SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of June 30, 2025, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2024, have not changed. Recently Issued Accounting Pronouncements | | | | | | | | | | | | Accounting Standard Updates | Topic | Effective Period | Summary | 2023-09 | Income Taxes (Topic 740): Improvements to Income Tax Disclosures | Fiscal years, beginning after December 15, 2024. Early adoption is permitted. | Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company plans to adopt this guidance in the fourth quarter of 2025 and does not expect a significant impact on its income tax disclosures. | 2024-03 2025-01 | Income Statement- Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses | Fiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. | Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. |
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
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