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BASIS OF PRESENTATION (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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