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Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Pronouncements
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instrument
s
(“CECL”)
, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the
first
reporting period in which the guidance is adopted. In
November 2019,
the FASB issued ASU
2019
-
10,
Financial Instruments ‒ Credit Losses (Topic
326
), Derivatives and Hedging (Topic
815
), and Leases (Topic
842
)
. This Update defers the effective date of ASU
2016
-
13
for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after
December 15, 2022,
including interim periods within those fiscal years. The CECL model has been completed and implemented as of
January 1, 2020 (
See Note
8
).
 
In
November 2019,
the FASB issued ASU
2019
-
11,
Codification Improvements to Topic
326,
Financial Instruments – Credit Losses
, to clarify its new credit impairment guidance in ASC
326,
based on implementation issues raised by stakeholders. This Update clarified, among other things, that expected recoveries are to be included in the allowance for credit losses for these financial assets; an accounting policy election can be made to adjust the effective interest rate for existing troubled debt restructurings based on the prepayment assumptions instead of the prepayment assumptions applicable immediately prior to the restructuring event; and extends the practical expedient to exclude accrued interest receivable from all additional relevant disclosures involving amortized cost basis. The effective dates in this Update are the same as those applicable for ASU
2019
-
10.
This Update has
not
had a significant impact on the Company’s financial position or results of operations.
   
 
In
January 2020,
the FASB issued ASU
2020
-
2,
Financial Instruments – Credit Losses (Topic
326
) and Leases (Topic
842
): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No.
119
and Update to SEC Section on Effective Date Related to Accounting Standards Update
No.
2016
-
02,
Leases (Topic
842
),
February 2020
, to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin
No.
119,
related to the new credit losses standard, and comments by the SEC staff related to the revised effective date of the new leases standard. This ASU is effective upon issuance. This Amendment has
not
had a significant impact on the Company’s financial position or results of operations.
 
In
March 2020,
the FASB issued ASU
2020
-
3
,
Codification Improvements to Financial Instruments.
This ASU was issued to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) standard issued in
2016.
The ASU includes
seven
issues that describe the areas of improvement and the related amendments to GAAP; they are intended to make the standards easier to understand and apply and to eliminate inconsistencies, and they are narrow in scope and are
not
expected to significantly change practice for most entities. Among its provisions, the ASU clarifies that all entities, other than public business entities that elected the fair value option, are required to provide certain fair value disclosures under ASC
825,
Financial Instruments
, in both interim and annual financial statements. It also clarifies that the contractual term of a net investment in a lease under Topic
842
should be the contractual term used to measure expected credit losses under Topic
326.
Amendments related to ASU
2019
-
04
are effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years. Early adoption is
not
permitted before an entity’s adoption of ASU
2016
-
01.
Amendments related to ASU
2016
-
13
for entities that have
not
yet adopted that guidance are effective upon adoption of the amendments in ASU
2016
-
13.
Early adoption is
not
permitted before an entity’s adoption of ASU
2016
-
13.
Amendments related to ASU
2016
-
13
for entities that have adopted that guidance are effective for fiscal years beginning after
December 15, 2019,
including interim periods within those years. Other amendments are effective upon issuance of this ASU. This Update has
not
had a significant impact on the Company’s financial position or results of operations.
Reclassification, Comparability Adjustment [Policy Text Block]
Reclassification of Comparative Amounts
 
Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did
not
affect net income or retained earnings.