Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Accounting Policies [Abstract] |
|
| Schedules of Concentration of Risk, by Risk Factor |
Accounts receivable consisted of the following:
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|
|
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
Accounts receivable |
$ |
6,882 |
|
|
$ |
6,882 |
|
Less allowances for doubtful accounts |
(3,336 |
) |
|
(3,276 |
) |
Balance |
$ |
3,546 |
|
|
$ |
3,606 |
|
The following table sets forth the Company's concentration of accounts receivable, net of specific allowances for doubtful accounts.
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|
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|
|
|
June 30, 2019 |
|
December 31, 2018 |
Fox Networks Group |
46 |
% |
|
66 |
% |
American Made Media |
15 |
% |
|
— |
% |
The following table sets forth the Company's concentration of revenue sources as a percentage of total net revenues.
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Fox Networks Group |
57 |
% |
|
22 |
% |
|
59 |
% |
|
33 |
% |
Fetch Media, Ltd. |
— |
% |
|
45 |
% |
|
— |
% |
|
33 |
% |
Houston Methodist |
8 |
% |
|
— |
% |
|
11 |
% |
|
— |
% |
Cisco |
— |
% |
|
12 |
% |
|
— |
% |
|
9 |
% |
|
| Deferred Revenue |
The Company’s deferred revenue balance consisted of the following:
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|
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|
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|
June 30,
2019 |
|
December 31,
2018 |
Current deferred revenue |
|
|
|
Platform subscriptions and services revenue |
$ |
2,008 |
|
|
$ |
1,506 |
|
Application transaction revenue |
93 |
|
|
133 |
|
PhunCoin deposits |
— |
|
|
990 |
|
Total current deferred revenue |
$ |
2,101 |
|
|
$ |
2,629 |
|
|
|
|
|
Non-current deferred revenue |
|
|
|
Platform subscriptions and services revenue |
$ |
5,048 |
|
|
$ |
5,622 |
|
Total non-current deferred revenue |
$ |
5,048 |
|
|
$ |
5,622 |
|
Total deferred revenue |
$ |
7,149 |
|
|
$ |
8,251 |
|
|
| Condensed Income Statement |
Condensed Consolidated Statement of Operations
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|
Three Months Ended June 30, 2019 |
|
As reported |
|
Impact of Adoption |
|
Amounts Without Adoption of ASC 606 |
Net revenue |
$ |
5,510 |
|
|
$ |
109 |
|
|
$ |
5,619 |
|
Sales and marketing |
$ |
665 |
|
|
$ |
50 |
|
|
$ |
715 |
|
Net loss |
$ |
(3,067 |
) |
|
$ |
59 |
|
|
$ |
(3,008 |
) |
Net loss per share, basic and diluted |
$ |
(0.08 |
) |
|
$ |
— |
|
|
$ |
(0.08 |
) |
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|
|
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|
|
|
|
|
Six Months Ended June 30, 2019 |
|
As reported |
|
Impact of Adoption |
|
Amounts Without Adoption of ASC 606 |
Net revenue |
$ |
10,825 |
|
|
$ |
291 |
|
|
$ |
11,116 |
|
Sales and marketing |
$ |
1,389 |
|
|
$ |
5 |
|
|
$ |
1,394 |
|
Net loss |
$ |
(6,561 |
) |
|
$ |
286 |
|
|
$ |
(6,275 |
) |
Net loss per share, basic and diluted |
$ |
(0.19 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
The following table sets forth the cumulative impact of the adoption of the new revenue standard for select condensed consolidated balance sheet line items:
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Balance at December 31, 2018 |
|
Adjustments due
to ASU 2014-09
|
|
Balance at
January 1, 2019
|
Assets: |
|
|
|
|
|
Prepaid expenses and other current assets |
$ |
272 |
|
|
$ |
369 |
|
|
$ |
641 |
|
Liabilities: |
|
|
|
|
|
Deferred revenue short-term |
$ |
2,629 |
|
|
$ |
(465 |
) |
|
$ |
2,164 |
|
Deferred revenue long-term |
$ |
5,622 |
|
|
$ |
(253 |
) |
|
$ |
5,369 |
|
Stockholders’ deficit: |
|
|
|
|
|
Accumulated deficit |
$ |
(111,820 |
) |
|
$ |
1,087 |
|
|
$ |
(110,733 |
) |
The following tables summarize the significant impacts of adopting ASC 606 on our financial statements as of and for the three and six months ended June 30, 2019:
Condensed Consolidated Balance Sheet
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|
June 30, 2019 |
|
As reported |
|
Impact of Adoption |
|
Balances Without Adoption of ASC 606 |
Assets: |
|
|
|
|
|
Prepaid expenses and other current assets |
$ |
740 |
|
|
$ |
(374 |
) |
|
$ |
366 |
|
Liabilities: |
|
|
|
|
|
Deferred revenue short-term |
$ |
2,101 |
|
|
$ |
218 |
|
|
$ |
2,319 |
|
Deferred revenue long-term |
$ |
5,048 |
|
|
$ |
209 |
|
|
$ |
5,257 |
|
Stockholders’ deficit: |
|
|
|
|
|
Accumulated deficit |
$ |
(117,294 |
) |
|
$ |
(801 |
) |
|
$ |
(118,095 |
) |
|