REVENUE (Tables)

9 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Adoption of ASC 606

In applying the new revenue guidance, the Company evaluated its population of open contracts with customers on July 1, 2018. The effect of adoption of this new guidance on the Condensed Consolidated Balance Sheet as of July 1, 2018 was to increase prepaid expenses and other current assets, other assets, and deferred revenue, with an offsetting decrease in the opening accumulated deficit, as follows:

	June 30, 2018					July 1, 2018
($ in thousands)	As Reported			Adjustment		Revised
ASSETS
Prepaid expenses and other current assets	$	929		$	251	$	1,180
Other assets	720			1,254		1,974
LIABILITIES
Deferred revenue	511			1,127		1,638
SHAREHOLDERS' EQUITY
Accumulated deficit	(232,748		)	376		(232,372		)

The impact of the adoption of ASC 606 by financial statement line item within the Condensed Consolidated Balance Sheet as of March 31, 2019 and Condensed Consolidated Statement of Operations for the nine months ended March 31, 2019 is as follows:

	March 31, 2019						March 31, 2019
($ in thousands)	As Reported			Adjustment			Under Legacy Guidance
BALANCE SHEET
Prepaid expenses and other current assets	$	2,878		$	(263	)	$	2,615
Other assets	1,922			(1,314		)	608
Deferred revenue	1,322			(1,009		)	313
Accumulated deficit	(253,859		)	(568		)	(254,427		)
STATEMENT OF OPERATIONS
License and transaction fees	90,438			(118		)	90,320
Selling, general and administrative	31,537			72			31,609
Net loss	(21,487		)	(190		)	(21,677		)

The impact of the adoption of ASC 606 by financial statement line item within the Condensed Consolidated Statement of Operations for the three months ended March 31, 2019 is as follows:

	March 31, 2019						March 31, 2019
($ in thousands)	As Reported			Adjustment			Under Legacy Guidance
STATEMENT OF OPERATIONS
License and transaction fees	$	31,630		$	(71	)	$	31,559
Selling, general and administrative	11,156			58			11,214
Net loss	(4,510		)	(130		)	(4,640		)

Performance Obligations

The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:

($ in thousands)	As of March 31, 2019
2020	$	2,865
2021	10,853
2022	9,032
2023	7,413
2024 and thereafter	5,799
Total	$	35,962

Contract Liability

The Company’s contract liability (i.e., deferred revenue) balances are as follows:

	Three months ended March 31,		Nine months ended March 31,
($ in thousands)	2019		2019
Deferred revenue, beginning of the period	$	1,437	$	511
Plus: adjustment for adoption of ASC 606	—		1,127
Deferred revenue, beginning of the period, as adjusted	1,437		1,638
Deferred revenue, end of the period	1,322		1,322
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	49		271