REVENUE RECOGNITION (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
The following table summarizes the impact of the adoption on our Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss as of and for the year ended December 31, 2018:
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BALANCE SHEET |
As of December 31, 2018 |
As Reported |
Balances Without Adoption of ASC 606 |
Effect of Change Increase/(Decrease) |
ASSETS |
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Prepaid expenses and other current assets |
$ |
364,000 |
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$ |
364,000 |
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$ |
— |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Deferred revenue, current |
$ |
271,000 |
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$ |
264,000 |
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$ |
7,000 |
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Accumulated deficit |
$ |
(92,564,000 |
) |
$ |
(92,557,000 |
) |
$ |
(7,000 |
) |
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STATEMENT OF COMPREHENSIVE LOSS |
Year Ended December 31, 2018 |
As Reported |
Activity Without Adoption of ASC 606 |
Effect of Change Increase/(Decrease) |
Revenue |
$ |
524,000 |
|
$ |
595,000 |
|
$ |
(71,000 |
) |
Net loss |
$ |
(24,816,000 |
) |
$ |
(24,745,000 |
) |
$ |
71,000 |
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The cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2018 for the adoption of the new standard was as follows:
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BALANCE SHEET |
Balance as of December 31, 2017 |
Adjustments Due to ASC 606 |
Balance as of January 1, 2018 |
ASSETS |
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Prepaid expenses and other current assets |
$ |
536,000 |
|
$ |
67,000 |
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$ |
603,000 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Deferred revenue, current |
$ |
143,000 |
|
$ |
3,000 |
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$ |
146,000 |
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Accumulated deficit |
$ |
(67,812,000 |
) |
$ |
64,000 |
|
$ |
(67,748,000 |
) |
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| Contract with Customer, Asset and Liability |
Summary of changes in contract assets and liabilities for the period from January 1, 2018 to December 31, 2018:
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Contract assets |
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Contract assets, January 1, 2018 |
$ |
67,000 |
|
Contract assets at beginning of year transferred to accounts receivable |
(43,000 |
) |
Reversal of contract assets due to changes in transaction price |
(24,000 |
) |
Contract assets recorded on contracts during the period |
36,000 |
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Contract assets, December 31, 2018 |
$ |
36,000 |
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Contract liabilities |
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Contract liabilities, January 1, 2018 |
$ |
146,000 |
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Recognition of revenue included in beginning of year contract liabilities |
(138,000 |
) |
Contract liabilities, net of revenue recognized on contracts during the period |
263,000 |
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Contract liabilities, December 31, 2018 |
$ |
271,000 |
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| Disaggregation of Revenue |
The following table presents our disaggregated revenue by geographic region and source:
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Year Ended December 31, |
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2017 |
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2018 |
Revenue by geographic region: |
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United States |
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$ |
574,000 |
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$ |
447,000 |
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Switzerland |
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79,000 |
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|
77,000 |
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Total revenue |
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$ |
653,000 |
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$ |
524,000 |
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Revenue by source: |
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Design services |
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$ |
613,000 |
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$ |
365,000 |
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Royalties |
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40,000 |
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|
159,000 |
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Total revenue |
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$ |
653,000 |
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$ |
524,000 |
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