Annual report pursuant to Section 13 and 15(d)

Revenue Recognition (Tables)

v3.20.1
Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2019
Revenue From Contract With Customer [Abstract]  
Schedule of Changes in Account Balances as a Result of the Adoptions of ACS 606

The following reflect the changes in account balances as a result of the adoptions of ACS 606:

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Balances

Without

Adoption

of Topic

606

 

 

Effect of

Change

Higher/(Lower)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,298

 

 

$

11,298

 

 

$

 

Accounts receivable, net

 

 

10,082

 

 

 

10,082

 

 

 

 

Inventory

 

 

19,531

 

 

 

19,531

 

 

 

 

Prepaid expenses and other current assets

 

 

6,430

 

 

 

6,430

 

 

 

 

Total current assets

 

 

47,341

 

 

 

47,341

 

 

 

 

Property and equipment, net

 

 

1,442

 

 

 

1,442

 

 

 

 

Other assets

 

 

6,676

 

 

 

2,337

 

 

 

4,339

 

Total assets

 

$

55,459

 

 

$

51,120

 

 

$

4,339

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

9,821

 

 

$

9,821

 

 

$

 

Accounts payable

 

 

7,234

 

 

 

7,234

 

 

 

 

Accrued expenses

 

 

10,265

 

 

 

10,265

 

 

 

 

Deferred revenue

 

 

291

 

 

 

291

 

 

 

 

Total current liabilities

 

 

27,611

 

 

 

27,611

 

 

 

 

Income tax payable

 

 

1,961

 

 

 

1,931

 

 

 

30

 

Long-term debt, less current portion

 

 

362

 

 

 

362

 

 

 

 

Total liabilities

 

 

29,934

 

 

 

29,904

 

 

 

30

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

20

 

 

 

20

 

 

 

 

Preferred Stock

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

191,751

 

 

 

191,751

 

 

 

 

Accumulated deficit

 

 

(166,246

)

 

 

(170,555

)

 

 

4,309

 

Total stockholders’ equity

 

 

25,525

 

 

 

21,216

 

 

 

4,309

 

Total liabilities and stockholders’ equity

 

$

55,459

 

 

$

51,120

 

 

$

4,339

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Balances

Without

Adoption

of Topic

606

 

 

Effect of

Change

Higher/(Lower)

 

Net revenues

 

$

116,251

 

 

$

116,251

 

 

$

-

 

Cost of revenues

 

 

81,742

 

 

 

80,258

 

 

 

1,484

 

Gross profit

 

 

34,509

 

 

 

35,993

 

 

 

(1,484

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

26,064

 

 

 

28,742

 

 

 

(2,678

)

Sales and marketing

 

 

13,908

 

 

 

13,908

 

 

 

 

General and administrative

 

 

16,182

 

 

 

16,182

 

 

 

 

Restructuring costs

 

 

736

 

 

 

736

 

 

 

 

Total operating expenses

 

 

56,890

 

 

 

59,568

 

 

 

(2,678

)

Income (loss) from operations

 

 

(22,381

)

 

 

(23,575

)

 

 

1,194

 

Interest expense

 

 

(1,522

)

 

 

(1,522

)

 

 

-

 

Other expense, net

 

 

(543

)

 

 

(543

)

 

 

-

 

Income (loss) before income taxes

 

 

(24,446

)

 

 

(25,640

)

 

 

1,194

 

Income tax expense

 

 

(1,388

)

 

 

(1,388

)

 

 

-

 

Net income (loss)

 

 

(25,834

)

 

 

(27,028

)

 

 

1,194

 

Net loss attributable to common stockholders

 

$

(25,834

)

 

$

(27,028

)

 

$

1,194

 

Net loss per share, basic and diluted

 

$

(1.39

)

 

$

(1.45

)

 

$

0.06

 

Weighted–average shares used in computing

   net loss per share, basic and diluted

 

 

18,603,582

 

 

 

18,603,582

 

 

 

 

 

Summary of Revenue From Customers The summary of revenue from these two customers was as follows:

 

 

 

December 31

 

 

 

2018

 

Customer A

 

$

1,067

 

Customer B

 

 

3,101

 

Total revenues

 

$

4,168

 

 

The following table presents our Net revenue disaggregate by product category for the years ended:

 

 

 

Year Ended December 31,

 

 

 

 

2019

 

 

2018

 

 

 

 

(in thousands)

 

 

Smartphones

 

$

57,981

 

 

$

89,379

 

 

Feature Phones

 

 

52,714

 

 

 

35,510

 

 

Accessories/Other

 

 

5,556

 

 

 

10,776

 

 

Total Revenue

 

$

116,251

 

 

$

135,665

 

 

 

Summary of Contract Balances

The following table is a rollforward of contract balances as of December 31, 2019:

 

 

Contractual

 

 

 

Liability

 

Balance at January 1, 2019

 

$

770

 

Recognition of revenue

 

 

(481

)

Addition of revenue

 

 

2

 

Balance at December 31, 2019

 

$

291