Changes in Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Changes in Significant Accounting Policies

4.Changes in significant accounting policies:

Effective July 1, 2022, the Company classifies its marketable securities as either trading securities or available-for-sale securities. In addition, the Company elected to early adopt Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326) issued by the Financial Accounting Standards Board. The standard adjusts the accounting for assets measured at amortized cost basis, including marketable securities accounted for as available-for-sale. Investors are required to determine whether a decline in the fair value below the amortized cost basis of the investment is due to credit-related factors. Credit-related impairment is recognized as an allowance for credit loss on the balance sheet with a corresponding adjustment to the consolidated statement of operations. Credit losses are limited to the amount by which the investment’s amortized cost basis exceeds its fair value and may be subsequently reversed if conditions change. Any impairment that is not credit related is recognized in other comprehensive income (loss), as applicable, net of applicable taxes. The ASU is effective for public business entities for fiscal years beginning after December 15, 2019. For all other entities, including smaller reporting companies as defined by the Securities and Exchange Commission, the standard is effective for fiscal years beginning after December 15, 2022. As the Company was a smaller reporting company on the date of assessment per the ASU and related amendments, adoption of this standard can be deferred to fiscal years beginning after December 15, 2022; however, the Company has elected to early adopt this ASU effective July 1, 2022. The adoption did not have a material impact on the Company’s consolidated financial statements.