Quarterly report pursuant to Section 13 or 15(d)

Transportation and Distribution Revenue (Tables)

v3.8.0.1
Transportation and Distribution Revenue (Tables)
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
The table below summarizes the Company's contract asset and contract liability balances related to its transportation and distribution revenue contracts as of March 31, 2018:
 
Contract Asset(1)
 
Contract Liability(2)
Beginning Balance January 1, 2018
$
328,033

 
$

Cumulative Transition Adjustment Upon Adoption of ASC 606

 
3,307,109

Unrecognized Performance Obligations
(207,157
)
 
992,133

Recognized Performance Obligations
31,272

 

Ending Balance March 31, 2018
$
152,148

 
$
4,299,242

(1) The contract asset balance is included in prepaid expenses and other assets in the Consolidated Balance Sheets.
(2) The contract liability balance is included in unearned revenue in the Consolidated Balance Sheets.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
In accordance with ASC 606 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:
Balance Sheet
 
Balance at December 31, 2017
 
Adjustments Due to ASC 606
 
Balance at January 1, 2018
Assets
 
 
 
 
 
 
Deferred Tax Asset
 
$
2,244,629

 
$
857,864

 
$
3,102,493

Liabilities
 
 
 
 
 
 
Unearned revenue
 
3,397,717

 
3,307,109

 
6,704,826

Equity
 
 
 
 
 
 
Additional paid in capital
 
331,773,716

 
(2,449,245
)
 
329,324,471

The tables below disclose the impact of adoption on the Consolidated Balance Sheet and Consolidated Statement of Income as of and for the period ended March 31, 2018:
 
 
As of March 31, 2018
Balance Sheet
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Assets
 
 
 
 
 
 
Deferred Tax Asset
 
$
3,511,770

 
$
2,396,547

 
$
1,115,223

Liabilities
 
 
 
 
 
 
Unearned revenue
 
4,842,292

 
543,050

 
4,299,242

Equity
 
 
 
 
 
 
Additional paid in capital
 
326,008,627

 
329,192,646

 
(3,184,019
)
 
 
For the Three Months Ended March 31, 2018
Statement of Income
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Revenues
 
 
 
 
 
 
Transportation and distribution revenue
 
$
3,952,979

 
$
4,945,112

 
$
(992,133
)
Taxes
 
 
 
 
 
 
Deferred tax benefit
 
(409,277
)
 
(151,918
)
 
(257,359
)