| Summary of Significant Accounting Policies | 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
accompanying CFS are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”). The functional
currency of Aixinis Chinese Renminbi (‘‘RMB’’). The accompanying CFS are translated from RMB and presented
in U.S. dollars (“USD”). In
the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results
that may be expected for the year ending December 31, 2019. These unaudited condensed consolidated financial statements should
be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018. The
CFS includes the accounts of the Company and its current wholly owned subsidiaries, AiXin HK and AiXin Zhonghong. Intercompany
transactions and accounts were eliminated in consolidation. Going
Concern The Company incurred net losses of $311,350
and $417,949 for the quarters ended March 31, 2019 and 2018, respectively. The Company also had a stockholders’ deficit
of $3.3 million as of March 31, 2019. These conditions raise a substantial doubt about the Company’s ability to continue
as a going concern. The Company plans to increase its income by improving communications with suppliers to ensure sufficient and
quality products supply, building a competitive and efficient sales force, providing attractive sales incentive program, increasing
marketing and promotion activities, and minimize operating costs. The Company’s majority shareholder, Quanzhong Lin, plans
to invest an additional RMB 10 million (approximately $1.5 million) into the Company by the end of the second quarter of 2019
to help the Company’s working capital needs. As of March 31, 2019, the Company received RMB 9.1 million (approximately $1.4
million) from Quanzhong Lin. The CFS do not include any adjustments that might result from the outcome of this uncertainty. Use
of Estimates In
preparing CFS in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent assets and liabilities at the dates of the CFS, as well as the reported amounts
of revenues and expenses during the reporting period. Significant estimates, required by management,
include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for obsolete and slow-moving
inventories. Actual results could differ from those estimates. Restatement
of Previously Issued Consolidated Financial Statements As
part of preparing its 2019 Q2 CFS, the Company discovered a building sale that closed in 2019 Q1 was not recorded in
the proper period. Accordingly, the Company restated its unaudited CFS at March 31, 2019 and for the three months ended March
31, 2019 to record the building sale and the right of use asset and lease liability arising from the lease back of the
building. On September 12, 2018, the Company
entered into a contract to sell its rights to a portion of a building (see Note 9), at which time the Buyer paid RMB 100,000
($14,898) to a shareholder of the Company as a down payment. The contract stipulated the remaining
RMB 8,900,000 ($1,325,964) should be paid by the Buyer on or before September 30, 2018 and before the Company would be
required to go to the relevant authority to effectuate the transfer of its property rights. The Buyer failed to make the
payment on or prior to September 30, 2018, a default under the contract which gave the Company the right to terminate the
contract. In October 2018, the Buyer delivered to the shareholder an additional RMB 7,000,000 ($1,042,893) in an effort to
secure its right to purchase the property rights, though the Company did not waive the default at that time or otherwise
extend the contract. On March 25, 2019, the parties entered in to a supplemental agreement which provided that the Company
would transfer the property rights to Buyer if it agreed the Company would get the benefit of the RMB 8,900,000 ($1,325,964)
and otherwise pay the RMB 1,200,000 ($178,782) remaining balance of the RMB 8,900,000 ($1,325,963) on or prior to March 31,
2019. The RMB1,200,000 ($178,782) was paid to the shareholder on a timely basis and the Company was given the benefit of the
RMB 7,000,000 ($1,042,893) delivered to the Shareholder. Since as of December 31, 2018, the Company was not obligated to sell
its property rights to the Buyer as a result of its default and there was no assurance at that time that the Buyer would
perform, the Company determined to record the transaction in the first quarter when it received the benefit of the payments
made by Buyer The amount paid directly to the Shareholder was used to reduce the Advance from Shareholder outstanding balance
with the remaining amount recognized as Advances to Shareholder. Below, the Company has presented a comparison
of the as previously reported to the restated amount for each of its CFS at March 31, 2019 and for the three months ended
March 31, 2019. The amount previously reported were derived from the Quarterly Report on Form 10-Q for the quarter ended March
31, 2019 filed May 21, 2019. AIXIN
LIFE INTERNATIONAL, INC. CONSOLIDATED
BALANCE SHEETS (Unaudited)
March 31, 2019
As Previously Reported As Restated
ASSETS
CURRENT ASSETS
Cash $ 3,221 $ 3,221
Accounts receivable, net 48,848 48,848
Other receivables and prepaid expenses 24,687 24,687
Advances to suppliers 963 963
Deferred commission 333,216 333,216
Deferred travel cost 216,655 216,655
Inventory 7,847 7,847
Advances to shareholder - 180,288
Total current assets 635,438 815,725
NONCURRENT ASSETS
Property and equipment, net 1,463,210 88,816
Right of use asset - 207,049
Total non-current assets 1,463,210 295,865
TOTAL ASSETS $ 2,098,647 $ 1,111,590
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 41,006 $ 41,006
Unearned revenue 2,156,415 2,156,415
Taxes payable 1,243,510 1,243,510
Accrued liabilities and other payables 732,262 732,262
Lease liability - current - 102,324
Advance from shareholder 1,160,574 -
Total current liabilities 5,333,768 4,275,517
LONG-TERM LIABILITIES:
Lease liability - non current - 104,725
TOTAL LIABILITIES 5,333,768 4,380,242
STOCKHOLDERS’ DEFICIT
Undesignated preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding - -
Common stock, par value $0.00001 per share, 950,000,000 shares authorized; 287,838,699 shares issued and outstanding 2,879 2,879
Paid in capital 4,709,345 4,709,345
Statutory reserve 11,721 11,721
Accumulated deficit (8,014,445 ) (8,047,790 )
Accumulated other comprehensive income 55,380 55,193
TOTAL STOCKHOLDERS’ DEFICIT (3,235,120 ) (3,268,652 )
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 2,098,647 $ 1,111,590 AIXIN
LIFE INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
Three Months Ended March 31, 2019
As Previously Reported As Restated
Net sales $ 90,479 $ 90,479
Cost of Revenue 17,196 17,196
Gross profit 73,283 73,283
Operating expenses
Selling 123,636 123,636
General and administrative 213,212 213,212
Provision for bad debts 14,510 14,510
Total operating expenses 351,358 351,358
Loss from operations (278,075 ) (278,075 )
Non-operating income (expenses)
Interest income
Financial expense (374 ) (374 )
Loss from sale of building - (33,345 )
Other income 444 444
Total non-operating income (expenses), net 70 (33,275 )
Loss before income tax (278,005 ) (311,350 )
Income tax expense - -
Net loss (278,005 ) (311,350 )
Other comprehensive items
Foreign currency translation loss (80,197 ) (80,384 )
Comprehensive loss $ (358,202 ) $ (391,734 )
Loss per share - Basic and diluted $ (0.001 ) $ (0.001 )
Weighted average shares outstanding 287,838,699 292,528,604 AIXIN
LIFE INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 2019
As Previously Reported As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (278,005 ) $ (311,350 )
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation 40,578 40,578
Provision for bad debts 14,510 14,510
Loss from disposal of building - 33,345
Changes in net assets and liabilities:
Accounts receivable (26,105 ) (26,105 )
Other receivables and prepaid expenses 10,977 10,977
Advances to suppliers 667 667
Deferred commission 14,366 14,366
Deferred travel cost 9,446 9,446
Inventory 5,879 5,879
Unearned revenue (89,498 ) (89,498 )
Taxes payable (11,966 ) (11,966 )
Accrued liabilities and other payables 18,280 18,280
Net cash (used in) operating activities (290,871 ) (290,871 )
CASH FLOWS FROM INVESTING ACTIVITIES: - -
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Capital contribution 313,966 313,966
Change in advance from shareholder (30,276 ) (30,276 )
Net cash provided by financing activities 283,690 283,690
EFFECT OF EXCHANGE RATE CHANGE ON CASH (861 ) (861 )
NET INCREASE (DECREASE) IN CASH (8,043 ) (8,043 )
CASH BEGINNING OF PERIOD 11,264 11,264
CASH END OF PERIOD $ 3,221 $ 3,221
Supplemental Cash flow data:
Income tax paid $ - $ -
Interest paid $ - $ -
Non-cash investing and financing activities:
Proceeds from sale of building offset against shareholder loans $ - $ 1,340,862
Right of use asset and related liability $ - $ 207,049 Cash
and Equivalents For
financial statement purposes, the Company considers all highly liquid investments with an original maturity of three months or
less to be cash equivalents. Accounts
Receivable The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the
composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current
economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. As of March 31, 2019 and
December 31, 2018, the bad debt allowance was $94,653 and $77,955, respectively. Inventory Inventory
mainly consists of health supplement products. Inventory is valued at the lower of average cost or market, cost being determined
on a moving weighted average method at the end of the month. Management compares the cost of inventories with the net realizable
value and an allowance is made for writing down their inventories to market value, if lower. The Company recorded no inventory
impairment for the quarters ended March 31, 2019 and 2018, respectively. In
July 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330) - Simplifying
the Measurement of Inventory,” which requires that inventory within the scope of the guidance be measured at the lower of
cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably
predictable costs of completion, disposal, and transportation. Property
and Equipment Property
and equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments
that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited.
Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related
cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation
of property and equipment is provided using the straight-line method for substantially all assets with 5% salvage value and estimated
lives as follows:
Building 20
years
Office
furniture 5
years
Electronic
Equipment 3
years
Vehicles 5
years Impairment
of Long-Lived Assets Long-lived
assets, which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be recoverable, but at least annually. Recoverability
of long-lived assets to be held and used is measured by comparing of the carrying amount of an asset to the estimated undiscounted
future cash flows expected to be generated by it. If the carrying amount of an asset exceeds its estimated undiscounted future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value
(“FV”). FV is generally determined using the asset’s expected future discounted cash flows or market value,
if readily determinable. Based on its review, the Company believes that, as of March 31, 2019 and December 31, 2018 (audited),
there were no significant impairments of its long-lived assets. Income
Taxes Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts
at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected
to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized. The
Company follows Accounting Standards Codification (“ASC”) Topic 740, 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. ASC Topic
740 also provides guidance on recognition 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. Under
ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing
authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that
would be ultimately sustained. The benefit of a tax position is recognized in the CFS in the period during which, based on all
available evidence, management believes it is more likely than not that the position will be sustained upon examination, including
the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that
is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax
benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing
authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties
are classified in selling, general and administrative expenses in the statement of income. At
March 31, 2019 and December 31, 2018, the Company did not take any uncertain positions that would necessitate recording
a tax related liability. Revenue
Recognition ASU
No. 2014-09 Revenue from Contracts with Customers Topic 606. Topic 605, Revenue Recognition Revenue
from sale of goods under Topic 606
● executed
contract(s) with our customers that we believe is legally enforceable;
● identification
of performance obligation in the respective contract;
● determination
of the transaction price for each performance obligation in the respective contract;
● allocation
the transaction price to each performance obligation; and
● recognition
of revenue only when the Company satisfies each performance obligation. These
five elements, as applied to each of the Company’s revenue category, is summarized below:
● Revenue
from sale of goods is recognized when goods are shipped to the customer and no other obligation exits. The Company does
not provide unconditional return or other concessions to the customer. The Company’s sales policy allows for the
return of unopened products for cash after deducting certain service and transaction fees. As alternatives for the product
return option, the customers have options of asking an exchange of the products with same value. As
part of the Company’s sales incentive program, the Company occasionally provides free travel to its customers whose
prepayment to purchase the Company’s products reaches to certain amount. There are different travel incentives offered
to the customers based on amount received from each customer. The Company records the to-be-provided free travel cost
when cash is collected from customers as a debit deferred travel cost with corresponding credit to accrued travel cost.
Once the customer utilizes the travel incentive, the cost of travel is recorded as a reduction of sales. Sales
revenue represents the invoiced value of goods, net of value-added taxes (“VAT”). All of the Company’s products
sold in China are subject to the PRC VAT of 17% of the gross sales price prior to May 1, 2018, 16% since May 1, 2018. This VAT
may be offset by VAT paid by the Company on raw materials and other materials purchased in China. The Company records VAT payable
and VAT receivable net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the
receivables. Sales and purchases are recorded net of VAT collected and paid as the Company acts as an agent for the government. Cost
of Revenue Cost
of revenue (“COR”) consists primarily of cost of purchasing inventory. Write-down of inventory to lower of cost or
market is also recorded in COR. Concentration
of Credit Risk The
operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations
may be influenced by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy. The
Company has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned
banks is covered by insurance up to RMB 500,000 ($72,500) per bank. The Company has not experienced any losses in such accounts
and believes they are not exposed to any risks on their cash in these bank accounts. Statement
of Cash Flows In
accordance with ASC Topic 230, “Statement of Cash Flows,” Fair
Value (“FV”) of Financial Instruments Certain
of the Company’s financial instruments, including cash and equivalents, accrued liabilities and accounts payable, carrying
amounts approximate their FV due to their short maturities. FASB ASC Topic 825, “Financial Instruments,” requires
disclosure of the FV of financial instruments held by the Company. The carrying amounts reported in the balance sheets for current
liabilities each qualify as financial instruments and are a reasonable estimate of their FV because of the short period of time
between the origination of such instruments and their expected realization and the current market rate of interest. Fair
Value Measurements and Disclosures ASC
Topic 820, “Fair Value Measurements and Disclosures,” defines FV, and establishes a three-level valuation hierarchy
for disclosures of FV measurement that enhances disclosure requirements for FV measures. The three levels are defined as follow:
● 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 in active markets, and inputs
that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial
instrument.
● Level
3 inputs to the valuation methodology are unobservable and significant to the FV measurement. As
of March 31, 2019 and December 31, 2018, the Company did not identify any assets and liabilities that are required to
be presented on the balance sheet at FV. Foreign
Currency Translation and Comprehensive Income (Loss) The
functional currency of the Company is RMB. For financial reporting purposes, RMB is translated into USD as the reporting currency.
Assets and liabilities are translated at the exchange rate in effect at the balance sheet dates. Revenues and expenses are translated
at the average rate of exchange prevailing during the reporting period. Translation
adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’
equity as “Accumulated other comprehensive income”. Gains and losses resulting from foreign currency transactions
are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance
sheet date. The
Company uses FASB ASC Topic 220, “Comprehensive Income”. Comprehensive (loss) is comprised of net (loss) and all changes
to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and
distributions to stockholders. Comprehensive income (loss) for the first quarter of 2019 and 2018 consisted of net loss and foreign
currency translation adjustments. Earnings
per Share Basic
loss per share is computed on the basis of the weighted average number of common stock outstanding during the period. Dilution
is computed by applying the treasury stock method for options and warrants. Under this method, options and warrants are assumed
to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used
to purchase common stock at the average market price during the period. As
of March 31, 2019 and 2018 and for the periods then ended, the Company did not have any potentially dilutive instruments. Stock-Based
Compensation The
Company periodically grants stock options and warrants to employees and non-employees in non-capital raising transactions as compensation
for services rendered. The Company accounts for stock option and stock warrant grants to employees based on the authoritative
guidance provided by the FASB where the value of the award is measured on the date of grant and recognized over the vesting period.
The Company accounts for stock option and stock warrant grants to non-employees in accordance with the authoritative guidance
of the FASB where the value of the stock compensation is determined based upon the measurement date at either a) the date at which
a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete.
Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain
circumstances where there are no future performance requirements by the non-employee, option or warrant grants are immediately
vested and the total stock-based compensation charge is recorded in the period of the measurement date. During
the year ended December 31, 2017, the Company’s board of directors (“BOD”) authorized the issuance of 45,224,085
shares of common stock to three individuals for services rendered to the Company. The stock-based compensation was valued at $3,617,927
based on the Company’s stock price at the date of agreement and was vested immediately for services already rendered. On
January 15, 2018, the Company’s BOD determined it was not in the Company’s best interests to issue any shares to two
of the three individuals because BOD believes the two individuals did not perform the services as expected. Segment
Reporting ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting.
The management approach model is based on the way a company’s chief operating decision maker organizes segments within the
Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products
and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Management
determined the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates
exclusively in one business and industry segment: sale of health supplement products. New
Accounting Pronouncements In
May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers,
which supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most
industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the
transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects
to be entitled in exchange for those goods or services. In August 2015, the FASB approved a one-year deferral of the effective
date of the new revenue recognition standard. Public business entities, certain not-for-profit entities, and certain employee
benefit plans should apply the guidance in ASU 2014-09 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 31, 2016, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU
2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net).
In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations
and Licensing. In May 2016, the FASB issued ASU 2016-11, Revenue from Contracts with Customers (Topic 606) and Derivatives and
Hedging (Topic 815) - Rescission of SEC Guidance Because of ASU 2014-09 and 2014-16, and ASU 2016-12, Revenue from Contracts with
Customers (Topic 606) - Narrow Scope Improvements and Practical Expedients. These ASUs clarify the implementation guidance on
a few narrow areas and adds some practical expedients to the guidance Topic 606. The adoption of this standard did not have any
material impact on the Company’s CFS. In
February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). Topic 842 supersedes the lease requirements
in Accounting Standards Codification Topic 840, Leases. Under Topic 842, lessees are required to recognize assets and liabilities
on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance
or operating. The ASU is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The
Company adopted this ASU from January 1, 2019, and has recorded a right of use asset and related liability (See Note 9). In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure
all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions,
and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement
of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods
within those fiscal years, beginning after December 15, 2019. Early application is permitted for all entities for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact
that the standard will have on its CFS. In
August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies
the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective
for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early
adoption is permitted. The adoption of this standard did not have any material impact on the Company’s CFS. In
November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance requires 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 standard is effective for fiscal years beginning after December 15, 2017, and
interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard
should be applied using a retrospective transition method to each period presented. The adoption of this standard did not have
any material impact on the Company’s CFS. |
