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Recent Accounting Pronouncements
9 Months Ended
Sep. 30, 2019
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

(12) Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016‑02, Leases (“ASU 2016‑02”). ASU 2016‑02 requires lessees to record most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting. The adoption of ASU 2016‑02 did not have a material impact on the Company’s condensed consolidated financial statements as the Company did not have a lease with a term greater than one year.

Effective January 1, 2019, the Company adopted ASU No. 2018‑07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018‑07”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505‑50, Equity - Equity-Based Payments to Non-Employees. The adoption of ASU 2018‑07 did not have a material impact on the Company’s condensed consolidated financial statements.