Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Effects of Adopting Accounting Standards on Financial Statements

The following table summarizes the effects of adopting ASU 2016-01 on the Company’s financial statements for the year beginning January 1, 2018 as an adjustment to the opening balance:

 

 

 

Balance at

 

 

Adjustments from

 

 

Balance at

 

 

 

December 31, 2017

 

 

Financial Instruments

 

 

January 1, 2018

 

 

 

As Previously Reported

 

 

Update ASU 2016-01

 

 

As Adjusted

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments in securities

 

$

1,552,090

 

 

$

(1,552,090

)

 

$

 

Marketable equity securities

 

$

 

 

$

1,552,090

 

 

$

1,552,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income

 

$

796,603

 

 

$

(796,603

)

 

$

 

Retained earnings

 

$

3,746,323

 

 

$

796,603

 

 

$

4,542,926