Summary of Significant Accounting Policies (Tables)
|12 Months Ended|
Dec. 31, 2019
|Accounting Policies [Abstract]|
|Schedule of Estimated Useful Life of Property and Equipment||
The estimated useful life of the different groups of property and equipment is as follows:
|Schedule of Impact of Adopting ASC 606 & 842 on the Financial Statements||
Impact of Adopting ASC 842 on the Financial Statements
As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to the consolidated balance sheet as of January 1, 2019:
These changes were primarily caused by the differences in determining and allocating transaction price under ASC 606 and costs to obtain certain contracts under ASC 340.
The adoption of ASC 606 did not impact income taxes, as the Company fully reserves its net deferred tax assets. Therefore, the change to the Company's net deferred tax asset position due to adoption was offset by a corresponding change to the valuation allowance.
The following table compares the reported consolidated balance sheet and statement of operations, as of December 31, 2019 and for the twelve months ended December 31, 2019, to the pro-forma amounts had the previous guidance been in effect:
Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef