Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of change in deferred commissions
Changes in deferred commissions were as follows (in thousands):
Year Ended December 31,
2019
Balance, beginning of the period $ 369   
Deferral of commissions earned 171   
Recognition of commission expense (231)  
Balance, end of the period $ 309   
Schedule of concentration of accounts receivable
The following table sets forth the Company's concentration of accounts receivable, net of specific allowances for doubtful accounts.
December 31, 2019 December 31, 2018
Fox Networks Group —%    66%   
HID Global 23%    —%   
American Made Media Consultants, LLC 15%    —%   
Presidio Networked Solutions LLC 11%    —%   
MD Anderson 10%    —%   
Schedule of accounts receivable Accounts receivable consisted of the following:
December 31,
2019		 December 31,
2018
Accounts receivable $ 4,850    $ 6,882   
Less allowances for doubtful accounts (3,179)   (3,276)  
Accounts receivable, net $ 1,671    $ 3,606   
Schedule of allowance for doubtful debt
Changes in the allowance for doubtful accounts are as follows:
December 31,
2019		 December 31,
2018
Balance as at beginning of period $ 3,276    $ 3,089   
Allowances for bad debt 114    167   
Issuance of credit memos (211)   20   
Balance at end of period $ 3,179    $ 3,276   
Deferred revenue
The Company’s deferred revenue balance consisted of the following:
December 31,
2019		 December 31,
2018
Current deferred revenue
Platform subscriptions and services revenue $ 3,278    $ 1,506   
Application transaction revenue 82    133   
PhunCoin deposits —    990   
Total current deferred revenue $ 3,360    $ 2,629   
Non-current deferred revenue
Platform subscriptions and services revenue $ 3,764    $ 5,622   
Total non-current deferred revenue $ 3,764    $ 5,622   
Total deferred revenue $ 7,124    $ 8,251   
Adoption of ASC 606
The following table sets forth the cumulative impact of the adoption of the new revenue standard for select condensed consolidated balance sheet line items:
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 year ended December 31, 2019:

Consolidated Balance Sheet
December 31, 2019
As reported Impact of Adoption Balances Without Adoption of ASC 606
Assets:
Prepaid expenses and other current assets $ 368    $ (309)   $ 59   
Liabilities:
Deferred revenue short-term $ 3,360    $ 205    $ 3,565   
Deferred revenue long-term $ 3,764    $ 113    $ 3,877   
Stockholders’ deficit:
Accumulated deficit $ (123,604)   $ (627)   $ (124,231)  

Consolidated Statement of Operations
Year Ended December 31, 2019
As reported Impact of Adoption Amounts Without Adoption of ASC 606
Net revenue $ 19,150    $ 401    $ 19,551   
Sales and marketing $ 2,706    $ (60)   $ 2,646   
Net loss $ (12,871)   $ 461    $ (12,410)  
Net loss per share, basic and diluted $ (0.35)   $ 0.01    $ (0.34)  
Reconciliation of cash, cash equivalents and restricted cash The following table sets forth a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the consolidated statement of cash flows.
Balance at the Beginning of Period January 1, 2019 January 1, 2018
Cash and cash equivalents $ 844    $ 308   
Restricted cash 5,500    —   
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 6,344    $ 308   
Balance at the End of Period December 31, 2019 December 31, 2018
Cash and cash equivalents $ 276    $ 844   
Restricted cash 86    5,500   
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 362    $ 6,344