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REVENUE (Tables) | 9 Months Ended
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Mar. 31, 2019
Revenue from Contract with Customer [Abstract] |
Schedule of Adoption of ASC 606 | 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 Condensed 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 within the Condensed Consolidated Balance Sheet as of March 31, 2019 and Condensed Consolidated Statement of Operations for the nine months ended March 31, 2019 is as follows:
| March 31, 2019 |  |  |  | March 31, 2019
($ in thousands) | As Reported |  | Adjustment |  | Under Legacy Guidance
BALANCE SHEET |  |  |  |  |
Prepaid expenses and other current assets | $ | 2,878 |  |  | $ | (263 | ) |  | $ | 2,615 |
Other assets | 1,922 |  |  | (1,314 | ) |  | 608 |
Deferred revenue | 1,322 |  |  | (1,009 | ) |  | 313 |
Accumulated deficit | (253,859 | ) |  | (568 | ) |  | (254,427 | )
STATEMENT OF OPERATIONS |  |  |  |  |
License and transaction fees | 90,438 |  |  | (118 | ) |  | 90,320 |
Selling, general and administrative | 31,537 |  |  | 72 |  |  | 31,609 |
Net loss | (21,487 | ) |  | (190 | ) |  | (21,677 | )
The impact of the adoption of ASC 606 by financial statement line item within the Condensed Consolidated Statement of Operations for the three months ended March 31, 2019 is as follows:
| March 31, 2019 |  |  |  | March 31, 2019
($ in thousands) | As Reported |  | Adjustment |  | Under Legacy Guidance
STATEMENT OF OPERATIONS |  |  |  |  |
License and transaction fees | $ | 31,630 |  |  | $ | (71 | ) |  | $ | 31,559 |
Selling, general and administrative | 11,156 |  |  | 58 |  |  | 11,214 |
Net loss | (4,510 | ) |  | (130 | ) |  | (4,640 | )
Performance Obligations | 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 March 31, 2019
2020 | $ | 2,865 |
2021 | 10,853 |
2022 | 9,032 |
2023 | 7,413 |
2024 and thereafter | 5,799 |
Total | $ | 35,962 |
Contract Liability | The Company’s contract liability (i.e., deferred revenue) balances are as follows:
|  | Three months ended March 31, |  | Nine months ended March 31,
($ in thousands) |  | 2019 |  | 2019
Deferred revenue, beginning of the period |  | $ | 1,437 |  |  | $ | 511 |
Plus: adjustment for adoption of ASC 606 |  | — |  |  | 1,127 |
Deferred revenue, beginning of the period, as adjusted |  | 1,437 |  |  | 1,638 |
Deferred revenue, end of the period |  | 1,322 |  |  | 1,322 |
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period |  | 49 |  |  | 271 |

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