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Revision of Prior Period Financial Statements

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Revision of Prior Period Financial Statements

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTSIn connection with the preparation of the Company’s 2019 consolidated financial statements, the Company identified errors in its historical financial statements relating to how the Company accounted for debt discounts and how the Company accounted for reimbursement of salaries and other salary related costs for its property management revenue arrangements. Specifically, the Company incorrectly accounted for debt discount of certain notes payable due to affiliates that should have been fully amortized at the end of the initial three-year term in October 2017. In addition, in the interim periods in 2019, the Company previously reported the reimbursement of salary costs from its property management agreements on a net basis, although the Company was required to account for these payroll related reimbursements on a gross basis. The correction of these non-cash errors had no effect on the previously reported operating income (loss) or total cash flows from operations, investing, or financing of the Company.

The Company evaluated the errors and, based on an analysis of quantitative and qualitative factors, determined that the related impact was not material to the Company’s consolidated financial statements for any prior period.

All financial statements and footnotes presented herein have been adjusted to reflect the revisions below.

			For the three months ended September 30, 2019																		For the nine months ended September 30, 2019
			As previously reported						Adjustment						As adjusted						As previously reported						Adjustment						As adjusted
Revenue—asset management			$	4,293					$	440					$	4,733					$	12,178					$	1,148					$	13,326
Direct costs—asset management			3,710						487						4,197						10,541						1,263						11,804
Interest (expense)			(186)						16						(170)						(352)						48						(304)
Other income, net			—						47						47						16						115						131
Net income (loss)			(643)						16						(627)						(827)						48						(779)
Additional paid-in capital			198,184						1,025						199,209						198,184						1,025						199,209
Accumulated deficit			(195,146)						(1,724)						(196,870)						(195,146)						(1,724)						(196,870)
Total equity			7,221						(699)						6,522						7,221						(699)						6,522

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- References

No definition available.

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- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

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