoomcar Holdings, Inc.
Zoomcar India Private Limited India Zoomcar, Inc.
Zoomcar Netherlands Holding B. V Netherlands Zoomcar, Inc.
Fleet Holding Pte ltd Singapore Zoomcar, Inc.
Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc.
Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding
PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd
Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd As
at December 31, 2023, the subsidiaries and step-down subsidiaries of Zoomcar Holdings, Inc. have been consolidated using the Variable
Interest Entity (‘VIE’) model as per ASC 810. In determining whether the VIE model was applicable to the subsidiaries the
criteria prescribed under ASC 810 were examined as below:
- The
subsidiaries were incorporated as legal entities under the laws and regulations of the country
in which they are incorporated.
- The
scope exemptions under ASC 810 were not applicable to the entities.
- Zoomcar
Holdings, Inc holds variable interest in all the subsidiaries by way of contribution towards
equity and in the form of debt.
- The
entities are variable interest entities for Zoomcar Holdings, Inc since the legal entities
do not have sufficient equity investment at risk and equity investors at risk. For
the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as
de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered
as wholly owned subsidiaries of Zoomcar, Inc and step-down subsidiaries of Zoomcar Holdings, Inc Through
the direct and indirect interest that Zoomcar Holdings, Inc. holds in the subsidiaries, Zoomcar Holdings, Inc. has the power to direct
the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of
the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant
to the VIE. Accordingly, Zoomcar Holdings, Inc. is the primary beneficiary with respect to all the subsidiaries and consolidates the
subsidiaries under the VIE model except Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT
Zoomcar Indonesia Mobility Service which are consolidated as per the voting interest model. On
August 14, 2023, Zoomcar Vietnam Mobility LLC has voluntarily filed application for bankruptcy with the local authorities of Vietnam.
In accordance with ASC 205-30, the liquidation of the VIE is imminent and thus the financial statements of VIE are prepared on a liquidation
basis, which entails valuing assets at their estimated net realizable values and recording liabilities at their expected settlement amounts.
Further, in accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities
in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. Refer
Note 31. The
assets/liabilities consolidated for the VIE are not material.
iii. Use of estimates and assumptions The
use of estimates and assumptions as determined by management is required in the preparation of the Condensed Consolidated Financial Statements
in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available
when the Condensed Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual
results could differ from those estimates. Estimates
and underlying assumptions are reviewed on an ongoing basis. The
significant estimates, judgments and assumptions that affect the condensed consolidated financial statements include, but are not limited
to; are:
a. Estimation
of defined benefit obligation
b. Estimation
of useful lives and residual values of property, plant & equipment, and intangible assets
c. Fair
value measurement of financial instruments
d. Fair
value measurement of share-based payments
e. Leases
– assumption to determine the incremental borrowing rate
f. Discount
rate for discounting deferred payments
g. Valuation
allowance on deferred tax assets
h. Estimation
of utilization of receivable from government authorities
iv. Revenue recognition The
Company derives its revenue principally from short-term self-drive rentals. Self-drive
rentals Zoomcar
operates a fleet of rental vehicles comprising of both vehicles owned by them and vehicles leased from third-party leasing companies.
The Company either leases or subleases vehicles to its customers as a result, the Company has considered itself to be the accounting
lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Rental
revenues are recognized for rental and rental related activities on a straight-line basis evenly over the period of where an identified
asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. Transaction price
charged by the Company is as per agreed rates between the Company and the customer. In the case of leased vehicles, the Company was solely
responsible for paying vehicle lease costs to the lessor regardless of whether the vehicles were booked for use by guests on the platform
and accordingly recognized vehicle lease revenue on a gross basis. For
vehicles that are subleased, sublease income and related lease expense for these transactions are recognized on a gross basis in the
condensed consolidated financial statements. Rental
periods are generally short-term in nature and are classified as operating leases. Facilitation
revenue (“Host services”) The
Company has launched a new platform “Zoomcar Host Services” during the year ended March 2022. Zoomcar Host Services is a
marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”)
in temporary need of a vehicle on leasehold basis for their personal use. Facilitation
Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters.
The Company charges facilitation fees to its customers as a percentage of the value of the total booking, excluding taxes. The Company
collects both the booking value on behalf of the Host and the trip protection charges from the renter. On a daily basis the Company,
or its third-party payment processors, disburse the booking value to the host, less the fees due from the host to the Company. The amounts
charged for trip fees for the Marketplace service vary based on factors such as the vehicle type, the day of the week, time of the trip,
and the duration of the trip. Hence, the Company’s primary performance obligation in the transaction with respect to the Host is
to facilitate the successful completion of the rental transaction and with respect to the renter is to offer trip protection. Customer
support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides
its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include
the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks
and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip.
These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services
integrate together to form a single performance obligation. In
case of booking value collected from the renter on behalf of the Host, the Company evaluates the presentation of revenue on a gross versus
net basis based on whether or not it is the principal(gross) or the agent (net) in the transaction. The Company considers whether it
controls the right to use the vehicle before control is transferred to the renter. Indicators of control that the Company considers include
whether the Company is primarily responsible for fulfilling the promise associated with the booking of the vehicle, whether it has inventory
risk associated with the vehicle, and whether it has discretion in establishing the prices for the vehicles booked. The Company determined
that it does not establish pricing for vehicles listed on its platform and does not control the right to use the host’s vehicle
at any time before, during, or after completion of a trip booked on the Company’s platform. Accordingly, the Company has concluded
that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service.
The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue
is recognized ratably over the trip period. The Company recognizes facilitation revenue from these performance obligations on a straight-line
basis over the duration of the rental trip using the output method as its performance obligation is satisfied over time. The Company
uses the output method based on rental hours or days, where revenue is calculated based on the percentage of total time elapsed in relation
to total estimated rental period. In the event a user books a trip extension, at the time the extension is booked, the service revenue
is recognized on a straight-line basis over the duration of the extension period. The
Company offers various incentive programs to hosts, including minimum guaranteed listing fees and vehicle listing bonus payments. The
incentives are recorded in accordance with ASC 606- 10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount
of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis the excess of the revenue amount
is recorded as a marketing expense in the condensed consolidated statement of operations. These incentives are offered as part of overall
marketing strategy of the company and incentivize the hosts to refer the platform. During the year ended March 31, 2023, company has
stopped providing minimum guaranteed listing fees incentive. Loyalty
program The
Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards
facilitation fees, self-drive rentals and vehicle subscriptions. Under ASC 606 and ASC 842, each transaction that generates loyalty points
results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue or rental
is recognized when the customer redeems the loyalty points at some time in future. The retail value of points is estimated based on the
current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that
are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions
such as historical breakage trends, internal Company forecasts and extended redemption period, if any. As at December 31, 2023 and March
31, 2023, the Company’s deferred revenue balance amounted to $99,899 and $260,705 respectively. Others The
Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with
specific revenue producing transactions and collected from customers and remitted to governmental authorities. Accordingly, such amounts
are not included as a component of revenue or cost of revenue. Contract
liabilities Contract
liabilities primarily consists of obligations to customers for advance received against a new booking, revenue-share payable to customers
for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program.
v. Receivables from government authorities Receivables
from government authorities represent amounts owed to the Company by government agencies which are recognized when the Company has performed
the required services and when they meet the eligibility criteria outlined in the applicable government regulations. Receivables
from government authorities are classified based on their expected period of utilization. If the receivables are expected to be utilized
within twelve months from the reporting date, they are classified as current assets. If the receivables are not expected to be utilized
within twelve months from the reporting date, they are classified as non-current assets.
vi. Assets held for sale The
Company classifies vehicles to be disposed of as held for sale in the period in which they are available for immediate sale in their
present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for
sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The
fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximize the use of
observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value
an asset are observable, the Valuation is included in Level 2. The
Company has a policy of disposing vehicles once it has crossed 120,000 kilometers (approx. 75,000 miles) in order to ensure that customer
experience is maintained at a premium level. In addition, the Company also disposes vehicles early if it has met with accident and is
no more fit for use in the business once the insurance claims are realized on these vehicles. In
case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the
assets to compare it with the realizable value.
vii. Stock-based compensation The
Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US
GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period.
The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate
of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant
date at fair value, using appropriate valuation techniques. The
Company records stock-based compensation expense for service-backed stock options over the requisite service period, which ranges from
6 months to 4 years. For
stock options with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates
various assumptions including expected stock price volatility, expected term, and risk-free rates. Stock options with graded vesting
the fair- value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimates
the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly
traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with
a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered
to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable
basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate
paying dividend on its common stock. The
Company estimates a forfeiture rate on an annual basis for the purpose of computation of stock-based compensation expense. The rate is
used consistently across the subsequent interim periods during the year. In
case of cancellation of stock-based awards with no concurrent grant of a replacement award or other valuable consideration, any unrecognized
compensation cost is recognized immediately on the cancellation date.
viii. Warrants When
the Company issues warrants, it evaluates the proper balance sheet classification of the warrant to determine whether the warrant should
be classified as equity or as a derivative liability on the condensed consolidated balance sheets. In accordance with ASC 815-40, Derivatives
and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed
to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed
to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price.
If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted
for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried
on the condensed consolidated balance sheet at fair value with any changes in its fair value recognized currently in the condensed consolidated
statement of operations. During
the previous year ended March 31, 2023, and six months ended September 30, 2023, the Company had issued warrants along with Notes as
defined in “Convertible Promissory notes and Senior Subordinated Convertible Promissory Note (SSCPN)” policy and also as
consideration to placement agents for the issuance of SSCPN which were earlier classified as derivative instruments. The
Company had also preferred stocks and common stocks warrants (as described below) issued during the year ended March 31, 2022, and were
classified as liabilities and equity respectively. Each
unit of Series E preferred stock issued by the Company consisted of one Series E preferred stock and a warrant which entitled the holder
to purchase one share of common stock of the Company on the satisfaction of certain conditions. Warrants were also issued to placement
agencies of Series E and Series E1. Warrants issued to placement agencies included the following two categories: a) warrants to purchase
common stock of the company; and b) warrants to purchase Series E and Series E1 shares. Warrants
to be converted into common stock: The
Company’s warrants to purchase common stock were classified as equity. Upon issuance of the warrant, the Company had allocated
a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred
stock. Warrants
to be converted into preferred stock: The
Company’s warrants to purchase convertible preferred stock were classified as a liability and were held at fair value as the warrants
were exercisable for contingently redeemable preferred stock, which was classified outside of stockholders’ deficits. The warrant instruments classified as
liability were subject to re-measurement at each balance sheet date, and any change in fair value was recognized as a component of finance
costs. The Company had adjusted the liability for changes in fair value as of the date of their reclassification on Reverse Recapitalization. Warrants
issued along with SSCPN: The warrants issued along with the SSCPN
satisfied the definition of a derivative in accordance with ASC 815-10-15-83 since they contained an underlying, had cash less payment
provisions, that could have been net settled in shares and had a very minimal initial net investment. Accordingly, the derivatives were
measured at fair value and subsequently revalued at each reporting date. The
Company continued to adjust the liability classified warrant for changes in the fair value until the Reverse Recapitalization transaction
at which time the warrants have been reclassified to additional paid-in-capital. Refer note- 17.
ix. Financial liabilities measured at fair value - Convertible
Promissory notes, Senior Subordinated Convertible Promissory Note (“SSCPN”) and Unsecured Convertible Note (“Atalaya
Note”) On
April 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06 that simplifies the accounting for convertible
instruments. ASU 2020-06 (i) reduced the number of accounting models for convertible instruments, by eliminating the models that require
separation of cash conversion or beneficial conversion features from the host and (ii) revised the derivative scope exception and (iii)
provided targeted improvements for Earnings Per Share (“EPS”). The adoption of ASU 2020-06 did not have a material impact
on the Company’s outstanding convertible debt instruments as of April 1, 2022. The
Company has issued convertible promissory notes, senior subordinated convertible promissory notes (“Notes”) and Atalaya Note,
it evaluates the balance sheet classification to determine whether the instrument should be classified either as debt or equity, and
whether the conversion feature should be accounted for separately from the host instrument. According to ASC 480-10-25-14, the notes
are classified as liabilities because the Company intends to settle them by issuing variable number of shares with a fixed and known
monetary value at the time of inception. The Company evaluates the conversion feature of notes would be separated from the instrument
and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of an “embedded
derivative” in ASC 815, Derivatives and Hedging. However, the Company has elected fair value option for these notes, as discussed
below and thus does not bifurcate the embedded conversion feature. Fair
Value Option (“FVO”) Election The
Company accounts for Convertible Promissory notes and Senior Subordinated Convertible Promissory Note and convertible promissory notes
issued under the fair value option election of ASC 825, Financial Instruments (“ASC-825”) as discussed below. The
convertible promissory notes accounted for under the FVO election are a debt host financial instruments containing conversion features
which would otherwise be required to be assessed for bifurcation from the debt-host and recognized as separate derivative liabilities
subject to measurements under ASC 815. Notwithstanding, ASC 825-10-15-4 provides for the “fair value option” (“FVO”)
election, to the extent not otherwise prohibited by ASC 825-10-15- 5, to be afforded to financial instruments, wherein bifurcation of
an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and
then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The
estimated fair value adjustment, as required by ASC 825-10-45-5, is recognized as a component of other comprehensive income (“OCI”)
with respect to the portion of the fair value adjustment attributed to a change in the instrument-specific credit risk, with the remaining
amount of the fair value adjustment recognized under Finance costs shown as “Change in fair value of convertible promissory note”
and “Change in fair value of senior subordinated convertible promissory note” in the accompanying condensed consolidated
statement of operations. With respect to the above convertible promissory notes, as provided for by ASC 825-10-50-30(b), the estimated
fair value adjustment is presented as a separate line item in the accompanying condensed consolidated statement of operations, since
the change in fair value of the convertible promissory notes payable was not attributable to instrument specific credit risk. During
three month ended December 31, 2023, as a result of consummation of the Business Combination by way of a Reverse Recapitalization, the
notes outstanding were converted into 4,248,178 shares of the Company’s Common Stock. The
SSCPN and Notes were adjusted for their carrying value through statement of operations as on date of Reverse Recapitalization and credited
at carrying value to the capital accounts upon conversion to reflect the stock issued.
x. Net profit/(loss) per share attributable to common stockholders The
Company computes net profit/(loss) per share using the two-class method required for participating securities. The two-class method requires
income available to common stockholders for the period to be allocated between common stock and participating securities based upon their
respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred
stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders,
at specified rate, if declared. Then
any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming
conversion of all convertible preferred stock into common stock. This
participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such,
net losses for the periods presented were not allocated to the Company’s participating securities. The
Company’s basic profit/(loss) per share is computed using the weighted-average number of ordinary shares outstanding during the
period. The diluted profit/(loss) per share is computed by considering the impact of potential issuance of common stock on the weighted
average number of shares outstanding during the period, except where the results would be anti-dilutive.
xi. Provisions and accrued expenses. A
provision is recognized in the consolidated balance sheet when the Company has a present legal or constructive obligation as a result
of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is
material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money. Provisions
for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable
costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected
cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company
recognizes any impairment loss on the assets associated with that contract. The Company does not have any onerous contracts.
xii. Fair value measurements and financial instruments Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company
uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
The three levels of the fair value hierarchy are set forth below:
Level Observable
inputs such as 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
in active markets, quoted prices in markets that are not active or inputs other than the
quoted prices that are observable either directly or indirectly for the full term of assets
or liabilities.
Level
3 Unobservable
inputs in which there is little or no market data and that are significant to the fair value
of the assets or liabilities. During
the three months ended December 31, 2023, the Company’s primary financial instruments included cash and cash equivalents, investments,
accounts receivables, other financial assets, accounts payable, and debt, convertible promissory note, SSCPN, warrant liability and other
financial liabilities. The estimated fair value of cash equivalents, accounts receivable,
accounts payable, and accrued liabilities approximate their carrying value due to short-term maturities of these instruments.
xiii. Recent Accounting Pronouncements Accounting
Pronouncement Adopted In
July 2023, the FASB issued ASU 2023-03 - Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive
Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation
(Topic 718). The ASU amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance
issued by the SEC. The ASU is effective immediately upon issuance and did not have a material impact on the Company’s condensed
consolidated financial sta |
