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Significant Changes Due To Topic 606 (Tables)
 3 Months Ended
Mar. 31, 2018
Significant Changes Due To Topic 606 [Abstract]  
Summary of the Effects of Adoption of ASC Topic 606 on the Company's unaudited Consolidated Financial Statements

The following tables summarize the effects of adopting this accounting standard on the Company’s unaudited Consolidated Financial Statements



Consolidated Statement of Operations:





 

 

 

 

 

 

 

 



 

Three Months Ended March 31, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Three Months Ended March 31, 2017, as adjusted



 

 

 

 

 

 

 

 

Sales, net

$

 20,088 

 

$

 1,127 

 

$

 21,215 

Cost of sales

 

 14,412 

 

 

 969 

 

 

 15,381 

Gross profit

 

 5,676 

 

 

 158 

 

 

 5,834 



 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 2,311 

 

 

 -

 

 

 2,311 

General and administrative

 

 2,558 

 

 

 -

 

 

 2,558 

Research and development

 

 1,153 

 

 

 -

 

 

 1,153 

Total operating expenses 

 

 6,022 

 

 

 -

 

 

 6,022 

Operating income (loss)

 

 (346)

 

 

 158 

 

 

 (188)



 

 

 

 

 

 

 

 

Interest expense

 

 (182)

 

 

 -

 

 

 (182)

Other income

 

 56 

 

 

 -

 

 

 56 

Income (loss) from continuing operations before income taxes and discontinued operations

 

 (472)

 

 

 158 

 

 

 (314)

Income tax expense

 

 64 

 

 

 -

 

 

 64 

Income (loss) from continuing operations before discontinued operations

 

 (536)

 

 

 158 

 

 

 (378)

Loss on sale of discontinued operations (Note 3)

 

 (164)

 

 

 -

 

 

 (164)

Loss from discontinued operations (Note 3)

 

 (113)

 

 

 -

 

 

 (113)

Net income (loss) 

 

 (813)

 

 

 158 

 

 

 (655)

Less: Loss allocated to non-controlling interest

 

 (385)

 

 

 -

 

 

 (385)

Net income (loss) attributable to IntriCon shareholders

$

 (428)

 

$

 158 

 

$

 (270)



 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to IntriCon shareholders:

 

 

 

 

 

 

 

 

Continuing operations

$

 (0.02)

 

$

 0.02 

 

$

 0.00 

Discontinued operations

 

 (0.04)

 

 

 -

 

$

 (0.04)

Net income (loss) per share:

$

 (0.06)

 

$

 0.02 

 

$

 (0.04)



 

 

 

 

 

 

 

 

Diluted income (loss) per share attributable to IntriCon shareholders:

 

 

 

 

 

 

 

 

Continuing operations

$

 (0.02)

 

$

 0.02 

 

$

 0.00 

Discontinued operations

 

 (0.04)

 

 

 -

 

 

 (0.04)

Net income (loss) per share:

$

 (0.06)

 

$

 0.02 

 

$

 (0.04)



 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 6,826 

 

 

 6,826 

 

 

 6,826 

Diluted

 

 6,826 

 

 

 6,826 

 

 

 6,826 



Consolidated Statement of Comprehensive Income (Loss):







 

 

 

 

 

 

 

 



 

Three Months Ended March 31, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Three Months Ended March 31, 2017, as adjusted



 

 

 

 

 

 

 

 

Net income (loss)

$

 (813)

 

$

 158 

 

$

 (655)



Consolidated Statement of Cash Flows:







 

 

 

 

 

 

 

 



 

Three Months Ended March 31, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Three Months Ended March 31, 2017, as adjusted



 

 

 

 

 

 

 

 

Net income (loss)

$

 (813)

 

$

 158 

 

$

 (655)

Inventories

 

 (905)

 

 

 352 

 

 

 (553)

Other current assets

 

 (121)

 

 

 (510)

 

 

 (631)



Prior Year Consolidated Balance Sheet:





 

 

 

 

 

 

 

 



 

December 31, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

December 31, 2017, as adjusted



 

 

 

 

 

 

 

 

Inventories

$

 15,397 

 

$

 (1,689)

 

$

 13,708 

Contract assets

 

 -

 

 

 2,979 

 

 

 2,979 

Other accrued liabilities

 

 3,224 

 

 

 515 

 

 

 3,739 

Accumulated deficit

 

 (6,831)

 

 

 775 

 

 

 (6,056)



Summary of Information about Receivables, Contracts Assets, and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contracts assets, and contract liabilities from contracts with customers.





 

 

 

 

 



 

March 31, 2018

 

 

December 31, 2017, as adjusted



 

 

 

 

 

Receivables, included in "Accounts receivable, less allowance for doubtful accounts"

$

 11,249 

 

$

 9,052 

Contract assets, included in other current assets

 

 4,766 

 

 

 2,979 

Contract liabilities, included in other current liabilities

 

 515 

 

 

 -





Significant changes in contract assets and contract liabilities during the period are as follows:













 

 

 

 

 



 

For the three months ended March 31, 2018



 

Contract assets increase (decrease)

 

 

Contract liabilities (increase) decrease



 

 

 

 

 

Reclassification of beginning contract liabilities to revenue, as a result of performance obligations satisfied

$

 -

 

$

 298 

Cash received in advance and not recognized as revenue

 

 -

 

 

 (312)

Reclassification of beginning contract assets to accounts receivable, as a result of right to consideration becoming unconditional

 

 -

 

 

 -

Contract assets recognized, net of reclassification to accounts receivable

 

 1,787 

 

 

 

Cumulative catch-up from a change in the timeframe for recognition of revenue arising from a contract liability

 

 -

 

 

 -

Increase as a result of cumulative catch-up adjustment arising from changes in the estimate of costs incurred relative to total amounts projected, excluding amounts transferred to receivables during the period.

 

 -

 

 

 

Net Change

$

 1,787 

 

$

 (14)