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HELD-TO-MATURITY SECURITIES - CORRECTION OF ERRORS
9 Months Ended
Sep. 30, 2019
HELD-TO-MATURITY SECURITIES - CORRECTION OF ERRORS  
HELD-TO-MATURITY SECURITIES - CORRECTION OF ERRORS

10.  HELD-TO-MATURITY SECURITIES – CORRECTION OF ERRORS

 

The Condensed Balance Sheet as of December 31, 2018 has been revised to reflect a correction of an error to the classification of investments previously recorded as Held-to-Maturity. During the quarter ended June 30, 2019, the Company determined that, during 2018, it had incorrectly classified certain investments as Held-to-Maturity that should have been classified as Available-for-Sale. The Company views the correction of the classification error to be immaterial to previously filed financial statements. Nonetheless, the Company has revised the presentation of the Condensed Balance Sheet at December 31, 2018 to reflect the reclassification of all previously recorded Held-to-Maturity investments as Available-for-Sale. The effect on the Condensed Balance Sheet as of December 31, 2018 is to reclassify $2,986,156 from Held-to-Maturity securities to Investments in debt and equity securities, at fair value.  In addition, Total current assets at December 31, 2018 were increased by $1,989,923 as a result of this reclassification. There was no impact to the Statement of Operations for 2018. The Company will revise its previously-issued financial statements on a prospective basis for this classification error as well as the related disclosures of the fair value of financial instruments.