Summary of Significant Accounting Policies (Tables)
|6 Months Ended|
Jun. 30, 2019
|Accounting Policies [Abstract]|
|Schedule of Impact of Adopting ASC 606 on the Financial Statements||
As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to the consolidated balance sheet as of January 1, 2019:
These changes were primarily caused by the differences in determining and allocating transaction price under ASC 606 and costs to obtain certain contracts.
The adoption of ASC 606 did not impact income taxes, as the Company fully reserves its net deferred tax assets. Therefore, the change to the Company's net deferred tax asset position due to adoption was offset by a corresponding change to the valuation allowance.
The following table compares the reported condensed consolidated balance sheet and statement of operations, as of June 30, 2019 and for the three and six months ended June 30, 2019, to the pro-forma amounts had the previous guidance been in effect:
Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef