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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Impact of Adoption on Prepaid Commissions Expense on Balance Sheet and Statement of Operations

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on prepaid commissions expense on the balance sheet as of   December 31, 2019 and the statement of operation for the year ended December 31, 2019 is as follows:

 

 

 

 

As of December 31, 2019

 

 

 

As Reported

 

 

Balance Without

Adoption of

ASC 606

 

 

Effect of

Change

Higher/(Lower)

 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of prepaid commission expense

 

$

689

 

 

$

-

 

 

$

689

 

Prepaid commission expense

 

 

3,779

 

 

 

-

 

 

 

3,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2019

 

 

 

As Reported

 

 

Balance Without

Adoption of

ASC 606

 

 

Effect of

Change

Higher/(Lower)

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

$

42,993

 

 

$

47,461

 

 

$

(4,468

)

Net loss

 

 

(29,044

)

 

 

(33,512

)

 

 

4,468

 

 

Summary of Percentages of Deferred Revenue by Year

As of December 31, 2020, the Company expects to recognize approximately the following percentages of deferred revenue by year:

 

Year:

 

Revenue

Recognition

 

2021

 

 

49

%

2022

 

 

15

%

2023

 

 

16

%

2024

 

 

16

%

2025

 

 

4

%

Thereafter

 

-

 

Total

 

 

100

%