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Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Employee Retention Tax Credit Policy [Policy Text Block]
Employee Retention Credit
 
The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes of up to
$5,000
per employee for eligible employers. The tax credit is equal to
70%
of qualified wages paid to employees during a quarter, capped at
$10,000
of qualified wages per employee throughout the year. The Company adopted a policy to recognize the employee retention credit when earned and to recognize the credit as a reduction to compensation and benefits expense on the Company's consolidated statements of operations. Accordingly, the Company recorded an employee retention credit of
$843,000
in the
first
quarter of
2021.
The Company is currently in the process of filing for this credit.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted and Issued Accounting Standards
 
Accounting Standards Adopted During
2021
 
Effective
January 1, 2021,
the following new Accounting Standards Updates (ASU) were adopted by the Company:
 
ASU
2019
-
12
 
ASU
2019
-
12,
“
Income Taxes (Topic
740
) - Simplifying the Accounting for Income Taxes.
” The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC
740
related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU
2019
-
12
also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The ASU is effective for the Company on
January 1, 2021.
The adoption of ASU
2019
-
12
did
not
have any impact on our consolidated financial statements.
 
Accounting Standards Issued But
Not
Yet Adopted
 
ASU
2016
-
13
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments
. The ASU changes the methodology for measuring credit losses on financial instruments measured at amortized cost to a current expected loss (“CECL”) model. Under the CECL model, entities will estimate credit losses over the entire contractual term of a financial instrument from the date of initial recognition of the instrument. The ASU also changes the existing impairment model for available-for-sale debt securities. In cases where there is neither the intent nor a more-likely-than-
not
requirement to sell the debt security, an entity will record credit losses as an allowance rather than a direct write-down of the amortized cost basis. Additionally, ASU
2016
-
13
notes that credit losses related to available-for-sale debt securities and purchased credit impaired loans should be recorded through an allowance for credit losses. ASU
2016
-
13
is effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after
December 15, 2018.
In
November 2019,
the FASB issued ASU
2019
-
10,
which amends the effective date of ASC
326
for smaller reporting companies, as defined by the SEC, and other non-SEC reporting entities, and delays the effective date to fiscal years beginning after
December 31, 2022,
including interim periods within those fiscal periods. As the Company is a small reporting company, the delay will be applicable to the Company. Management is currently evaluating the impact that the standard will have on its consolidated financial statements.
 
ASU Update
2020
-
02
 
In
January 2020,
the FASB issued ASU
No.
2020
-
02,
“
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
).
” This ASU adds and amends 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. See the discussion regarding the adoption of ASU
2016
-
13
above.
 
ASU Update
2020
-
03
 
In
March 2020,
the FASB issued ASU
No.
2020
-
3,
“
Codification Improvements to Financial Instruments.
” This ASU clarifies various financial instruments topics, including the CECL standard issued in
2016.
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.
Other amendments are effective upon issuance of this ASU. See the discussion regarding the adoption of ASU
2016
-
13
above.
 
ASU Update
2020
-
04
 
In
March 2020,
the FASB issued ASU
No.
2020
-
4,
"Reference Rate Reform". This ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of
March 12, 2020
through
December 31, 2022.
As of
December 31, 2020,
the Company has
not
made any elections under ASU
2020
-
04
but continues to evaluate the impact of reference rate reform and which optional expedients and exceptions might be elected.