2.	New Accounting Standards

Accounting Standards Updates Adopted

February 2016,

the FASB issued ASU

2016

Leases (Subtopic

842

), which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases. The update was effective for annual and interim reporting periods beginning after

December 15, 2018

and early adoption was permitted. The ASU became effective for, and was adopted by, the Company in the

first

quarter of the fiscal year ending

June 30, 2020.

The Company elected the transition option to apply the new guidance at the effective date without adjusting comparative periods presented.

Accounting Standards Updates to Become Effective in Future Periods

November 2018,

the FASB issued ASU

2018

18,

Collaborative Arrangements (Topic

808

): Clarifying the Interaction Between Topic

808

and Topic

606,

which, among other things, provides guidance on how to assess whether certain collaborative arrangement transactions should be accounted for under Topic

606.

The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019,

with early adoption permitted. The Company is in the process of evaluating the impact the standard will have on its financial statements.

Other accounting standards that have been issued or proposed by FASB that do

not

require adoption until a future date are

not

expected to have a material impact on the consolidated financial statements upon adoption. The Company does

not

discuss recent pronouncements that are

not

anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.