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BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Disaggregation of Revenue
Device sales between purchased, subject to ASC 606, and leased, subject to ASC 842, are broken down as following (in thousands):
 
 
 
For the Three Months Ended March 31,
 
 
 
2019
 
 
2018
 
DEVICE REVENUE
 
 
 
 
 
 
 
 
Purchased
 
$
590
 
 
$
225
 
Leased
 
 
1,385
 
 
 
1,363
 
Total Device revenue
 
 
1,975
 
 
 
1,588
 
Consolidated Balance Sheets
Effect of ASC 842 Adoption on the Company’s Consolidated Balance Sheets (in thousands, except share amounts)
 
 
 
December 31,
 
 
Effect of the Adoption of
 
 
December 31,
 
 
 
2018
 
 
ASC 842
 
 
2018
 
 
 
(as previously

reported)
 
 
 
 
 
(as adjusted)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
10,128
 
 
$
-
 
 
$
10,128
 
Accounts receivable, net
 
 
2,791
 
 
 
-
 
 
 
2,791
 
Inventory, net
 
 
837
 
 
 
-
 
 
 
837
 
Prepaid expenses and other
 
 
570
 
 
 
(2
)
(a)
 
 
568
 
Total current assets
 
 
14,326
 
 
 
(2
)
 
 
14,324
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
 
819
 
 
 
-
 
 
 
819
 
Operating lease asset
 
 
-
 
 
 
3,050
(b)
 
 
3,050
 
Financing lease asset
 
 
-
 
 
 
19
(c)
 
 
19
 
Deposits
 
 
314
 
 
 
-
 
 
 
314
 
Long term deferred income taxes
 
 
725
 
 
 
-
 
 
 
725
 
Total assets
 
$
16,184
 
 
$
3,067
 
 
$
19,251
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
 
1,552
 
 
 
-
 
 
 
1,552
 
Operating lease liability
 
 
-
 
 
 
671
(b)
 
 
671
 
Financing lease liability
 
 
-
 
 
 
14
(c)
 
 
14
 
Deferred rent
 
 
57
 
 
 
(57
)
(b)
 
 
-
 
Income taxes payable
 
 
688
 
 
 
-
 
 
 
688
 
Dividends payable
 
 
2,270
 
 
 
-
 
 
 
2,270
 
Accrued payroll and related taxes
 
 
908
 
 
 
-
 
 
 
908
 
Deferred insurance reimbursement
 
 
880
 
 
 
-
 
 
 
880
 
Total current liabilities
 
 
6,355
 
 
 
628
 
 
 
6,983
 
Long-term liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deferred rent
 
 
531
 
 
 
(531
)
(b)
 
 
-
 
Operating lease liability
 
 
-
 
 
 
2,967
(b)
 
 
2,967
 
Financing lease liability
 
 
-
 
 
 
10
(c)
 
 
10
 
Total liabilities
 
 
6,886
 
 
 
3,074
 
 
 
9,960
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2019 and December 31, 2018
 
 
-
 
 
 
-
 
 
 
-
 
Common stock, $0.001 par value; 100,000,000 shares authorized; 33,312,411 issued and 32,241,191 outstanding as of March 31, 2019 and 33,290,587 issued and 32,271,367  outstanding as of December 31, 2018
 
 
34
 
 
 
-
 
 
 
34
 
Additional paid-in capital
 
 
8,157
 
 
 
-
 
 
 
8,157
 
Treasury stock 1,071,220 and 1,019,220 shares, at March 31, 2019 and December 31, 2018, respectively, at cost
 
 
(3,675
)
 
 
-
 
 
 
(3,675
)
Accumulated earnings
 
 
4,871
 
 
 
(7
)
(d)
 
 
4,864
 
Total Zynex, Inc. stockholders' equity
 
 
9,387
 
 
 
(7
)
 
 
9,380
 
Non-controlling interest
 
 
(89
)
 
 
-
 
 
 
(89
)
Total stockholders' equity
 
 
9,298
 
 
 
(7
)
 
 
9,291
 
Total liabilities and stockholders' equity
 
$
16,184
 
 
$
3,067
 
 
 
19,251
 
 
 
a)
Represents prepaid rent reclassified to financing lease assets
 
b)
Represents capitalization of operating lease assets, recognition of operating lease liabilities and reclassification of tenant incentives and deferred rent balances
 
c)
Represents impact of changes in finance lease terms under the hindsight practical expedient
 
d)
Represents the impact of changes in financing lease terms for certain leases due to the application of the hindsight practical expedient