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Revenue

9 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Note 3 — Revenue

In May 2014, the FASB issued a comprehensive new revenue recognition standard that superseded nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The FASB also issued important guidance clarifying certain guidelines of the standard, including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than an agent and (2) identifying performance obligations and licensing. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption. The Company adopted this standard on April 1, 2018, applying it retrospectively to each prior period presented in the financial statements.

The following table represents a disaggregation of revenue from contracts with customers for the three and nine months ended December 31, 2018 and 2017 (in thousands):

		Three Months Ended December 31,								Nine Months Ended December 31,
		2018				2017				2018				2017
Revenue
Subscription services		$	8,108			$	-			$	21,973			$	-
Advertising			772				-				2,300				-
Licensing			84				-				249				80
Total Revenue		$	8,964			$	-			$	24,522			$	80

For some contracts, the Company may invoice up front for services recognized over time or for contracts in which the Company has unsatisfied performance obligations. Payment terms and conditions vary by contract type, although terms generally cover monthly payments. In the circumstances where the timing of invoicing differs from the timing of revenue recognition, the Company has determined its contracts do not include a significant financing component. The Company has elected to apply the optional exemption under ASC 606-10-50-14 and not provide disclosure of the amount and timing of performance obligations as the performance obligations are part of a contract that has an original expected duration of one year or less.

The following table summarizes the significant changes in contract liabilities balances during the nine months ended December 31, 2018 (in thousands):

		Contract Liabilities
Balance as of March 31, 2018		$	1,046
Revenue recognized that was included in the contract liability at beginning of period			(1,046	)
Increase due to cash received, excluding amounts recognized as revenue during the period			986
Balance as of December 31, 2018		$	986