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



	As reported		Adjustments			Amounts under prior GAAP
Assets
Prepaid expenses and other current assets	$	672,487	$	23,902		$	696,389
Total current assets	$	6,635,857	$	23,902		$	6,659,759
Right of use asset	$	1,541,975	$	(1,541,975	)	$	—
Other long-term assets	$	29,650	$	38,872		$	68,522
Total assets	$	8,506,777	$	(1,479,201	)	$	7,027,576

Liabilities
Accrued expenses	$	2,612,907	$	(460,693	)	$	2,152,214
Total current liabilities	$	3,914,759	$	(460,693	)	$	3,454,066
Lease obligation - net of current portion	$	1,018,508	$	(1,018,508	)	$	—
Total liabilities	$	4,933,267	$	(1,479,201	)	$	3,454,066

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