Note 2 - Significant Accounting Policies
|6 Months Ended|
Jun. 30, 2020
|Notes to Financial Statements|
|Significant Accounting Policies [Text Block]||
These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation.
The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form
10-Q. Accordingly, they do
notinclude all of the information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form
10-K, or Annual Report, filed with the SEC on
March 10, 2020.In the opinion of management, these condensed consolidated interim financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are
notnecessarily indicative of the results that
maybe expected for any future period, including the full year.
June 30, 2020,there have been
nochanges to our significant accounting policies as described in our Annual Report on Form
10-K for the fiscal year ended
December 31, 2019.
The preparation of the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. Significant accounting policies and estimates made by management are the assumptions used in determining the valuation of share-based compensation and the estimates related to prepaid and accrued research and development costs.
The impacts of such estimates are pervasive throughout the condensed consolidated interim financial statements and
mayrequire accounting adjustments based on future occurrences.
The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
The functional and presentation currency of the Company is the US dollar.
The Company is subject to credit risk from the Company's cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of
R1-low or A-low investments and the Company invests only in instruments that are issued by highly rated Canadian corporations which are capable of prompt liquidation.
The entire disclosure for all significant accounting policies of the reporting entity.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef