Annual report pursuant to Section 13 and 15(d)

Revisions of Previously Issued Consolidated Year-End Financial Statements (Tables)

v3.20.4
Revisions of Previously Issued Consolidated Year-End Financial Statements (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
As described in Note 1, "Organization and Business," the following table sets forth the impact of an error correction on the Company’s consolidated financial statements as of and for the period ended December 31, 2019 by financial statement line item. Most of the deferred tax liabilities arose from the acquisition in 2012. The tax assets with definite lives should have been netted against the tax liabilities with definite lives as required by ASC 740 when evaluating the valuation allowance. Instead, both the tax assets and liabilities were maintained on a gross basis on the balance sheet and the tax assets were entirely offset with a valuation allowance. The effect of the error was deemed immaterial.


December 31, 2019
Consolidated Balance Sheet Line Item As Previously Reported Adjustments As Revised
Deferred tax liability $ 2,019,200  $ 1,912,200  $ 107,000 
Accumulated deficit $ 130,958,001  $ (1,912,200) $ 129,045,801 


December 31, 2018
Consolidated Balance Sheet Line Item As Previously Reported Adjustments As Revised
Accumulated deficit $ 126,469,894  $ (1,912,200) $ 124,557,694