Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.8.0.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 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 aa adjustment to the opening balance:

 

 

 

Balance at

 

 

Adjustments from

 

 

Balance at

 

 

 

December 31, 2017

 

 

Financial Instruments

 

 

January 31, 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

 

 

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash in Consolidated Balances Sheets to Consolidated Statements of Cashflows

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our consolidated balances sheets to the total amount shown in our consolidated statements of cash flows:

 

 

 

March 31, 2018

 

 

March 31, 2017

 

Cash and cash equivalents

 

$

2,148,371

 

 

$

2,902,048

 

Restricted cash

 

 

128,208

 

 

 

51,250

 

Total cash, cash equivalents, and restricted cash as shown in our consolidated statements of cash flows

 

$

2,276,579

 

 

$

2,953,298