| 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 September 30, 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 |
(627,471 |
) |
|
2,976,399 |
|
Recognized Performance Obligations |
559,571 |
|
|
— |
|
Ending Balance September 30, 2018 |
$ |
260,133 |
|
|
$ |
6,283,508 |
|
(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 three and nine months ended September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2018 |
Balance Sheet |
|
As Reported |
|
Balances Without Adoption of ASC 606 |
|
Effect of Change Higher/(Lower) |
Assets |
|
|
|
|
|
|
Deferred Tax Asset |
|
$ |
4,854,108 |
|
|
$ |
3,224,166 |
|
|
$ |
1,629,942 |
|
Liabilities |
|
|
|
|
|
|
Unearned revenue |
|
6,826,557 |
|
|
543,049 |
|
|
6,283,508 |
|
Equity |
|
|
|
|
|
|
Additional paid in capital |
|
319,741,659 |
|
|
324,395,224 |
|
|
(4,653,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2018 |
|
For the Nine Months Ended September 30, 2018 |
Statement of Income |
|
As Reported |
|
Balances Without Adoption of ASC 606 |
|
Effect of Change Higher/(Lower) |
|
As Reported |
|
Balances Without Adoption of ASC 606 |
|
Effect of Change Higher/(Lower) |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation and distribution revenue |
|
$ |
4,244,722 |
|
|
$ |
5,236,855 |
|
|
$ |
(992,133 |
) |
|
$ |
12,071,858 |
|
|
$ |
15,048,256 |
|
|
$ |
(2,976,398 |
) |
Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax benefit |
|
(738,274 |
) |
|
(480,915 |
) |
|
(257,359 |
) |
|
(1,751,615 |
) |
|
(979,537 |
) |
|
(772,078 |
) |
|