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Revisions of Previously Issued Consolidated Year-End Financial Statements | 6 Months Ended
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Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
Revisions of Previously Issued Consolidated Year-End Financial Statements | Revisions of Previously Issued Consolidated Year-End Financial Statements As described in Note 1, "Organization and Business," the following table sets forth the impact of an error correction on the Company’s consolidated financial statements as of and for the period ended December 31, 2019 by financial statement line item. Most of the deferred tax liabilities arose from the acquisition in 2012. The tax assets with definite lives should have been netted against the tax liabilities with definite lives as required by ASC 740 when evaluating the valuation allowance. Instead, both the tax assets and liabilities were maintained on a gross basis on the balance sheet and the tax assets were entirely offset with a valuation allowance. The effect of the error was deemed immaterial.
|  | December 31, 2019 |  |  |  |
Consolidated Balance Sheet Line Item |  | As Previously Reported |  | Adjustments |  | As Revised
Deferred tax liability |  | $ | 2,019,200 |  |  | $ | 1,912,200 |  |  | $ | 107,000 |
Accumulated deficit |  | $ | 130,958,001 |  |  | $ | (1,912,200) |  |  | $ | 129,045,801 |
|  | December 31, 2018 |  |  |  |
Consolidated Balance Sheet Line Item |  | As Previously Reported |  | Adjustments |  | As Revised
Accumulated deficit |  | $ | 126,469,894 |  |  | $ | (1,912,200) |  |  | $ | 124,557,694 |

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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 + Details
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