Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.19.2
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue Sources

The following table sets forth our revenues by product line for the three- and six-month periods ended June 30, 2019 and 2018:

 

    Three Months Ended June 30, 2019  
    Product     Service     Total  
                   
Industrial truck management   $ 5,423,000     $ 1,850,000     $ 7,273,000  
Connected vehicles     3,121,000       1,569,000       4,690,000  
Logistics visibility     2,099,000       2,212,000       4,311,000  
Total Revenue   $ 10,643,000     $ 5,631,000     $ 16,274,000  

 

    Three Months Ended June 30, 2018  
    Product     Service     Total  
                   
Industrial truck asset management   $ 4,518,000     $ 1,862,000     $ 6,380,000  
Connected vehicles     4,773,000       184,000       4,957,000  
Logistics visibility     1,493,000       1,979,000       3,472,000  
Total Revenue   $ 10,784,000     $ 4,025,000     $ 14,809,000  

 

    Six Months Ended June 30, 2019  
    Product     Service     Total  
                   
Industrial truck management   $ 11,008,000     $ 3,664,000     $ 14,672,000  
Connected vehicles     3,121,000       3,897,000       7,018,000  
Logistics visibility     3,763,000       4,432,000       8,195,000  
Total Revenue   $ 17,892,000     $ 11,993,000     $ 29,885,000  

 

    Six Months Ended June 30, 2018  
    Product     Service     Total  
                   
Industrial truck management   $ 10,694,000     $ 3,306,000     $ 14,000,000  
Connected vehicles     7,029,000       217,000       7,246,000  
Logistics visibility     2,959,000       3,983,000       6,942,000  
Total Revenue   $ 20,682,000     $ 7,506,000     $ 28,188,000  
Schedule of Deferred Revenue

The balances of contract assets, and contract liabilities from contracts with customers are as follows as of December 31, 2018 and June 30, 2019:

 

    December 31, 2018     June 30, 2019  
              (Unaudited)  
Current assets:                
Deferred sales commissions to employees   $ 585,000     $ 724,000  
Deferred costs   $ 9,069,000     $ 9,678,000  
                 
Current liabilities:                
Deferred revenue -other (1)   $ 305,000     $ 311,000  
Deferred maintenance and SaaS revenue (1)     4,607,000       4,901,000  
Deferred logistics visibility solutions product revenue (1)     12,176,000       12,570,000  
                 
      17,088,000       17,782,000  
Less: Current portion     7,902,000       8,366,000  
                 
Deferred revenue - less current portion   $ 9,186,000     $ 9,416,000  

 

(1) We record deferred revenues when cash payments are received or due in advance of our performance. For the three- and six-month periods ended June 30, 2018 and 2019, the Company recognized revenue of $2,643,000 and $6,891,000, respectively, and $3,738,000 and $6,238,000, respectively, that was included in the deferred revenue balance at the beginning of each reporting period. The Company expects to recognize deferred revenue as revenue before year 2024, when it transfers those goods and services and, therefore, satisfies its performance obligation to the customers. We do not separately account for activation fees since no good or service is transferred to the customer. Therefore, the activation fee is included in the transaction price and allocated to the performance obligations in the contract and deferred/amortized over the life of the contract.