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Supplemental Consolidated Financial Statement Information | 12 Months Ended
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Dec. 31, 2018
Supplemental Consolidated Financial Statement Information |
Supplemental Consolidated Financial Statement Information | 6. Supplemental Consolidated Financial Statement Information Disaggregated Revenues The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President, CEO, and Chairman of the Board) makes operating decisions and assesses performance based on the Company as a whole. Accordingly, the Company is considered to be in a single reportable segment. The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region:
|  | Year Ended December 31,
|  |  | 2018 |  |  | 2017 |  |  | 2016
|  |  |  |  | (as adjusted) |  | (as adjusted)
Operating Revenues |  |  |  |  |  |  |  |  |
United States |  | $ | 137,101 |  | $ | 134,442 |  | $ | 126,832
Canada |  |  | 17,055 |  |  | 22,090 |  |  | 10,808
Total |  | $ | 154,156 |  | $ | 156,532 |  | $ | 137,640
Deferred Costs (in thousands) The opening balance of deferred cost was $2,991 and $3,668 at January 1, 2018 and 2017, respectively. The Company’s prepaid expenses and other current assets at December 31, 2018 included deferred costs incurred to fulfill contracts with customers of $6,994. Deferred costs at December 31, 2018 compared to January 1, 2018 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at December 31, 2018. Deferred cost at December 31, 2017 compared to January 1, 2017 remained fairly consistent. The amount of total deferred costs amortized for the years ended December 31, 2018 and 2017 was $36,615 and $39,980, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) The opening balance of deferred revenue was $6,314 and $5,385 at January 1, 2018 and 2017, respectively. The Company’s deferred revenue at December 31, 2018 was $10,501. Deferred revenue at December 31, 2018 compared to January 1, 2018 increased primarily as a result of new projects for clients with large third party reimbursables where data has not yet been recorded. Deferred revenue at December 31, 2017 compared to January 1, 2017 remained fairly consistent. Revenue recognized for the year ended December 31, 2018 that was included in the contract liability balance at the beginning of 2018 was $5,945. Revenue recognized for the year ended December 31, 2017 that was included in the contract liability balance at the beginning of 2017 was $5,381. Deferred revenue not recognized during either year relates to projects that have not yet started or were cancelled. Adjustments to Consolidated Financial Statements The following tables reflect the adjustments applied to our consolidated financial statements related to both the adoption of Topic 606 and the 5% stock dividend discussed in Note 1 – Summary of Significant Accounting Policies’ Basis of Presentation and Note 9 – Dividends, respectively. Select line items from the Company’s Consolidated Balance Sheets which reflect the adoption of the new standard and 5% stock dividend are as follows (in thousands):
| December 31, 2017
| As Previously Reported |  | Topic 606 Adjustments |  | Stock Dividend Adjustments |  | As Adjusted
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net | $ | 33,138 |  | $ | 18 |  |  |  |  | $ | 33,156
Prepaid expenses and other current assets | $ | 4,677 |  | $ | 2,663 |  |  |  |  | $ | 7,340
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Deferred revenue | $ | 3,699 |  | $ | 2,615 |  |  |  |  | $ | 6,314
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |
Common Stock | $ | 218 |  |  |  |  | $ | 11 |  | $ | 229
Additional paid-in capital | $ | 143,835 |  |  |  |  | $ | 8,187 |  | $ | 152,022
Retained deficit | $ | (2,021) |  | $ | 66 |  | $ | (8,198) |  | $ | (10,153)
| December 31, 2016
| As Previously Reported |  | Topic 606 Adjustments |  | Stock Dividend Adjustments |  | As Adjusted
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net | $ | 16,031 |  | $ | 249 |  |  |  |  | $ | 16,280
Prepaid expenses and other current assets | $ | 4,822 |  | $ | 2,540 |  |  |  |  | $ | 7,362
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5,617 |  | $ | (31) |  |  |  |  | $ | 5,586
Deferred revenue | $ | 3,155 |  | $ | 2,230 |  |  |  |  | $ | 5,385
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |
Common Stock | $ | 217 |  |  |  |  | $ | 11 |  | $ | 228
Additional paid-in capital | $ | 142,998 |  |  |  |  | $ | 8,187 |  | $ | 151,185
Retained earnings | $ | 29,265 |  | $ | 590 |  | $ | (8,198) |  | $ | 21,657
Select line items from the Company’s Consolidated Statements of Operations and Comprehensive Loss which reflect the adoption of the new standard and the 5% stock dividend are as follows (in thousands except share and per share data):
| Twelve Months Ended December 31, 2017
| As Previously Reported |  | Topic 606 Adjustments |  | Stock Dividend Adjustments |  | As Adjusted
Operating revenues | $ | 157,148 |  | $ | (616) |  |  |  |  | $ | 156,532
Operating costs: |  |  |  |  |  |  |  |  |  |  |
Operating expenses | $ | 139,164 |  | $ | (92) |  |  |  |  | $ | 139,072
Loss from operations | $ | (37,440) |  | $ | (524) |  |  |  |  | $ | (37,964)
Net loss | $ | (31,266) |  | $ | (524) |  |  |  |  | $ | (31,790)
Basic and diluted loss per share of common stock | $ | (1.44) |  | $ | (0.03) |  | $ | 0.07 |  | $ | (1.40)
Weighted average equivalent common shares |  |  |  |  |  |  |  |  |  |  |
outstanding and outstanding - assuming dilution |  | 21,694,645 |  |  |  |  |  | 1,084,732 |  |  | 22,779,377
| Twelve Months Ended December 31, 2016
| As Previously Reported |  | Topic 606 Adjustments |  | Stock Dividend Adjustments |  | As Adjusted
Operating revenues | $ | 133,330 |  | $ | 4,310 |  |  |  |  | $ | 137,640
Operating costs: |  |  |  |  |  |  |  |  |  |  |
Operating expenses | $ | 121,661 |  | $ | 2,362 |  |  |  |  | $ | 124,023
Loss from operations | $ | (49,436) |  | $ | 1,948 |  |  |  |  | $ | (47,488)
Income tax benefit | $ | 6,449 |  | $ | (489) |  |  |  |  | $ | 5,960
Net loss | $ | (39,792) |  | $ | 1,459 |  |  |  |  | $ | (38,333)
Basic and diluted loss per share of common stock | $ | (1.84) |  | $ | 0.07 |  | $ | 0.08 |  | $ | (1.69)
Weighted average equivalent common shares |  |  |  |  |  |  |  |  |  |  |
outstanding and outstanding - assuming dilution |  | 21,611,562 |  |  |  |  |  | 1,080,577 |  |  | 22,692,139
Select line items from the Company’s Consolidated Statements of Cash Flows which reflect the adoption of the new standard are as follows (in thousands):
| Twelve Months Ended December 31, 2017
| As Previously Reported |  | Topic 606 Adjustments |  |  | As Adjusted
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net loss | $ | (31,266) |  | $ | (524) |  | $ | (31,790)
Change in current assets and liabilities: |  |  |  |  |  |  |  |
Increase in accounts receivable | $ | (16,696) |  | $ | 231 |  | $ | (16,465)
Decrease in prepaid expenses and other current assets | $ | 401 |  | $ | (123) |  | $ | 278
Increase in accounts payable | $ | 1,176 |  | $ | 31 |  | $ | 1,207
Increase in deferred revenue | $ | 544 |  | $ | 385 |  | $ | 929
Net cash used in operating activities | $ | (6,703) |  | $ | — |  | $ | (6,703)
| Twelve Months Ended December 31, 2016
| As Previously Reported |  | Topic 606 Adjustments |  |  | As Adjusted
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net loss | $ | (39,792) |  | $ | 1,459 |  | $ | (38,333)
Deferred income tax benefit | $ | (6,053) |  | $ | 489 |  | $ | (5,564)
Change in current assets and liabilities: |  |  |  |  |  |  |  |
Decrease in accounts receivable | $ | 19,669 |  | $ | 222 |  | $ | 19,891
Decrease in prepaid expenses and other current assets | $ | 1,328 |  | $ | 2,914 |  | $ | 4,242
Decrease in accounts payable | $ | (4,326) |  | $ | (552) |  | $ | (4,878)
Decrease in deferred revenue | $ | (2,991) |  | $ | (4,532) |  | $ | (7,523)
Net cash used in operating activities | $ | 8,742 |  | $ | — |  | $ | 8,742
Other current liabilities (in thousands) consist of the following at December 31, 2018 and 2017:
|  | December 31, |
|  | 2018 |  | 2017 |
Accrued self-insurance reserves |  | $ | 2,423 |  | $ | 2,799 |
Other accrued expenses and current liabilities |  |  | 1,220 |  |  | 1,515 |
Other current liabilities |  | $ | 3,643 |  | $ | 4,314 |

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