Presentation of a Development Stage Company
The Company has elected to early adopt and present financial's following Accounting Standards
Update No. 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting
Requirements,Including an Amendment to Variable Interest Entities in Topic 810, Consolidation
(“ASU 2014-10”). ASU 2014-10 updates and removes the financial reporting distinction
between development stage entities and other reporting entities from U.S. generally accepted
accounting principles. In addition, it eliminates the requirements for development stage entities
to present the following:
(1) Present inception-to-date information in the statements of income, cash flows, and
stockholder’s equity;
(2) label the financial statements as those of a development stage entity;

(3) disclose a description of the development stage activities in which the entity is
engaged; and
(4) disclose in the first year in which the entity is no longer a development stage entity that
in prior years it had been in the development stage.
The amendments related to the elimination of inception-to-date information and the other
remaining disclosure requirements pertaining to development stage entities are to be applied
retrospectively. The amendments related to the disclosure of risks and uncertainties are to be
applied prospectively. ASU 2014-10 is effective for the Company for annual reporting periods
beginning December 15, 2016, and for the interim periods therein, with early application of each
of the amendments permitted for any annual reporting period or interim period for which the
entity’s financial statements have not yet been issued. As a result, the Company adopted ASU
2014-10 as of December 31, 2013, and the effects of the adoption are reflected in the
accompanying financial statements and related notes. As described above, the adoption of ASU
2014-10 eliminated certain disclosures of information formerly required of development stage
entities, including inception-to-date information in the accompanying statements of operations,
cash flows, and changes in stockholder’s (deficit) equity. The elimination of these disclosure
requirements had no other effect on the amounts reported for total assets, liabilities,
stockholder’s (deficit) equity, or net loss.