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REVENUE | 12 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Adoption of ASC 606, Revenue from Contracts with Customers In applying the new revenue guidance, the Company evaluated its population of open contracts with customers on July 1, 2018. The effect of adoption of this new guidance on the Consolidated Balance Sheet as of July 1, 2018 was to increase prepaid expenses and other current assets, other assets, and deferred revenue, with an offsetting decrease in the opening accumulated deficit, as follows:
| June 30, 2018 |  |  |  | July 1, 2018
($ in thousands) | As Reported |  | Adjustment |  | Revised
ASSETS |  |  |  |  |
Prepaid expenses and other current assets | $ | 929 |  |  | $ | 251 |  |  | $ | 1,180 |
Other assets | 720 |  |  | 1,254 |  |  | 1,974 |
LIABILITIES |  |  |  |  |
Deferred revenue | 511 |  |  | 1,127 |  |  | 1,638 |
SHAREHOLDERS' EQUITY |  |  |  |  |
Accumulated deficit | (232,748 | ) |  | 376 |  |  | (232,372 | )
The impact of the adoption of ASC 606 by financial statement line item with in the Consolidated Balance Sheet as of June 30, 2019 and Consolidated Statement of Operations for the year ended June 30, 2019 is as follows:
| June 30, 2019 |  |  |  | June 30, 2019
($ in thousands) | As Reported |  | Adjustment |  | Under Legacy Guidance
BALANCE SHEET |  |  |  |  |
Prepaid expenses and other current assets | $ | 1,558 |  |  | $ | (301 | ) |  | $ | 1,257 |
Other assets | 2,099 |  |  | (1,506 | ) |  | 593 |
Deferred revenue | 1,539 |  |  | (929 | ) |  | 610 |
Accumulated deficit | (264,400 | ) |  | (878 | ) |  | (265,278 | )
STATEMENT OF OPERATIONS |  |  |  |  |
License and transaction fees | 123,554 |  |  | (198 | ) |  | 123,356 |
Selling, general and administrative | 47,068 |  |  | 303 |  |  | 47,371 |
Net loss | (32,028 | ) |  | (500 | ) |  | (32,528 | )
The adoption of ASC 606 had no effect on the cash flows from operating activities, investing activities or financing activities included in the Consolidated Statement of Cash Flows for the year ended June 30, 2019. Disaggregated Revenue Based on similar operational and economic characteristics, the Company’s revenue from contracts with customers is disaggregated by License and Transaction Fees and Equipment Sales, as reported in the Company’s Consolidated Statements of Operations. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are influenced by economic factors, and also represents the level at which management makes operating decisions and assesses financial performance. Transaction Price Allocated to Future Performance Obligations In determining the transaction price allocated to unsatisfied performance obligations, we did not include non-recurring charges. Further, we applied the practical expedient to not consider arrangements with an original expected duration of one year or less, which are primarily month to month rental agreements. The majority of contracts are considered to have a contractual term of between 36 and 60 months based on implied and explicit termination penalties. These amounts will be converted into revenue in future periods as work is performed, primarily based on the services provided or at delivery and acceptance of products, depending on the applicable accounting method. The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:
($ in thousands) | As of June 30, 2019
2020 | $ | 12,093 |
2021 | 10,271 |
2022 | 8,643 |
2023 | 5,990 |
2024 and thereafter | 1,942 |
Total | $ | 38,939 |
Contract Liabilities The Company's contract liability (i.e., deferred revenue) balances are as follows:
| Year ended June 30,
($ in thousands) | 2019
Deferred revenue, beginning of the period | $ | 511 |
Plus: adjustment for adoption of ASC 606 | 1,127 |
Deferred revenue, beginning of the period, as adjusted | 1,638 |
Deferred revenue, end of the period | 1,539 |
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period | 320 |
The change in the contract liabilities year-over-year is primarily the result of timing difference between the Company's satisfaction of a performance obligation and payment from the customer. Contract Costs At June 30, 2019, the Company had net capitalized costs to obtain contracts of $0.3 million included in prepaid expenses and other current assets and $1.5 million included in other noncurrent assets on the Consolidated Balance Sheet. None of these capitalized contract costs were impaired. During the year ended June 30, 2019, amortization of capitalized contract costs was $0.3 million.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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