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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2018
Roll-Forward of Activity in Allowance for Doubtful Accounts

A roll-forward of the activity in the Company’s allowance for doubtful accounts is as follows:

 

 

December 31,

 

 

2018

 

 

2017

 

 

(in thousands)

 

Allowance for doubtful accounts at beginning of year

$

287

 

 

$

151

 

Bad debt expense

 

309

 

 

 

160

 

Deductions

 

(6

)

 

 

(24

)

Allowance for doubtful accounts at end of year

$

590

 

 

$

287

 

 

Accounting Standards Update 2014-09  
Summary of Impact on Financial Statement

The cumulative effect of changes made to the Condensed Consolidated Balance Sheet at January 1, 2018 for the adoption of ASC 606 were as follows:

 

 

Balance at

December 31, 2017

 

 

Adjustments Due to

ASC 606

 

 

Balance at

January 1, 2018

 

 

(in thousands)

 

Condensed Consolidated Balance Sheet data

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

     Accounts receivable

$

4,005

 

 

$

327

 

 

$

4,332

 

     Deferred tax asset / (liability)

 

126

 

 

 

(74

)

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

     Accumulated deficit

$

(57,664

)

 

$

253

 

 

$

(57,411

)

 

In accordance with ASC 606 requirements under the modified retrospective method of adoption, the disclosure of the impacts to condensed consolidated financial statements for the years ended December 31, 2018 were as follows:

 

 

As reported

 

 

Adjustments

Due to ASC

606

 

 

Balances

without the

adoption of

Topic 606

 

 

(in thousands)

 

Condensed Consolidated Balance Sheet data

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

     Accounts receivable

$

5,948

 

 

$

(20

)

 

$

5,928

 

     Deferred tax asset

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

     Accumulated deficit

$

(63,018

)

 

$

(20

)

 

$

(63,038

)

 

 

For the Year Ended December 31, 2018

 

As reported

 

 

Adjustments

Due to ASC

606

 

 

Balances

without the

adoption of

Topic 606

 

(in thousands, except per share data)

Condensed Consolidated Statement of Operations data:

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

21,351

 

 

$

307

 

*

$

21,658

 

Provision for (benefit from) income taxes

 

36

 

 

 

74

 

 

 

110

 

Net income (loss)

 

(5,607

)

 

 

233

 

 

 

(5,374

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

     Basic & Diluted

$

(0.31

)

 

$

0.01

 

 

$

(0.30

)

 

*

Revenue under ASC 605 would have been greater than under ASC 606 because the amount of cash receipts in 2018 from current and prior period insurance billings was greater than the estimated collections for services delivered and billed in 2018.

Summary of Revenue from Contracts with Customers by Payor Type The following table summarizes revenue from contracts with customers by payor type for the year ended December 31, 2018.

 

Year ended

 

 

December 31, 2018

 

 

(in thousands)

 

Genetic Testing Services by payor

 

 

 

     Institutional

$

19,980

 

     Patient

 

547

 

     Insurance

 

824

 

Total Revenue

$

21,351