REVENUE RECOGNITION (Tables)
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9 Months Ended |
Sep. 30, 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 cumulative effect of the changes made to our condensed 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 at December 31, 2017 |
Adjustments Due to ASC 606 |
Balance at 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 |
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$ |
3,000 |
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$ |
146,000 |
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Retained Earnings |
$ |
(67,812,000 |
) |
$ |
64,000 |
|
$ |
(67,748,000 |
) |
The following table summarizes the impact of the adoption on our Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Comprehensive Loss as of and for the periods ended September 30, 2018:
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September 30, 2018 |
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As Reported |
Balances Without Adoption of ASC 606 |
Effect of Change Increase/(Decrease) |
BALANCE SHEET |
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ASSETS |
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Prepaid expenses and other current assets |
$ |
397,000 |
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$ |
394,000 |
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$ |
3,000 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Deferred revenue, current |
$ |
187,000 |
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$ |
160,000 |
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$ |
27,000 |
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Accumulated deficit |
$ |
(85,691,000 |
) |
$ |
(85,667,000 |
) |
$ |
(24,000 |
) |
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Three Months Ended September 30, 2018 |
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As Reported |
Activity Without Adoption of ASC 606 |
Effect of Change Increase/(Decrease) |
STATEMENT OF COMPREHENSIVE LOSS |
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Revenue |
$ |
115,000 |
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$ |
155,000 |
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$ |
(40,000 |
) |
Net loss |
$ |
(6,275,000 |
) |
$ |
(6,235,000 |
) |
$ |
40,000 |
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Nine Months Ended September 30, 2018 |
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As Reported |
Activity Without Adoption of ASC 606 |
Effect of Change Increase/(Decrease) |
STATEMENT OF COMPREHENSIVE LOSS |
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Revenue |
$ |
396,000 |
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$ |
484,000 |
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$ |
(88,000 |
) |
Net loss |
$ |
(17,943,000 |
) |
$ |
(17,855,000 |
) |
$ |
88,000 |
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| Disaggregation of Revenue |
Summary of changes in contract assets and liabilities for the period from January 1, 2018 to September 30, 2018:
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Contract asset |
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Contract asset, 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 |
3,000 |
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Contract asset, September 30, 2018 |
$ |
3,000 |
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Contract liability |
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Contract liability, January 1, 2018 |
$ |
146,000 |
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Recognition of revenue included in beginning of year contract liability |
(92,000 |
) |
Contract liability, net of revenue recognized on contracts during the period |
132,000 |
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Foreign currency translation |
1,000 |
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Contract liability, September 30, 2018 |
$ |
187,000 |
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| Revenue from External Customers by Geographic Areas |
The following table presents our disaggregated revenue by region and source:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2017 |
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2018 |
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2017 |
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2018 |
Revenue by geographic region: |
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United States |
$ |
89,000 |
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$ |
96,000 |
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$ |
415,000 |
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$ |
338,000 |
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Switzerland |
17,000 |
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19,000 |
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|
67,000 |
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|
58,000 |
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Total revenue |
$ |
106,000 |
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$ |
115,000 |
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$ |
482,000 |
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$ |
396,000 |
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Revenue by source: |
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Design services |
$ |
99,000 |
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$ |
85,000 |
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$ |
465,000 |
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$ |
276,000 |
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Royalties |
7,000 |
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30,000 |
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17,000 |
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120,000 |
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Total revenue |
$ |
106,000 |
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$ |
115,000 |
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$ |
482,000 |
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$ |
396,000 |
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