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RECENT ACCOUNTING PRONOUNCEMENTS
3 Months Ended
Jun. 30, 2019
RECENT ACCOUNTING PRONOUNCEMENTS  
RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

New Accounting Pronouncements Recently Adopted

On April 1, 2018, the Company adopted ASU 2016‑18, Restricted Cash – A Consensus of the FASB Emerging Issues Task Force, (“ASU 2016‑18”), which amends ASC 230, Statement of Cash Flows, to clarify guidance on the classification and presentation of restricted cash in the statement of cash flows using the full retrospective method. Adoption of this standard did not have a material impact on our consolidated financial statements. See our unaudited condensed consolidated statements of cash flows for the reconciliation of cash presented in the statements of cash flows to the cash presented on the balance sheet.

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017‑09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017‑09"), which amends the scope of modification accounting for share-based payment arrangements such that an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. ASU 2017‑09 became effective for the Company beginning April 1, 2018 for both interim and annual reporting periods. The adoption of ASU 2017‑09 did not have a material impact on the Company’s condensed consolidated financial statements.

The Company adopted ASU No. 2016-02-Leases (Topic 842), as of April 1, 2019, using a modified retrospective transition method permitted under ASU No. 2018-11. This transition approach provides a method for recording existing leases only at the date of adoption and does not require previously reported balances to be adjusted. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of approximately $1.3 million and $0.9 million, respectively, as of April 1, 2019. The standard did not materially impact our consolidated net earnings and had no impact on cash flows.