15. RECENT ACCOUNTING PRONOUNCEMENTS:
In July 2012, the FASB issued accounting guidance to simplify the testing for a drop in value of indefinite-lived intangible
assets. Under the updated guidance, an entity has the option of first performing a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before proceeding to the
quantitative impairment test under which it would calculate the asset’s fair value. When performing the qualitative assessment, the entity must evaluate events and circumstances that may affect the significant inputs used to determine the
fair value of the indefinite-lived intangible asset. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of
this standard is not expected to have a material impact on the Company’s results of operations, cash flows or financial position.