XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Basis Of Presentation
 6 Months Ended
Jun. 30, 2022
Basis Of Presentation [Abstract]  
Basis Of Presentation
2.
 
BASIS OF PRESENTATION
The unaudited
 
consolidated
 
financial statements
 
of the
 
Company
 
as
 
of June
 
30,
 
2022 and
 
December
 
31,
 
2021
and
 
for
 
the three
 
and six
 
months
 
ended June
 
30,
 
2022 and
 
2021
 
include
 
all
 
adjustments,
 
consisting
 
of normal
recurring accruals,
 
which, in the
 
opinion of management,
 
are necessary
 
for a
 
fair statement
 
of the results
 
on an
interim basis.
 
Certain financial
 
information,
 
which is
 
normally included
 
in annual
 
financial statements
 
prepared
in accordance
 
with accounting
 
principles generally
 
accepted in
 
the United States
 
of America (“GAAP”),
 
has been
omitted
 
since
 
it
 
is
 
not
 
required
 
for
 
interim
 
reporting
 
purposes.
 
The
 
December
 
31,
 
2021
 
consolidated
 
balance
sheet data was
 
derived from audited
 
financial statements
 
but does not
 
include all disclosures
 
required by
 
GAAP.
 
The
 
results
 
for
 
the
 
three
 
and
 
six
 
months
 
ended
 
June
 
30,
 
2022
 
and
 
2021
 
are
 
not
 
necessarily
 
indicative
 
of
 
the
results
 
for
 
a full
 
year.
 
These financial
 
statements
 
should be
 
read
 
in conjunction
 
with the
 
audited
 
consolidated
financial statements
 
and notes
 
thereto for
 
the years
 
ended December
 
31, 2021,
 
2020 and
 
2019, included
 
in the
Company’s most recent
 
Form 10-K filing.
The Company
 
consolidates
 
the results
 
of operations
 
and financial
 
position of
 
all voting
 
interest
 
entities ("VOE")
in
 
which
 
the
 
Company
 
has
 
a controlling
 
financial
 
interest
 
and
 
all
 
variable
 
interest
 
entities
 
("VIE")
 
in
 
which
 
the
Company is considered to be the primary beneficiary.
 
The consolidation assessment, including
 
the determination
as
 
to
 
whether
 
an
 
entity
 
qualifies
 
as
 
a
 
VIE
 
or
 
VOE,
 
depends
 
on
 
the
 
facts
 
and
 
circumstances
 
surrounding
 
each
entity.
 
The preparation
 
of financial
 
statements
 
in conformity
 
with GAAP
 
requires
 
management
 
to make
 
estimates
 
and
assumptions
 
that
 
affect
 
the reported
 
amounts
 
of assets
 
and liabilities
 
(and disclosure
 
of contingent
 
assets
 
and
liabilities) at the date of the financial
 
statements and the reported
 
amounts of revenues and expenses
 
during the
reporting period.
 
Ultimate actual results could differ,
 
possibly materially,
 
from those estimates.
 
All intercompany accounts
 
and transactions have been eliminated.
 
Certain
 
reclassifications
 
and
 
format
 
changes
 
have
 
been
 
made
 
to
 
prior
 
years’
 
amounts
 
to
 
conform
 
to
 
the
 
2022
presentation.
Application of Recently Issued Accounting
 
Standard Changes.
 
The Company
 
did not
 
adopt any
 
new accounting
 
standards
 
that had
 
a material
 
impact during
 
the three
 
and six
months
 
ended
 
June
 
30,
 
2022.
 
The
 
Company
 
assessed
 
the
 
adoption
 
impacts
 
of
 
recently
 
issued
 
accounting
standards
 
by the
 
Financial Accounting
 
Standards
 
Board on
 
the Company’s
 
consolidated
 
financial statements
 
as
well as
 
material updates
 
to previous
 
assessments,
 
if any,
 
from the
 
Company’s
 
Annual Report
 
on Form
 
10-K for
the year ended
 
December 31, 2021.
 
There were
 
no new material
 
accounting standards
 
issued in the
 
six months
ended June 30, 2022, that impacted Group.
Any
 
issued
 
guidance
 
and
 
pronouncements,
 
other
 
than
 
those
 
directly
 
referenced
 
above,
 
are
 
deemed
 
by
 
the
Company to be either not applicable or immaterial to
 
its financial statements.