v3.6.0.2
2. Summary of Significant Accounting Policies (Policies)
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3 Months Ended |
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Accounting Policies [Abstract] |
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Principles of Consolidation |
Principles of Consolidation
The
accompanying condensed consolidated financial statements represent the consolidated financial position, results of operations
and cash flows of Live Ventures Incorporated and its wholly-owned subsidiaries. In addition, on
July 6, 2015, The Company acquired 80% of Marquis Industries, Inc. and subsidiaries (“Marquis”). The results of Marquis
have been included in the consolidated financial statements of the Company since that date. Effective November 30, 2015, the Company
acquired the remaining 20% of Marquis. On November 3, 2016, the Company acquired 100% of Vintage Stock, Inc. through is newly
formed, wholly-owned subsidiary, Vintage Stock Affiliated Holdings LLC. All intercompany transactions and balances have been eliminated
in consolidation.
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Noncontrolling Interest |
Non-Controlling Interest
On July 6,
2015, the Company, through Marquis Affiliated Holdings, LLC, a wholly owned subsidiary of the Company, acquired 80% interest in
Marquis. The transaction was accounted for under the acquisition method of accounting, with the purchase price allocated based
on the fair value of the individual assets acquired and liabilities assumed.
The Company
follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
810, “Consolidation,” which governs the accounting for and reporting of non-controlling interests (“NCI’s”)
in partially owned consolidated subsidiaries and the loss control of subsidiaries. Certain provisions of this standard indicate,
among other things, that NCI’s be treated as a separate component of equity, not as a liability, that increases and decreases
in the parent’s ownership interest that leave control intact be treated as an equity transaction rather than as step acquisitions
or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such
allocation might results in a deficit balance. This standard also required changes to certain presentation and disclosure requirements.
The net income
(loss) attributed to the NCI is separately designated in the accompanying consolidated statements of operations. Losses attributable
to the NCI in a subsidiary may exceed the NCI’s interests in the subsidiary’s equity. The excess attributable to the
NCI is attributed to those interests. The NCI shall continue to attribute its share of losses, if applicable, even if that attribution
results in a deficit NCI balance.
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Use of Estimates |
Use of Estimates
The preparation
of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
Significant
estimates made in connection with the accompanying consolidated financial statements include the estimate of dilution and fees
associated with billings, the estimated reserve for doubtful current and long-term trade and other receivables, the estimated
reserve for excess and obsolete inventory, estimated forfeiture rates for stock-based compensation, fair values in connection
with the analysis of goodwill, other intangibles and long-lived assets for impairment, current portion of notes payable, valuation
allowance against deferred tax assets and estimated useful lives for intangible assets and property and equipment.
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Financial Instruments |
Financial Instruments
Financial
instruments consist primarily of cash equivalents, trade and other receivables, advances to affiliates and obligations under accounts
payable, accrued expenses and notes payable. The carrying amounts of cash equivalents, trade receivables and other receivables,
accounts payable, accrued expenses and notes payable approximate fair value because of the short maturity of these instruments.
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Cash and Cash Equivalents |
Cash and Cash Equivalents
Cash and Cash equivalents consist
of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates
carrying value.
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Trade and Other Receivables |
Trade and Other Receivables
The Company
grants trade credit to customers under credit terms that it believes are customary in the industry it operates and does not require
collateral to support customer trade receivables. Some of the Company’s trade receivables are factored primarily through
two factors. Factored trade receivables are sold without recourse for substantially all of the balance receivable for credit approved
accounts. The factor purchases the trade receivable(s) for the gross amount of the respective invoice(s), less factoring commissions,
trade and cash discounts. The factor charges the Company a factoring commission for each trade account, which is between 0.75-1.00%
of the gross amount of the invoice(s) factored on the date of the purchase, plus interest calculated at 3.25%-6% per annum. The
minimum annual commission due the factor is $75,000 per contract year. The total amount of trade receivables factored was $8,280,697
and $7,985,899 for three months ended December 31, 2016 and 2015, respectively.
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Reserve for Doubtful Accounts |
Reserve for Doubtful Accounts
The Company
maintains a reserve for doubtful accounts, which includes reserves for accounts and factored trade and other receivables, customer
refunds, dilution and fees from local exchange carrier billing aggregators and other uncollectible accounts. The reserve for doubtful
accounts is based upon historical bad debt experience and periodic evaluations of the aging and collectability of the trade and
other receivables. This reserve is maintained at a level which the Company believes is sufficient to cover potential credit losses
and trade and other receivables are only written off to bad debt expense as uncollectible after all reasonable collection efforts
have been made. The Company has also purchased accounts receivable credit insurance to cover non-factored trade and other receivables
which helps reduce potential losses due to doubtful accounts. At December 31, 2016 and September 30, 2016, the allowance for doubtful
accounts was $1,161,500 and $1,161,434, respectively.
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Inventories |
Inventories
Manufacturing
Segment
Inventories
are valued at the lower of the inventory’s cost (first in, first out basis) or the current market price of the inventory.
Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value,
if lower. Management also reviews inventory to determine if excess or obsolete inventory is present and a reserve is made to reduce
the carrying value for inventory for such excess and or obsolete inventory. At December 31, 2016 and September 30, 2016, the reserve
for obsolete inventory was $91,940 and $91,940, respectively.
Retail and Online Segment
Merchandise
Inventories are valued at the lower of cost or market generally using the average cost method. Under the average cost method,
as new product is received from vendors, its current cost is added to the existing cost of product on-hand and this amount is
re-averaged over the cumulative units. Pre-owned products traded in by customers are recorded as merchandise inventory for the
amount of cash consideration or store credit less any premiums given to the customer. Management reviews the merchandise inventory
to make required adjustments to reflect potential obsolescence or over-valuation as a result of cost exceeding market. In valuing
merchandise inventory, management considers quantities on hand, recent sales, potential price protections, returns to vendors
and other factors. Management’s ability to assess these factors is dependent upon forecasting customer demand and to provide
a well-balanced merchandise assortment. Merchandise Inventory valuation is adjusted based on anticipated physical inventory losses
or shrinkage and actual losses resulting from periodic physical inventory counts. Merchandise inventory reserves as of December
31, 2016 and September 30, 2016 were $2,490,405 and $1,013,870, respectively.
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Property and Equipment |
Property and Equipment
Property
and Equipment are stated at cost less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense
as incurred and additions and improvements that significantly extend the lives of assets are capitalized. Upon sale or other retirement
of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected
in operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets ranging from
three to forty years. Depreciation expense was $870,516 and $487,901 for the three months ended December 31, 2016 and 2015, respectively.
We periodically
review our property and equipment when events or changes in circumstances indicate that their carrying amounts may not be recoverable
or their depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including
our intention with respect to our stores and those stores projected undiscounted cash flows. An impairment loss would be recognized
for the amount by which the carrying amount of the assets exceeds their fair value, as approximated by the present value of their
projected discounted cash flows.
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Goodwill and Intangibles |
Goodwill and Intangibles
The Company
accounts for purchased goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other.
Under ASC 350, purchased goodwill and intangible assets with indefinite lives are not amortized; rather, they are tested for impairment
on at least an annual basis. Goodwill represents the excess of purchase price over the underlying net assets of business acquired.
Intangible assets with finite lives are amortized over their useful lives. Upon acquisition, critical estimates are made in valuing
acquired intangible assets, which include but are not limited to: future expected cash flows from customer contracts, customer
lists, and estimating cash flows from projects when completed; tradename and market position, as well as assumptions about the
period of time that customer relationships will continue; and discount rates. Management's estimates of fair value are based upon
assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may
differ from the assumptions used in determining the fair values.
The Company
assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment
involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting
unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is
not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not
to perform a qualitative assessment, a quantitative assessment is performed using a two-step approach required by ASC 350 to determine
whether a goodwill impairment exists.
The first
step of the quantitative test is to compare the carrying amount of the reporting unit's assets to the fair value of the reporting
unit. If the fair value exceeds the carrying value, no further evaluation is required and no impairment loss is recognized. If
the carrying amount exceeds the fair value, then the second step is required to be completed, which involves allocating the fair
value of the reporting unit to each asset and liability using the guidance in ASC 805 (“Business Combinations, Accounting
for Identifiable Intangible Assets in a Business Combination”), with the excess being applied to goodwill. An impairment
loss occurs if the amount of the recorded goodwill exceeds the implied goodwill. The determination of the fair value of our reporting
units is based, among other things, on estimates of future operating performance of the reporting unit being valued. We are required
to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions,
among other factors, may have an impact on these estimates and require interim impairment assessments.
When performing
the two-step quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future
net cash flows to their present value at a rate that reflects the Company's cost of capital, otherwise known as the discounted
cash flow method ("DCF"). These estimated fair values are based on estimates of future cash flows of the businesses.
Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the
businesses, the development of new products and services by the businesses and the underlying cost of development, the future
cost structure of the businesses, and future technological changes. The Company also incorporates market multiples for comparable
companies in determining the fair value of our reporting units. Any such impairment would be recognized in full in the reporting
period in which it has been identified.
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Revenue Recognition |
Revenue Recognition
Manufacturing Segment
The Manufacturing
Segment derives revenue primarily from the sale of carpet products; including shipping and handling amounts, which are recognized
when the following criteria are met: there is persuasive evidence that a sales agreement exists, delivery has occurred or services
have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Delivery is not
considered to have occurred until the customer takes title to the goods and assumes the risks and rewards of ownership, which
is generally on the date of shipment. At the time revenue is recognized, the Company records a provision for the estimated amount
of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is
recognized. Revenues are recorded net of taxes collected from customers.
Retail
and Online Segment
The Retail
and Online Segment derives product revenue primarily from in-store, direct online and fulfillment partner sales of new and used
products.
In-Store
product revenue is recognized when the following revenue recognition criteria are met: the sales price is fixed or determinable,
collection is reasonably assured and the customer takes possession of the merchandise. Revenue from the sales or our products
is recognized at the time of sale, net of sales discounts and net of an estimated sales return reserve, based on historical return
rates.
We provide
customers with the opportunity to trade in used merchandise in exchange for cash consideration or merchandise credit. Merchandise
inventory is recorded at a cost equal to the cash offered to the customer. If a customer chooses merchandise credit, credit is
issued for the amount of the cash offer plus a premium. Premiums associated with merchandise credit issued as a result of trade
in transactions are recorded as expense in the period in which the credits are issued. Customer liabilities and other deferred
revenues for our gift cards and customer credits are included in Accrued Liabilities.
Currently,
all direct online and fulfillment partner product revenue is recorded on a gross basis, as the Company is the primary obligor.
In addition,
the Retail and Online Segment derives revenue from its sales through its strategic publishing partners of discounted goods and
services offered by its merchant clients (“Deals”) when the following criteria are met: persuasive evidence of an
arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured.
These criteria are met when the number of customers who purchase the daily deal exceeds the predetermined threshold, where, if
applicable, the Deal has been electronically delivered to the purchaser and a listing of Deals sold has been made available to
the merchant. At that time, the Company’s remaining obligations to the merchant, for which it is serving as an agent, are
substantially complete. The Company’s remaining obligations, which are limited to remitting payment to the merchant, are
inconsequential or perfunctory. The Company recognizes revenue in an amount equal to the net amount it retains from the sale of
Deals after paying an agreed upon percentage of the purchase price to the featured merchant excluding any applicable taxes. Revenue
is recorded on a net basis because the Company is acting as an agent of the merchant in the transaction.
The Company
evaluates the criteria outlined in ASC Topic 605-45, Principal Agent Considerations, in determining whether it is appropriate
to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Company is the
primary obligor in a transaction, is subject to inventory risk, has latitude in establishing prices and selecting suppliers, or
has several but not all of these indicators, revenue is recorded gross. If the Company is not the primary obligor in the transaction
and amounts earned are determined using a fixed percentage, revenue is recorded on a net basis.
Revenues
do not include sales taxes or other taxes collected from customers.
Services
Segment
The Services
Segment recognizes revenue from directory subscription services as billed for and accepted by the customer. Directory services
revenue is billed and recognized monthly for directory services subscribed. The Company has utilized outside billing companies
to perform direct ACH withdrawals. For billings via ACH withdrawals, revenue is recognized when such billings are accepted by
the customer. Customer refunds are recorded as an offset to gross Services Segment revenue.
Revenue for
billings to certain customers that are billed directly by the Company and not through outside billing companies is recognized
based on estimated future collections which are reasonably assured. The Company continuously reviews this estimate for reasonableness
based on its collection experience.
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Shipping and Handling |
Shipping and Handling
The Company
classifies shipping and handling charged to customers as revenues and classifies costs relating to shipping and handling as cost
of revenues.
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Legal Expense |
Legal Expense
The Company
expenses legal costs associated with loss contingencies as incurred.
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Customer Liabilities |
Customer Liabilities
The Company
establishes a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized
when the credits and gift cards are redeemed. In addition, breakage is recognized quarterly on unused customer liabilities older
that two years to the extent that our management believes the likelihood of redemption by the customer is remote, based on historical
redemption patterns. To the extent that future redemption patterns differ from those historically experienced, there will be variations
in the recorded breakage. Breakage is recorded in other income and expense in our consolidated financial statements.
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Fair Value Measurements |
Fair Value Measurements
ASC Topic
820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held
by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation
hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels
of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets
or liabilities in active markets. Level 2 – 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 fair value measurement.
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Income Taxes |
Income Taxes
Income taxes
are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized
for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled.
A valuation allowance would be provided for those deferred tax assets for which if it is more-likely-than-not that the related
benefit will not be realized. The Company classifies tax-related penalties and interest as a component of income tax expense for
financial statement presentation.
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Lease Accounting |
Lease Accounting
We lease
retail stores, warehouse facilities and office space. These assets and properties are generally leased under noncancelable agreements
that expire at various dates through 2022 with various renewal options for additional periods. The agreements, which have been
classified as operating leases, generally provide for minimum and, in some cases percentage rentals and require us to pay all
insurance, taxes and other maintenance costs. Leases with step rent provisions, escalation clauses or other lease concessions
are accounted for on a straight-line basis over the lease term, which includes renewal option periods when we are reasonably assured
of exercising the renewal options and includes “rent holidays” (periods in which we are not obligated to pay rent).
Cash or lease incentives received upon entering into certain store leases (“tenant improvement allowances”) are recognized
on a straight-line basis as a reduction to rent expense over the lease term, which includes renewal option periods when we are
reasonably assured of exercising the renewal options. We record the unamortized portion of tenant improvement allowances as a
part of deferred rent. We do not have leases with capital improvement funding. Percentage rentals are based on sales performance
in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rentals
can be accurately estimated.
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Stock-Based Compensation |
Stock-Based Compensation
The company
from time to time grants restricted stock awards and options to employees, non-employees and company executives and directors.
Such awards are valued based on the grant date fair-value of the instruments, net of estimated forfeitures. The value of each
award is amortized on a straight-line basis over the vesting period.
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Earnings (Loss) Per Share |
Earnings (Loss) Per Share
Earnings
(Loss) per share is calculated in accordance with ASC 260, “Earnings Per share”. Under ASC 260 basic net earnings
(loss) per share is computed using the weighted average number of common shares outstanding during the period except that it does
not include unvested restricted stock subject to cancellation. Diluted net Earnings (Loss) per share is computed using the weighted
average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares
consist of the incremental common shares issuable upon the exercise of warrants, options, restricted shares and convertible preferred
stock. The dilutive effect of outstanding restricted shares, options and warrants is reflected in diluted earnings (loss) per
share by application of the treasury stock method. Convertible preferred stock is reflected on an if-converted basis.
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Segment Reporting |
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 management organizes segments within the company for making
operating decisions and assessing performance. The Company determined it has three reportable segments (See Note 16).
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Derivative Financial Instruments |
Derivative Financial Instruments
The Company
evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated
statements of operations. For stock-based derivative financial instruments, the Company uses a weighted average Black-Scholes-Merton
option pricing model to value stock-based derivative financial instruments, the Company uses a weighted average Black-Scholes-Merton
option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of
derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the
end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current
based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet
date. There were no derivative financial instruments as of December 31, 2016 and September 30, 2016, respectively.
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Reclassifications |
Reclassifications
Certain amounts
in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These
reclassifications had no effect on the previously reported net income or stockholders’ equity.
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Recently Issued Accounting Pronouncements |
Recently Issued Accounting
Pronouncements
In March
2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2016-08, Revenue from Contracts with customers. The standard addresses the implementation guidance on principal versus
agent considerations in the new revenue recognition standard. The ASI clarifies how an entity should identify the unit of accounting
(i.e. the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to
certain types of arrangements. The ASU is effective for fiscal years, and interim periods within those years, beginning on or
after December 15, 2017, with early adoption permitted. We are currently evaluating the impact that this standard will have on
our consolidated financial statements.
In March
2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products. The standard specifies
how prepaid stored-value product liabilities should be derecognized, thereby eliminating the current and potential future diversity
in practice. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017,
with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial
statements.
In February
2016, the FASB issued ASU 2016-02, Leases. The standard requires a lessee to recognize a liability to make lease payments
and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is
effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted.
We are currently evaluating the impact that this standard will have on our consolidated financial statements.
In November
2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The standard amends the current requirement
for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead,
organization will now be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for
fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company
early adopted this standard during the fourth quarter of fiscal 2016, utilizing retrospective applications as permitted. As such,
prior period amounts have been retrospectively adjusted to conform to the current presentation.
In September
2015, the FASB issued ASU 2015-06, Simplifying the Accounting for Measurement-period Adjustments. Under this standard,
an acquirer in a business combination must recognize measurement-period adjustments during the period in which the acquirer determines
the amounts, including the effect on earnings of any amounts the acquirer would have recorded in previous periods if the accounting
had been completed at the acquisition date, as opposed to retrospectively. This guidance is effective for fiscal years beginning
after December 15, 2015 with early adoption permitted. The Company early adopted this standard during the fourth quarter of fiscal
2016.
In July 2015,
the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This standard changes the measurement principle
for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined
as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and
transportation. This standard is effective for interim and annual reporting periods beginning after December 15, 2016, with early
adoption permitted. We do not anticipate that adoption of this standard will have a material impact to our consolidated financial
statements.
In April
2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. This standard requires that debt
issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying
amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for interim and annual reporting periods
beginning after December 15, 2015, with early application permitted. This standard will be applied retrospectively, and we do
not expect the adoption of this standard to materially impact our consolidated financial statements.
In May 2014,
the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ASU 2014-09, which supersedes
nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when
promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects
to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing
so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the
following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting
period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially
adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not
permitted. In August, 2015, the FASB issued ASU No. 2015-04, Revenue from Contracts with Customers (Topic 606): Deferral of
the Effective Date. The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year.
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 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. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on
its consolidated financial statements and has not yet determined the method by which it will adopt the standard.
Other recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission are not believed by management to have a material impact on the Company’s
present or future consolidated financial statements.
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- DefinitionDisclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined.
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- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
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- DefinitionDisclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.
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- DefinitionDisclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.
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- DefinitionDisclosure of accounting policy for legal costs incurred to protect or defend the entity's assets and rights, or to obtain assets, including monetary damages, or to obtain rights.
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- DefinitionThe entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.
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- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
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- DefinitionDisclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.
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- DefinitionDisclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.
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- DefinitionThe entire disclosure for classifying current financial statements, which may be different from classifications in the prior year's financial statements. Disclose any material changes in classification including an explanation of the reason for the change and the areas impacted.
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- DefinitionDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
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- DefinitionDisclosure of accounting policy for segment reporting.
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- DefinitionDisclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.
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- DefinitionDisclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs.
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- DefinitionDisclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs.
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- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
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