Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of Impact of Adopting ASC 606 on the Financial Statements
As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to the consolidated balance sheet as of January 1, 2019:

 
 
As Reported, December 31, 2018
 
ASC 606 Adjustment
 
Adjusted, January 1, 2019
Consolidated Balance Sheet Data (in thousands):
 
 
 
 
 
 
Prepaid expenses and other current assets
 
$
4,574

 
$
716

 
$
5,290

Other non-current assets
 
910

 
1,120

 
2,030

Total Assets
 
$
141,341

 
$
1,836

 
$
143,177

Deferred revenue, net of current portion
 
$
53,303

 
$
3,477

 
$
56,780

Total Liabilities
 
101,406

 
3,477

 
104,883

Accumulated deficit
 
(147,066
)
 
(1,641
)
 
(148,707
)
Total stockholders' equity
 
39,935

 
(1,641
)
 
38,294

Total liabilities and stockholders' equity
 
$
141,341

 
$
1,836

 
$
143,177


These changes were primarily caused by the differences in determining and allocating transaction price under ASC 606 and costs to obtain certain contracts.

The adoption of ASC 606 did not impact income taxes, as the Company fully reserves its net deferred tax assets. Therefore, the change to the Company's net deferred tax asset position due to adoption was offset by a corresponding change to the valuation allowance.

The following table compares the reported condensed consolidated balance sheet and statement of operations, as of June 30, 2019 and for the three and six months ended June 30, 2019, to the pro-forma amounts had the previous guidance been in effect:

 
 
June 30, 2019
 
 
As Reported, ASC 606
 
Adjustments
 
Adjusted Balance, ASC 605
Condensed Consolidated Balance Sheet Data (in thousands):
 
 
 
 
 
 
Prepaids and other current assets
 
$
4,605

 
$
(604
)
 
$
4,001

Other non-current assets
 
11,490

 
(1,120
)
 
10,370

Total Assets
 
$
130,840

 
$
(1,724
)
 
$
129,116

Deferred revenues, current portion
 
28,406

 
8,689

 
37,095

Deferred revenue, net of current portion
 
58,110

 
(11,644
)
 
46,466

Total Liabilities
 
111,355

 
(2,955
)
 
108,400

Accumulated Deficit
 
(170,813
)
 
1,231

 
(169,582
)
Total stockholders' equity
 
19,485

 
1,231

 
20,716

Total liabilities and stockholders' equity
 
$
130,840

 
$
(1,724
)
 
$
129,116