New Accounting Pronouncements

6 Months Ended

Jun. 30, 2014

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

10. New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date.  If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

Recently, the FASB issued ASU 2014-10 to eliminate the concept of a development stage entity (DSE) from U.S. GAAP.  This change rescinds certain financial reporting requirements that have historically applied to DSEs.  The amendments are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein.  Early adoption is permitted for financial statements that have not yet been issued or made available for issuance.  The Company expects to early adopt ASU 2014-10 as of December 31, 2014.  The Company is currently assessing the impact on the consolidated financial statements.