Business and Basis of Presentation Adoption of ASU 2016-02 (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ASU 2016-02 Impact [Table Text Block] [Table Text Block]

The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of June 30, 2019:

	As reported		Adjustments			Amounts under prior GAAP
Assets
Prepaid expenses and other current assets	$	1,101,154	$	26,895		$	1,128,049
Total current assets	$	8,849,313	$	26,895		$	8,876,208
Right of use asset	$	1,645,668	$	(1,645,668	)	$	—
Other long-term assets	$	29,824	$	44,100		$	73,924
Total assets	$	10,814,277	$	(1,574,673	)	$	9,239,604
Liabilities
Accrued expenses	$	3,081,192	$	(457,939	)	$	2,623,253
Total current liabilities	$	4,839,893	$	(457,939	)	$	4,381,954
Lease obligation - net of current portion	$	1,116,734	$	(1,116,734	)	$	—
Total liabilities	$	5,956,627	$	(1,574,673	)	$	4,381,954

The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of December 31, 2018:

	As reported		Adjustments			Amounts under prior GAAP
Assets
Prepaid expenses and other current assets	$	860,915	$	44,852		$	905,767
Total current assets	$	11,586,165	$	44,852		$	11,631,017
Right of use asset	$	1,968,062	$	(1,968,062	)	$	—
Other long-term assets	$	30,314	$	44,578		$	74,892
Total assets	$	13,991,880	$	(1,878,632	)	$	12,113,248
Liabilities
Accrued expenses	$	2,236,633	$	(577,460	)	$	1,659,173
Total current liabilities	$	6,592,897	$	(577,460	)	$	6,015,437
Lease obligation - net of current portion	$	1,301,172	$	(1,301,172	)	$	—
Total liabilities	$	7,894,069	$	(1,878,632	)	$	6,015,437