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BASIS OF PRESENTATION (Tables) | 9 Months Ended
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Sep. 30, 2019
BASIS OF PRESENTATION |
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 September 30, |  | For the Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
DEVICE REVENUE |  |  |  |  |  |  |  |  |  |  |  |
Purchased |  | $ | 939 |  | $ | 547 |  | $ | 2,249 |  | $ | 1,260
Leased |  |  | 1,722 |  |  | 1,264 |  |  | 4,675 |  |  | 3,812
Total Device revenue |  |  | 2,661 |  |  | 1,811 |  |  | 6,924 |  |  | 5,072
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 |  |  |  |  | (as adjusted)
|  | reported) |  |  |  |  |  |
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

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