Deferred Revenue

12 Months Ended

Dec. 31, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue

Note 6 — Deferred Revenue

Deferred revenue as of December 31, 2018 and 2017 consisted of the following (in thousands of dollars): 

	As of December 31,
	2018		2017
Deferred Revenue, Current
Maintenance agreements	$	89	$	5,554
Service and other agreements		93		-
Total Deferred Revenue, Current		182		5,554
Deferred Revenue, Non-Current
Maintenance agreements		-		2,636
Total Deferred Revenue	$	182	$	8,190

As stated in Note 2 – Recent Accounting Standards, the Company adopted ASC 606 effective January 1, 2018 using the modified retrospective method, which was applied to all contracts at the date of initial application. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The adjustment to opening retained earnings for adoption of ASC 606 was $1,287.

The fair value of the deferred revenue approximates the services to be rendered. The tax impact of the adoption was a decrease to the deferred tax asset and a corresponding increase to the valuation allowance. This is included in Other Liabilities of the Balance Sheet.