Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of Prospective Adoption of New Accounting Pronouncements

The following table approximates the impact that the adoption of ASC 842 had to the Company’s December 31, 2019 Consolidated Balance Sheet as impacted by landlord provided incentives and the present value of future cash flows calculation against both the asset and liability:

 

 

 

 

 

 

 

 

 

 

 

 

    

Balance without

    

Adjustment as of 

    

As reported balance as of 

 

 

adoption of ASC 842

 

January 1, 2019

 

December 31, 2019

Lease incentive liability

 

$

(176,000)

 

$

176,000

 

$

 —

Deferred rent

 

$

(28,000)

 

$

28,000

 

$

 —

Right-of-use asset (net)

 

$

 —

 

$

405,000

 

$

349,000

Lease liability

 

$

 —

 

$

(609,000)

 

$

(528,000)