Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.3
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Sep. 30, 2019
Summary of Significant Accounting Policies  
Schedule of impact of adoption of Topic 842 on the balance sheet

The impact of the adoption of ASC 842 on the balance sheet was (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

As reported

    

 

 

    

Balance

 

 

June 30, 2019

 

Adoption of ASC 842

 

July 1, 2019

Finance lease right-of-use assets

 

$

 —

 

$

7,489

 

$

7,489

Total assets

 

$

30,586

 

$

7,489

 

$

38,075

Finance lease obligation - current portion

 

$

213

 

$

(141)

 

$

72

Finance lease obligation - net of current portion

 

$

24,671

 

$

7,630

 

$

32,301

Total liabilities

 

$

28,129

 

$

7,489

 

$

35,618

Total liabilities and stockholders’ equity

 

$

30,586

 

$

7,489

 

$

38,075

 

Schedule of impact of adoption of Topic 842 on the Statement Of Operations

 

The impact of the adoption of ASC 842 on the Statement of Operations for the three months ended September 30, 2019 was (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

Prior to

    

Adoption of

    

 

 

 

 

Adoption

 

ASC 842

 

Balance

Total revenues

 

$

108

 

$

 —

 

$

108

Operating expenses

 

$

3,843

 

$

117

(1)  

$

3,963

Operating loss

 

$

(3,738)

 

$

(117)

 

$

(3,855)

Other income (expense)

 

$

(462)

 

$

(147)

(2)  

$

(609)

Consolidated net loss

 

$

(4,200)

 

$

(264)

 

$

(4,464)

(1)

Excess of the amortization of finance lease ROU's over the depreciation of capital lease assets that would have occurred under ASC 840.

(2)

Excess of the interest expense related to the finance lease obligation over the interest expense of the capital lease obligation that would have been incurred under ASC 840.