Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMBER ROAD, INC. | |
Entity Central Index Key | 1,314,223 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,212,572 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 8,282,234 | $ 15,408,133 |
Accounts receivable, net | 15,465,557 | 19,661,156 |
Unbilled receivables | 992,875 | 314,328 |
Deferred commissions | 4,396,974 | 4,420,632 |
Prepaid expenses and other current assets | 1,926,004 | 1,719,612 |
Total current assets | 31,063,644 | 41,523,861 |
Property and equipment, net | 9,894,886 | 9,978,255 |
Goodwill | 43,777,158 | 43,907,017 |
Other intangibles, net | 5,263,149 | 6,148,820 |
Deferred commissions | 7,013,656 | 8,046,664 |
Deposits and other assets | 1,154,004 | 884,471 |
Total assets | 98,166,497 | 110,489,088 |
Current liabilities: | ||
Accounts payable | 1,860,562 | 2,724,591 |
Accrued expenses | 9,365,484 | 14,127,304 |
Current portion of capital lease obligations | 1,270,056 | 1,155,964 |
Deferred revenue | 35,199,938 | 34,464,264 |
Current portion of term loan, net of discount | 714,391 | 593,336 |
Total current liabilities | 48,410,431 | 53,065,459 |
Capital lease obligations, less current portion | 1,564,396 | 1,276,700 |
Deferred revenue, less current portion | 1,887,526 | 2,135,620 |
Term loan, net of discount, less current portion | 13,017,989 | 13,614,514 |
Revolving credit facility | 6,100,000 | 6,000,000 |
Other noncurrent liabilities | 1,560,533 | 1,825,317 |
Total liabilities | 72,540,875 | 77,917,610 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; issued and outstanding 27,209,232 and 26,926,268 shares at September 30, 2017 and December 31, 2016, respectively | 27,209 | 26,926 |
Additional paid-in capital | 193,265,714 | 188,811,896 |
Accumulated other comprehensive loss | (1,568,375) | (1,336,792) |
Accumulated deficit | (166,098,926) | (154,930,552) |
Total stockholders’ equity | 25,625,622 | 32,571,478 |
Total liabilities and stockholders’ equity | $ 98,166,497 | $ 110,489,088 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 27,209,232 | 26,926,268 |
Common stock, shares outstanding (in shares) | 27,209,232 | 26,926,268 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenue: | |||||
Subscription | $ 14,944,160 | $ 14,079,394 | $ 43,532,217 | $ 39,358,586 | |
Professional services | 5,269,090 | 4,771,407 | 14,910,883 | 14,595,827 | |
Total revenue | 20,213,250 | 18,850,801 | 58,443,100 | 53,954,413 | |
Cost of revenue: | |||||
Cost of subscription revenue | [1] | 4,903,483 | 4,964,971 | 16,066,645 | 14,988,695 |
Cost of professional services revenue | [1] | 4,247,519 | 3,845,548 | 12,396,228 | 11,872,116 |
Total cost of revenue | 9,151,002 | 8,810,519 | 28,462,873 | 26,860,811 | |
Gross profit | 11,062,248 | 10,040,282 | 29,980,227 | 27,093,602 | |
Operating expenses: | |||||
Sales and marketing | [1] | 5,551,239 | 5,488,309 | 17,043,562 | 16,968,999 |
Research and development | [1] | 3,830,431 | 4,231,492 | 11,201,577 | 12,119,137 |
General and administrative | [1] | 3,517,187 | 3,782,591 | 11,247,825 | 11,329,134 |
Total operating expenses | 12,898,857 | 13,502,392 | 39,492,964 | 40,417,270 | |
Loss from operations | (1,836,609) | (3,462,110) | (9,512,737) | (13,323,668) | |
Interest income | 1,238 | 4,810 | 2,564 | 55,858 | |
Interest expense | (272,293) | (221,370) | (751,644) | (643,543) | |
Loss before income taxes | (2,107,664) | (3,678,670) | (10,261,817) | (13,911,353) | |
Income tax expense | 130,039 | 112,580 | 906,557 | 306,465 | |
Net loss | $ (2,237,703) | $ (3,791,250) | $ (11,168,374) | $ (14,217,818) | |
Net loss per common share (Note 10): | |||||
Basic and diluted (USD per share) | $ (0.08) | $ (0.14) | $ (0.41) | $ (0.53) | |
Weighted-average common shares outstanding (Note 10): | |||||
Basic and diluted (in shares) | 27,471,248 | 26,809,137 | 27,377,058 | 26,609,322 | |
[1] | (1) Includes stock-based compensation as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Cost of subscription revenue $ 214,033 $ 219,120 $ 591,965 $ 638,069 Cost of professional services revenue 153,357 128,254 405,129 377,467 Sales and marketing 321,226 238,324 780,626 675,057 Research and development 401,567 304,501 987,427 847,057 General and administrative 734,564 564,626 1,513,898 1,669,410 $ 1,824,747 $ 1,454,825 $ 4,279,045 $ 4,207,060 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) - Stock-based Compensation Allocation - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,824,747 | $ 1,454,825 | $ 4,279,045 | $ 4,207,060 |
Cost of subscription revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 214,033 | 219,120 | 591,965 | 638,069 |
Cost of professional services revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 153,357 | 128,254 | 405,129 | 377,467 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 321,226 | 238,324 | 780,626 | 675,057 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 401,567 | 304,501 | 987,427 | 847,057 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 734,564 | $ 564,626 | $ 1,513,898 | $ 1,669,410 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,237,703) | $ (3,791,250) | $ (11,168,374) | $ (14,217,818) |
Other comprehensive income (loss): | ||||
Foreign currency translation | 43,085 | 57,265 | (231,583) | (435,826) |
Total other comprehensive income (loss) | 43,085 | 57,265 | (231,583) | (435,826) |
Comprehensive loss | $ (2,194,618) | $ (3,733,985) | $ (11,399,957) | $ (14,653,644) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (11,168,374) | $ (14,217,818) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 4,015,240 | 5,063,509 |
Bad debt expense | 305,612 | 523,403 |
Stock-based compensation | 4,279,045 | 4,207,060 |
Acquisition related deferred compensation | 0 | 851,931 |
Changes in fair value of contingent consideration liability | 18,525 | 10,469 |
Accretion of debt discount | 28,981 | 47,186 |
Changes in operating assets and liabilities: | ||
Accounts receivable and unbilled receivables | 3,239,595 | 5,352,339 |
Prepaid expenses and other assets | 823,889 | (2,074,943) |
Accounts payable | (967,975) | (418,732) |
Accrued expenses | (1,172,824) | 2,669,696 |
Settlement of contingent accrued compensation related to former ecVision founder | (2,366,469) | 0 |
Other liabilities | (264,429) | (2,025,820) |
Deferred revenue | 477,278 | (27,134) |
Net cash used in operating activities | (2,751,906) | (38,854) |
Cash flows from investing activities: | ||
Capital expenditures | (169,739) | (220,718) |
Addition of capitalized software development costs | (1,217,126) | (1,859,969) |
Addition of intangible assets | 0 | (275,000) |
Cash paid for deposits | (205,264) | (143,836) |
Decrease (increase) in restricted cash | (259) | 113,094 |
Net cash used in investing activities | (1,592,388) | (2,386,429) |
Cash flows from financing activities: | ||
Proceeds from revolving line of credit | 18,350,000 | 14,250,000 |
Payments on revolving line of credit | (18,250,000) | (13,750,000) |
Payments on term loan | (468,750) | (281,250) |
Debt financing costs | (35,701) | 0 |
Repayments on capital lease obligations | (1,237,031) | (1,052,029) |
Proceeds from the exercise of stock options | 175,056 | 1,467,749 |
Contingent consideration related to ecVision acquisition | (1,308,525) | 0 |
Net cash provided by (used in) financing activities | (2,774,951) | 634,470 |
Effect of exchange rate on cash and cash equivalents | (6,654) | (423,250) |
Net decrease in cash and cash equivalents | (7,125,899) | (2,214,063) |
Cash and cash equivalents at beginning of period | 15,408,133 | 17,854,523 |
Cash and cash equivalents at end of period | 8,282,234 | 15,640,460 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 717,057 | 564,401 |
Non-cash property and equipment acquired under capital lease | 1,638,819 | 246,286 |
Non-cash property and equipment purchases in accounts payable | $ 46,545 | $ 0 |
Background
Background | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | Background |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | Summary of Significant Accounting Policies and Practices (a) Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement have been included. The accompanying condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries primarily located in India, China and Europe. All significant intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for other interim periods or future years. The consolidated balance sheet as of December 31, 2016 is derived from the audited financial statements as of that date. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Form 10-K for the year ended December 31, 2016 . (b) Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of intangibles and goodwill; valuation allowance for receivables and deferred income tax assets; revenue; capitalization of software costs; and valuation of share-based payments. Actual results could differ from those estimates. (c) Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents at September 30, 2017 and December 31, 2016 consists of the following: September 30, December 31, Cash $ 8,239,419 $ 15,382,773 Money market accounts 42,815 25,360 $ 8,282,234 $ 15,408,133 (d) Fair Value of Financial Instruments and Fair Value Measurements Our financial instruments consist of cash equivalents, accounts receivable, accounts payable, and accrued expenses. Management believes that the carrying values of these instruments are representative of their fair value due to the relatively short-term nature of those instruments. We follow Financial Accounting Standards Board (FASB) accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. Accounting Standards Codification (ASC) 820, Fair Value Measurements, among other things, defines fair value, establishes a framework for measuring fair value, and requires disclosure about such fair value measurements. Assets and liabilities measured at fair value are based on one or more of three valuation techniques provided for in the standards. The three value techniques are as follows: Market Approach — Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Income Approach — Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques and option pricing models); and Cost Approach — Amount that currently would be required to replace the service capacity of an asset (often referred to as replacement cost). The standards clarify that fair value is an exit price, representing the amount that would be received to sell an asset, based on the highest and best use of the asset, or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, the standards establish a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; or Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions about what market participants would use in pricing the asset or liability. The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2017 and December 31, 2016 : Fair Value Measurements at Reporting Date Using September 30, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market accounts $ 42,815 $ 42,815 $ — $ — Restricted cash - money market accounts 56,400 56,400 — — Total assets measured at fair value on a recurring basis $ 99,215 $ 99,215 $ — $ — December 31, 2016 Assets: Cash equivalents - money market accounts $ 25,360 $ 25,360 $ — $ — Restricted cash - money market accounts 56,141 56,141 — — Total assets measured at fair value on a recurring basis $ 81,501 $ 81,501 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,290,000 $ — $ — $ 1,290,000 Total liabilities measured at fair value on a recurring basis $ 1,290,000 $ — $ — $ 1,290,000 Acquisition contingent consideration liability is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement. The valuation of contingent consideration uses assumptions we believe would be made by a market participant. In June 2017, as required by the ecVision (International) Inc. (ecVision) acquisition agreement (see Note 3), the acquisition contingent consideration liability was paid in full. The reconciliation of the acquisition contingent consideration liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Balance at December 31, 2016 $ 1,290,000 Mark to estimated fair value recorded as general and administrative expense 18,525 Acquisition contingent consideration liability paid (1,308,525 ) Balance at September 30, 2017 $ — (e) Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience, the industry, and the economy. We review our allowance for doubtful accounts monthly. Past-due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. Typically, we record unbilled receivables for contracts on which revenue has been recognized, but for which the customer has not yet been billed. (f) Major Customers and Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Our customer base is principally comprised of enterprise and mid-market companies within industries including Chemical/Pharmaceutical, High Technology/Electronics, Industrial/Manufacturing, Logistics, Oil & Gas, and Retail/Apparel. We do not require collateral from our customers. For the three and nine months ended September 30, 2017 , one customer accounted for 12.0% and 11.0% , respectively, of our total revenue. For the three and nine months ended September 30, 2016 , no single customer accounted for more than 10% of our total revenue. As of September 30, 2017 , one customer accounted for 19% of our total accounts receivable (subsequently collected) and as of December 31, 2016 , no single customer accounted for more than 10% of our total accounts receivable. (g) Revenue We primarily generate revenue from the sale of subscriptions and subscription-related professional services. In instances involving subscriptions, revenue is generated under customer contracts with multiple elements, which are comprised of (1) subscription fees that provide the customers with access to our on-demand application and content, unspecified solution and content upgrades, and customer support, (2) professional services associated with consulting services (primarily implementation services), and (3) transaction-related fees (including publishing services). Our initial customer contracts have contract terms from, typically, 3 years to 5 years years in length. Typically, the customer does not take possession of the software nor does the customer have the right to take possession of the software supporting the on-demand application service. However, in certain instances, we have customers that take possession of the software whereby the application is installed on the customer’s premises. Our subscription service arrangements typically may only be terminated for cause and do not contain refund provisions. We provide our software as a service and follow the provisions of ASC Topic 605, Revenue Recognition (ASC 605) and ASC Topic 985, Software (ASC 985). We commence revenue recognition when all of the following conditions are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • The collection of the fees is probable; and • The amount of fees to be paid by the customer is fixed or determinable. The subscription fees typically begin the first month following contract execution, whether or not we have completed the solution’s implementation. In addition, typically, any services performed by us for our customers are not essential to the functionality of our products. Subscription Revenue Subscription revenue is recognized ratably over contract terms beginning on the commencement date of each contract, which is the date our service is made available to customers. Typically, amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Transaction-related revenue is recognized as the transactions occur. Professional Services Revenue The majority of professional services contracts are on a time and material basis. When these services are not combined with subscription revenue as a single unit of accounting, as discussed below, this revenue is recognized as the services are rendered for time and material contracts, and when the milestones are achieved and accepted by the customer for fixed price contracts. Multiple-Deliverable Arrangements We enter into arrangements with multiple deliverables that generally include subscription, professional services (primarily implementation) as well as transaction-related fees. We allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE), if available, third party evidence (TPE), if VSOE is not available, or estimated selling prices (ESP), if neither VSOE nor TPE is available. As we have been unable to establish VSOE or TPE for the elements of our arrangements, we establish the ESP for each element primarily by considering the weighted average of actual sales prices of professional services sold on a standalone basis and subscription including various add-on modules if and when sold together without professional services, and other factors such as gross margin objectives, pricing practice and growth strategy. We have established processes to determine ESP and allocate revenue in multiple-deliverable arrangements using ESP. For those contracts in which the customer accesses our software via an on-demand application, we account for these contracts in accordance with ASC 605-25, Revenue Recognition—Multiple-Element Arrangements. The majority of these agreements represent multiple-element arrangements, and we evaluate each element to determine whether it represents a separate unit of accounting. The consideration allocated to subscription is recognized as revenue ratably over the contract period. The consideration allocated to professional services is recognized as the services are performed, which is typically over the first 3 months to 6 months of an arrangement. For those contracts in which the customer takes possession of the software, we account for such transactions in accordance with ASC 985, Software. We account for these contracts as subscriptions and recognize the entire arrangement fee (subscription and services) ratably over the term of the agreement. In addition, as we do not have VSOE for services, any add-on services entered into during the term of the subscription are recognized over the remaining term of the agreement. Other Revenue Items Sales tax collected from customers and remitted to governmental authorities is accounted for on a net basis and, therefore, is not included in revenue and cost of revenue in the condensed consolidated statements of operations. We classify customer reimbursements received for direct costs paid to third parties and related expenses as revenue, in accordance with ASC 605. The amounts of such customer reimbursements included in professional services revenue and cost of professional services revenue is as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Customer reimbursements $ 114,201 $ 123,206 $ 404,092 $ 425,237 (h) Cost of Revenue Cost of subscription revenue . Cost of subscription revenue consists primarily of personnel and related costs of our hosting, support, and content teams, including salaries, benefits, bonuses, payroll taxes, stock-based compensation and allocated overhead, as well as software license fees, hosting costs, Internet connectivity, and depreciation expenses directly related to delivering our solutions, as well as amortization of capitalized software development costs. Our cost of subscription revenue is generally expensed as the costs are incurred. Cost of professional services revenue . Cost of professional services revenue consists primarily of personnel and related costs, including salaries, benefits, bonuses, payroll taxes, stock-based compensation, the costs of contracted third-party vendors, reimbursable expenses and allocated overhead. As our personnel are employed on a full-time basis, our cost of professional services is largely fixed in the short term, while our professional services revenue may fluctuate, leading to fluctuations in professional services gross profit. Cost of professional services revenue is generally expensed as costs are incurred. (i) Deferred Commissions We defer commission costs that are incremental and directly related to the acquisition of customer contracts. Commission costs are accrued and deferred upon execution of the sales contract by the customer. Payments to sales personnel are made shortly after the receipt of the related customer payment. Deferred commissions are amortized over the term of the related noncancelable customer contract and are recoverable through the related future revenue streams. Our commission costs deferred and amortized in the period are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Commission costs deferred $ 1,126,236 $ 3,096,999 $ 2,805,883 $ 5,259,754 Commission costs amortized 1,377,788 1,159,173 3,862,549 3,423,951 (j) Stock-Based Compensation We recognize stock-based compensation as an expense in the condensed consolidated financial statements and measure that cost based on the estimated grant-date fair value using the Black-Scholes option pricing model. (k) Geographic Information Revenue by geographic location based on the billing address of our customers is as follows: Three Months Ended Nine Months Ended Country 2017 2016 2017 2016 United States $ 15,239,856 $ 14,900,697 $ 44,184,884 $ 42,459,132 International 4,973,394 3,950,104 14,258,216 11,495,281 Total revenue $ 20,213,250 $ 18,850,801 $ 58,443,100 $ 53,954,413 Long-lived assets by geographic location is as follows: Country September 30, December 31, United States $ 8,950,159 $ 8,881,844 International 944,727 1,096,411 Total long-lived assets $ 9,894,886 $ 9,978,255 (l) Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash", which amends ASC 230, Statement of Cash Flows. This ASU requires that a statement of cash flows explain the change during the reporting period in the total of cash, cash equivalents, and restricted cash or restricted cash equivalents. The effective date will be the first quarter of 2018, with early adoption permitted, and will be adopted using a retrospective transition approach. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which amends ASC 230, Statement of Cash Flows. This ASU provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. The effective date will be the first quarter of 2018, with early adoption permitted. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In March, 2016, the FASB issued ASU 2016-09, "Compensation-Improvements to Employee Share-Based Payment Accounting", which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard became effective for us in the first quarter of 2017 and its adoption did not have a material effect on our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases", requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. This standard is effective for us beginning in the first quarter of fiscal 2019. We are currently evaluating the effect that the updated standard will have on our condensed consolidated financial statements but believe the most significant changes will be related to the recognition of new right-of-use assets and lease liabilities on our balance sheet for real estate operating leases. In August 2014, FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. The adoption of this guidance did not have a material effect on our condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, a new accounting standard that requires recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The FASB has also issued several updates to ASU 2014-09. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than the present standards. It also requires additional disclosures regarding the nature, amount, timing and uncertainty of cash flows arising from contracts with customers. We will adopt the new revenue guidance effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition In March 2015, we acquired ecVision, a cloud-based provider of global sourcing and collaborative supply chain solutions for brand-focused companies. As required per the acquisition agreement, we paid contingent consideration of $3,675,000 |
Consolidated Balance Sheet Comp
Consolidated Balance Sheet Components | 9 Months Ended |
Sep. 30, 2017 | |
Consolidated Balance Sheet Components [Abstract] | |
Consolidated Balance Sheet Components | Consolidated Balance Sheet Components Components of property and equipment, accrued expenses and deferred revenue is as follows: (a) Property and Equipment September 30, December 31, Computer software and equipment $ 16,916,586 $ 15,053,746 Software development costs 16,155,114 14,938,090 Furniture and fixtures 1,952,615 1,959,854 Leasehold improvements 2,803,114 2,930,390 Total property and equipment 37,827,429 34,882,080 Less: accumulated depreciation and amortization (27,932,543 ) (24,903,825 ) Total property and equipment, net $ 9,894,886 $ 9,978,255 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Depreciation and amortization expense $ 747,012 $ 1,349,046 $ 3,162,631 $ 3,922,355 Certain development costs of our software solution are capitalized in accordance with ASC Topic 350-40, Internal Use Software, which outlines the stages of computer software development and specifies when capitalization of costs is required. Projects that are determined to be in the development stage are capitalized and amortized over their useful lives of five years . Projects that are determined to be within the preliminary stage are expensed as incurred. Information related to capitalized software costs is as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Software costs capitalized $ 377,717 $ 456,049 $ 1,217,126 $ 1,859,969 Software costs amortized (1) 553,480 $ 525,381 1,639,622 1,450,377 (1) Included in cost of subscription revenue on the accompanying condensed consolidated statements of operations. September 30, December 31, Capitalized software costs not yet subject to amortization $ 973,462 $ 984,568 (b) Accrued Expenses September 30, December 31, Accrued bonus $ 2,005,075 $ 2,717,625 Accrued commissions 3,173,208 4,188,006 Deferred rent 347,273 263,404 Accrued professional fees 993,820 917,144 Accrued taxes 807,376 549,740 Accrued contingent consideration and acquisition compensation — 3,647,475 Other accrued expenses 2,038,732 1,843,910 Total $ 9,365,484 $ 14,127,304 (c) Deferred Revenue September 30, December 31, Current: Subscription revenue $ 32,741,179 $ 32,833,795 Professional services revenue 2,458,759 1,630,469 Total current 35,199,938 34,464,264 Noncurrent: Subscription revenue 163,753 386,206 Professional services revenue 1,723,773 1,749,414 Total noncurrent 1,887,526 2,135,620 Total deferred revenue $ 37,087,464 $ 36,599,884 Deferred revenue from subscriptions represents amounts collected from (or invoiced to) customers in advance of earning subscription revenue. Typically, we bill our annual subscription fees in advance of providing the service. Deferred revenue from professional services represents revenue that is being deferred and amortized over the remaining term of the subscription contract related to customers who have taken possession of the software. See Note 2 (g) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Leases | Leases We have several noncancelable operating leases that expire through 2024. These leases generally contain renewal options for periods ranging from 3 years to 5 years and require us to pay all executory costs such as maintenance and insurance. Rental expense is allocated to various line items in the condensed consolidated statements of operations. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Rental expense from operating leases $ 957,000 $ 888,000 $ 2,816,000 $ 2,793,000 Information related to the carrying value of assets recorded under capital leases and related accumulated amortization is as follows: September 30, December 31, Carry value of capital leases $ 2,727,428 $ 2,159,850 Accumulated amortization included in carry value 6,530,227 5,524,216 Amortization of assets held under capital leases is allocated to various line items in the condensed consolidated statements of operations. Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of September 30, 2017 are as follows: Capital Operating Remainder of 2017 $ 375,116 $ 1,117,980 2018 1,414,625 4,319,273 2019 951,309 4,137,249 2020 329,626 2,788,823 2021 63,912 1,794,278 2022 and thereafter 17,483 1,799,227 Total minimum lease payments 3,152,071 $ 15,956,830 Less amount representing interest (317,619 ) Present value of net minimum capital lease payments 2,834,452 Less current installments of obligations under capital leases (1,270,056 ) Obligations under capital leases excluding current installments $ 1,564,396 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt In connection with the ecVision acquisition (Note 3), in March 2015 we entered into a credit agreement (the Credit Agreement) providing for financing comprised of (i) a senior secured term loan facility (the Term Loan) of $20,000,000 , and (ii) a senior secured revolving credit facility (the Revolver) that was amended in November 2015 to allow for a borrowing limit of $10,000,000 , and includes a $2,000,000 sublimit for the issuance of letters of credit. The Credit Agreement contains customary affirmative and negative covenants for financings of its type that are subject to customary exceptions. As of September 30, 2017 , we were in compliance with all the reporting and financial covenants. On February 15, 2017, we entered into Amendment No. 2 (the Amendment) to the Credit Agreement. The Amendment revised language in the Credit Agreement to include changes to the applicable margins with respect to Eurodollar and Base Rate loans, increased the available borrowing under the Revolver from $10,000,000 to $15,000,000 , and extended the maturity date for both the Term Loan and the Revolver to December 31, 2019. The outstanding balance for the Term Loan as of September 30, 2017 was $13,732,380 , net of unaccreted discount and deferred financing costs of $80,120 and the outstanding balance under the Revolver was $6,100,000 . For the nine months ended September 30, 2017 , the weighted average interest rate used was 4.44% for the Term Loan and 5.49% for the Revolver. The following table reflects the schedule of principal payments for the Term Loan as of September 30, 2017 : Principal Remainder of 2017 $ 187,500 2018 750,000 2019 12,875,000 $ 13,812,500 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock The following table presents our activity for common stock during the nine months ended September 30, 2017 : Shares Par Value Balance at December 31, 2016 26,926,268 $ 26,926 Exercise of common stock options 53,973 54 Common stock issued for contingent consideration 17,275 17 Issuance of common stock for vested restricted stock units 211,716 212 Balance at September 30, 2017 27,209,232 $ 27,209 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation We grant stock-based incentive awards to attract, motivate and retain qualified employees (including officers), non-employee directors and consultants, and those of our affiliates. Awards granted under our 2012 Omnibus Incentive Compensation Plan (the 2012 Plan) include common stock options, restricted stock units (RSUs), including performance-based restricted stock units (PSUs), and restricted stock awards. The 2002 Plan expired in 2012 and we are no longer making grants under it. Information related to the 2012 Plan and the 2002 Plan as of September 30, 2017 is as follows: 2012 Plan 2002 Plan Shares of common stock authorized for issuance 9,646,696 4,939,270 Stock options outstanding 4,387,130 313,715 RSUs outstanding 643,462 — PSUs outstanding 466,499 — Shares available for future grant 2,949,101 — Inclusive in the above "shares of common stock authorized for issuance" are the additional 4,500,000 shares approved by our stockholders in May 2017. Stock Options The fair value of option grants is estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Risk-free interest rate 1.99% * 1.92% 1.29% Expected volatility 32.65% * 32.66% 33.62% Expected dividend yield — * — — Expected life in years 6.25 * 6.25 6.25 Weighted average fair value of options granted $3.27 * $2.82 $1.32 * There were no options granted during the three months ended September 30, 2016. The computation of expected volatility for each period is based on historical volatility of comparable public companies. The volatility percentage represents the mean volatility of these companies. The computation of expected life for each period was determined based on the simplified method. The risk-free interest rate is based on U.S. Treasury yields for zero-coupon bonds with a term consistent with the expected life of the options. Information for the 2002 Plan and 2012 Plan is as follows: Options Weighted Average Balance at December 31, 2016 3,856,831 $9.99 Granted 1,050,654 7.86 Exercised (53,973 ) 3.24 Canceled (44,703 ) 10.84 Expired (107,964 ) 11.11 Balance at September 30, 2017 4,700,845 9.70 September 30, 2017 2016 Total intrinsic value of options exercised $ 164,786 $ 3,093,061 Weighted average exercise price of fully vested options $ 10.21 $ 9.60 Weighted average remaining term of fully vested options 6.5 years 6.9 years Total unrecognized compensation cost related to non-vested stock options $ 6,255,749 $ 8,010,642 Weighted average period to recognize compensation cost related to non-vested stock options 2.2 years 2.0 years Options outstanding and exercisable under the 2002 Plan and the 2012 Plan at September 30, 2017 were as follows: Options Outstanding Options Exercisable Exercise Price Options Weighted Intrinsic Options Weighted Intrinsic $ 2.31 - $ 3.74 . 557,261 5.6 years $ 2,670,005 413,956 4.7 years $ 2,105,384 4.13 - 7.20 . 787,677 8.6 years 737,760 212,433 5.9 years 396,022 8.07 - 12.62 . 1,321,149 8.2 years — 534,904 7.2 years — 13.00 - 15.90 . 2,034,758 6.8 years — 1,526,065 6.8 years — 4,700,845 $ 3,407,765 2,687,358 $ 2,501,406 Restricted Stock and Performance Stock Units The following table is a summary of our RSU and PSU activity for the nine months ended September 30, 2017 : Number Number Total Weighted Balance at December 31, 2016 599,966 280,247 880,213 $5.20 Granted 378,580 198,440 577,020 8.38 Vested (316,946 ) — (316,946 ) 3.83 Canceled (18,138 ) (12,188 ) (30,326 ) 5.48 Balance at September 30, 2017 643,462 466,499 1,109,961 7.24 September 30, Weighted-average grant date fair value of unvested combined RSU/PSU $7.24 Total unrecognized compensation cost related to non-vested combined RSU/PSU $5,350,647 Weighted average period to recognize compensation cost related to non-vested combined RSU/PSU 2.6 years During the nine months ended September 30, 2017 , we awarded 198,440 PSUs that entitle recipients to shares of our common stock if certain multi-year financial metrics are met for the fiscal year ending December 31, 2018. The PSUs entitle the recipients to an amount of shares of common stock that could range from 0% up to 500% |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our income tax provision for the three and nine months ended September 30, 2017 and 2016 reflects our estimate of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events that are recorded in the period in which they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. The tax provision for the three and nine months ended September 30, 2017 is primarily related to current foreign income taxes. We have historically incurred operating losses and, given our cumulative losses and no history of profits, we have recorded a full valuation allowance against our deferred tax assets at September 30, 2017 and December 31, 2016 . We have a federal net operating loss (NOL) carryforward of $82,141,000 and $73,533,000 as of December 31, 2016 and 2015 , respectively. We expect to be in a taxable loss position for 2017 . The federal NOL carryforward will begin to expire in 2019. I f not used, these NOLs may be subject to limitation under Internal Revenue Code (IRC) Section 382 should there be a greater than 50% ownership change as determined under the regulations. Under IRC Section 382, substantial changes in ownership may limit the amount of NOL carryforwards that may be utilized annually in the future to offset taxable income. We completed an IRC Section 382 study through June 30, 2016, which concluded that we have experienced several ownership changes, causing limitations on the annual use of NOL carryforwards. Provided there is sufficient taxable income, $2,131,290 of NOL carryforwards are expected to expire without utilization between 2019 and 2022. Additionally, our ability to use our NOL carryforwards to reduce future taxable income may be further limited as a result of any future equity transactions, including, but not limited to, an issuance of shares of stock or sales of common stock by our existing stockholders. For state income tax purposes, we have net operating loss carryforwards in a number of jurisdictions in varying amounts and with varying expiration dates from 2017 through 2037. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that we will be able to sustain a position taken on an income tax return. We have no liability for uncertain positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense. We file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Tax years 2014 and forward remain open for examination for federal tax purposes and tax years 2013 and forward remain open for examination for our more significant state tax jurisdictions. To the extent utilized in future years’ tax returns, net operating loss carryforwards at December 31, 2016 will remain subject to examination until the respective tax year is closed. In July 2014, we were notified by the Internal Revenue Service (IRS) that we had been selected at random for a compliance research examination related to the year ended December 31, 2012. In May 2016, the IRS concluded its examination and the result of such examination was the downward adjustment of federal net operating loss carryforwards aggregating approximately $1,200,000 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Numerator: Net loss $ (2,237,703 ) $ (3,791,250 ) $ (11,168,374 ) $ (14,217,818 ) Denominator: Weighted average shares outstanding 27,471,248 26,809,137 27,377,058 26,609,322 Basic and diluted net loss per share $ (0.08 ) $ (0.14 ) $ (0.41 ) $ (0.53 ) Diluted net loss per share does not include the effect of the following antidilutive common equivalent shares: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Stock options outstanding 4,700,845 4,028,432 4,700,845 4,028,432 Restricted stock and performance stock units 1,109,961 975,163 1,109,961 975,163 5,810,806 5,003,595 5,810,806 5,003,595 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Legal Proceedings We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations, or liquidity. (b) Indemnifications In the ordinary course of business and under the indemnification clause of our standard customer agreement, we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our licensed materials. At present, we do not expect to incur any infringement liability as a result of the customer indemnification clauses. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies and Practices (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (GAAP) in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement have been included. |
Principles of Consolidation | The accompanying condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries primarily located in India, China and Europe. All significant intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for other interim periods or future years. The consolidated balance sheet as of December 31, 2016 is derived from the audited financial statements as of that date. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Form 10-K for the year ended December 31, 2016 |
Use of Estimates | Use of EstimatesThe preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of intangibles and goodwill; valuation allowance for receivables and deferred income tax assets; revenue; capitalization of software costs; and valuation of share-based payments. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash EquivalentsWe consider all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Our financial instruments consist of cash equivalents, accounts receivable, accounts payable, and accrued expenses. Management believes that the carrying values of these instruments are representative of their fair value due to the relatively short-term nature of those instruments. We follow Financial Accounting Standards Board (FASB) accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. Accounting Standards Codification (ASC) 820, Fair Value Measurements, among other things, defines fair value, establishes a framework for measuring fair value, and requires disclosure about such fair value measurements. Assets and liabilities measured at fair value are based on one or more of three valuation techniques provided for in the standards. The three value techniques are as follows: Market Approach — Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; Income Approach — Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques and option pricing models); and Cost Approach — Amount that currently would be required to replace the service capacity of an asset (often referred to as replacement cost). The standards clarify that fair value is an exit price, representing the amount that would be received to sell an asset, based on the highest and best use of the asset, or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, the standards establish a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; or |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience, the industry, and the economy. We review our allowance for doubtful accounts monthly. Past-due balances over 90 |
Major Customers and Concentrations of Credit Risk | Major Customers and Concentrations of Credit RiskFinancial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Our customer base is principally comprised of enterprise and mid-market companies within industries including Chemical/Pharmaceutical, High Technology/Electronics, Industrial/Manufacturing, Logistics, Oil & Gas, and Retail/Apparel. We do not require collateral from our customers. |
Revenue | Revenue We primarily generate revenue from the sale of subscriptions and subscription-related professional services. In instances involving subscriptions, revenue is generated under customer contracts with multiple elements, which are comprised of (1) subscription fees that provide the customers with access to our on-demand application and content, unspecified solution and content upgrades, and customer support, (2) professional services associated with consulting services (primarily implementation services), and (3) transaction-related fees (including publishing services). Our initial customer contracts have contract terms from, typically, 3 years to 5 years years in length. Typically, the customer does not take possession of the software nor does the customer have the right to take possession of the software supporting the on-demand application service. However, in certain instances, we have customers that take possession of the software whereby the application is installed on the customer’s premises. Our subscription service arrangements typically may only be terminated for cause and do not contain refund provisions. We provide our software as a service and follow the provisions of ASC Topic 605, Revenue Recognition (ASC 605) and ASC Topic 985, Software (ASC 985). We commence revenue recognition when all of the following conditions are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • The collection of the fees is probable; and • The amount of fees to be paid by the customer is fixed or determinable. The subscription fees typically begin the first month following contract execution, whether or not we have completed the solution’s implementation. In addition, typically, any services performed by us for our customers are not essential to the functionality of our products. Subscription Revenue Subscription revenue is recognized ratably over contract terms beginning on the commencement date of each contract, which is the date our service is made available to customers. Typically, amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Transaction-related revenue is recognized as the transactions occur. Professional Services Revenue The majority of professional services contracts are on a time and material basis. When these services are not combined with subscription revenue as a single unit of accounting, as discussed below, this revenue is recognized as the services are rendered for time and material contracts, and when the milestones are achieved and accepted by the customer for fixed price contracts. Multiple-Deliverable Arrangements We enter into arrangements with multiple deliverables that generally include subscription, professional services (primarily implementation) as well as transaction-related fees. We allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE), if available, third party evidence (TPE), if VSOE is not available, or estimated selling prices (ESP), if neither VSOE nor TPE is available. As we have been unable to establish VSOE or TPE for the elements of our arrangements, we establish the ESP for each element primarily by considering the weighted average of actual sales prices of professional services sold on a standalone basis and subscription including various add-on modules if and when sold together without professional services, and other factors such as gross margin objectives, pricing practice and growth strategy. We have established processes to determine ESP and allocate revenue in multiple-deliverable arrangements using ESP. For those contracts in which the customer accesses our software via an on-demand application, we account for these contracts in accordance with ASC 605-25, Revenue Recognition—Multiple-Element Arrangements. The majority of these agreements represent multiple-element arrangements, and we evaluate each element to determine whether it represents a separate unit of accounting. The consideration allocated to subscription is recognized as revenue ratably over the contract period. The consideration allocated to professional services is recognized as the services are performed, which is typically over the first 3 months to 6 months of an arrangement. For those contracts in which the customer takes possession of the software, we account for such transactions in accordance with ASC 985, Software. We account for these contracts as subscriptions and recognize the entire arrangement fee (subscription and services) ratably over the term of the agreement. In addition, as we do not have VSOE for services, any add-on services entered into during the term of the subscription are recognized over the remaining term of the agreement. Other Revenue Items |
Cost of Revenue | Cost of Revenue Cost of subscription revenue . Cost of subscription revenue consists primarily of personnel and related costs of our hosting, support, and content teams, including salaries, benefits, bonuses, payroll taxes, stock-based compensation and allocated overhead, as well as software license fees, hosting costs, Internet connectivity, and depreciation expenses directly related to delivering our solutions, as well as amortization of capitalized software development costs. Our cost of subscription revenue is generally expensed as the costs are incurred. Cost of professional services revenue |
Deferred Commissions | Deferred CommissionsWe defer commission costs that are incremental and directly related to the acquisition of customer contracts. Commission costs are accrued and deferred upon execution of the sales contract by the customer. Payments to sales personnel are made shortly after the receipt of the related customer payment. Deferred commissions are amortized over the term of the related noncancelable customer contract and are recoverable through the related future revenue streams. |
Stock-Based Compensation | Stock-Based CompensationWe recognize stock-based compensation as an expense in the condensed consolidated financial statements and measure that cost based on the estimated grant-date fair value using the Black-Scholes option pricing model. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash", which amends ASC 230, Statement of Cash Flows. This ASU requires that a statement of cash flows explain the change during the reporting period in the total of cash, cash equivalents, and restricted cash or restricted cash equivalents. The effective date will be the first quarter of 2018, with early adoption permitted, and will be adopted using a retrospective transition approach. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which amends ASC 230, Statement of Cash Flows. This ASU provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. The effective date will be the first quarter of 2018, with early adoption permitted. The adoption of this standard is not expected to have a material effect on our condensed consolidated financial statements. In March, 2016, the FASB issued ASU 2016-09, "Compensation-Improvements to Employee Share-Based Payment Accounting", which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard became effective for us in the first quarter of 2017 and its adoption did not have a material effect on our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases", requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. This standard is effective for us beginning in the first quarter of fiscal 2019. We are currently evaluating the effect that the updated standard will have on our condensed consolidated financial statements but believe the most significant changes will be related to the recognition of new right-of-use assets and lease liabilities on our balance sheet for real estate operating leases. In August 2014, FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. The adoption of this guidance did not have a material effect on our condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, a new accounting standard that requires recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The FASB has also issued several updates to ASU 2014-09. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than the present standards. It also requires additional disclosures regarding the nature, amount, timing and uncertainty of cash flows arising from contracts with customers. We will adopt the new revenue guidance effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies and Practices (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents at September 30, 2017 and December 31, 2016 consists of the following: September 30, December 31, Cash $ 8,239,419 $ 15,382,773 Money market accounts 42,815 25,360 $ 8,282,234 $ 15,408,133 |
Summary of Financial Assets and Liabilities Carried at Fair Value, Measured on a Recurring Basis | The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2017 and December 31, 2016 : Fair Value Measurements at Reporting Date Using September 30, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market accounts $ 42,815 $ 42,815 $ — $ — Restricted cash - money market accounts 56,400 56,400 — — Total assets measured at fair value on a recurring basis $ 99,215 $ 99,215 $ — $ — December 31, 2016 Assets: Cash equivalents - money market accounts $ 25,360 $ 25,360 $ — $ — Restricted cash - money market accounts 56,141 56,141 — — Total assets measured at fair value on a recurring basis $ 81,501 $ 81,501 $ — $ — Liabilities: Acquisition contingent consideration liability $ 1,290,000 $ — $ — $ 1,290,000 Total liabilities measured at fair value on a recurring basis $ 1,290,000 $ — $ — $ 1,290,000 |
Reconciliation of the Level 3, Acquisition Contingent Consideration Liability, Measured at Fair Value on a Recurring Basis | The reconciliation of the acquisition contingent consideration liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Balance at December 31, 2016 $ 1,290,000 Mark to estimated fair value recorded as general and administrative expense 18,525 Acquisition contingent consideration liability paid (1,308,525 ) Balance at September 30, 2017 $ — |
Schedule of Customer Reimbursements | The amounts of such customer reimbursements included in professional services revenue and cost of professional services revenue is as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Customer reimbursements $ 114,201 $ 123,206 $ 404,092 $ 425,237 |
Schedule of Deferred Charges | Our commission costs deferred and amortized in the period are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Commission costs deferred $ 1,126,236 $ 3,096,999 $ 2,805,883 $ 5,259,754 Commission costs amortized 1,377,788 1,159,173 3,862,549 3,423,951 |
Schedule of Revenue and Long-Lived Assets, by Geographical Area | Revenue by geographic location based on the billing address of our customers is as follows: Three Months Ended Nine Months Ended Country 2017 2016 2017 2016 United States $ 15,239,856 $ 14,900,697 $ 44,184,884 $ 42,459,132 International 4,973,394 3,950,104 14,258,216 11,495,281 Total revenue $ 20,213,250 $ 18,850,801 $ 58,443,100 $ 53,954,413 Long-lived assets by geographic location is as follows: Country September 30, December 31, United States $ 8,950,159 $ 8,881,844 International 944,727 1,096,411 Total long-lived assets $ 9,894,886 $ 9,978,255 |
Consolidated Balance Sheet Co21
Consolidated Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Consolidated Balance Sheet Components [Abstract] | |
Schedule of Property and Equipment | Property and Equipment September 30, December 31, Computer software and equipment $ 16,916,586 $ 15,053,746 Software development costs 16,155,114 14,938,090 Furniture and fixtures 1,952,615 1,959,854 Leasehold improvements 2,803,114 2,930,390 Total property and equipment 37,827,429 34,882,080 Less: accumulated depreciation and amortization (27,932,543 ) (24,903,825 ) Total property and equipment, net $ 9,894,886 $ 9,978,255 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Depreciation and amortization expense $ 747,012 $ 1,349,046 $ 3,162,631 $ 3,922,355 |
Information Related to Capitalized Software Costs | Information related to capitalized software costs is as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Software costs capitalized $ 377,717 $ 456,049 $ 1,217,126 $ 1,859,969 Software costs amortized (1) 553,480 $ 525,381 1,639,622 1,450,377 (1) Included in cost of subscription revenue on the accompanying condensed consolidated statements of operations. September 30, December 31, Capitalized software costs not yet subject to amortization $ 973,462 $ 984,568 |
Schedule of Accrued Expenses | Accrued Expenses September 30, December 31, Accrued bonus $ 2,005,075 $ 2,717,625 Accrued commissions 3,173,208 4,188,006 Deferred rent 347,273 263,404 Accrued professional fees 993,820 917,144 Accrued taxes 807,376 549,740 Accrued contingent consideration and acquisition compensation — 3,647,475 Other accrued expenses 2,038,732 1,843,910 Total $ 9,365,484 $ 14,127,304 |
Deferred Revenue | Deferred Revenue September 30, December 31, Current: Subscription revenue $ 32,741,179 $ 32,833,795 Professional services revenue 2,458,759 1,630,469 Total current 35,199,938 34,464,264 Noncurrent: Subscription revenue 163,753 386,206 Professional services revenue 1,723,773 1,749,414 Total noncurrent 1,887,526 2,135,620 Total deferred revenue $ 37,087,464 $ 36,599,884 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Schedule of Rental Expense | Rental expense is allocated to various line items in the condensed consolidated statements of operations. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Rental expense from operating leases $ 957,000 $ 888,000 $ 2,816,000 $ 2,793,000 |
Schedule of Assets Recorded Under Capital Leases | Information related to the carrying value of assets recorded under capital leases and related accumulated amortization is as follows: September 30, December 31, Carry value of capital leases $ 2,727,428 $ 2,159,850 Accumulated amortization included in carry value 6,530,227 5,524,216 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of September 30, 2017 are as follows: Capital Operating Remainder of 2017 $ 375,116 $ 1,117,980 2018 1,414,625 4,319,273 2019 951,309 4,137,249 2020 329,626 2,788,823 2021 63,912 1,794,278 2022 and thereafter 17,483 1,799,227 Total minimum lease payments 3,152,071 $ 15,956,830 Less amount representing interest (317,619 ) Present value of net minimum capital lease payments 2,834,452 Less current installments of obligations under capital leases (1,270,056 ) Obligations under capital leases excluding current installments $ 1,564,396 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of September 30, 2017 are as follows: Capital Operating Remainder of 2017 $ 375,116 $ 1,117,980 2018 1,414,625 4,319,273 2019 951,309 4,137,249 2020 329,626 2,788,823 2021 63,912 1,794,278 2022 and thereafter 17,483 1,799,227 Total minimum lease payments 3,152,071 $ 15,956,830 Less amount representing interest (317,619 ) Present value of net minimum capital lease payments 2,834,452 Less current installments of obligations under capital leases (1,270,056 ) Obligations under capital leases excluding current installments $ 1,564,396 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table reflects the schedule of principal payments for the Term Loan as of September 30, 2017 : Principal Remainder of 2017 $ 187,500 2018 750,000 2019 12,875,000 $ 13,812,500 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of common stock activity | The following table presents our activity for common stock during the nine months ended September 30, 2017 : Shares Par Value Balance at December 31, 2016 26,926,268 $ 26,926 Exercise of common stock options 53,973 54 Common stock issued for contingent consideration 17,275 17 Issuance of common stock for vested restricted stock units 211,716 212 Balance at September 30, 2017 27,209,232 $ 27,209 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Information Related to 2012 Plan and 2002 Plan | Information related to the 2012 Plan and the 2002 Plan as of September 30, 2017 is as follows: 2012 Plan 2002 Plan Shares of common stock authorized for issuance 9,646,696 4,939,270 Stock options outstanding 4,387,130 313,715 RSUs outstanding 643,462 — PSUs outstanding 466,499 — Shares available for future grant 2,949,101 — |
Summary of Fair Value Weighted Average Assumption | The fair value of option grants is estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Risk-free interest rate 1.99% * 1.92% 1.29% Expected volatility 32.65% * 32.66% 33.62% Expected dividend yield — * — — Expected life in years 6.25 * 6.25 6.25 Weighted average fair value of options granted $3.27 * $2.82 $1.32 * There were no options granted during the three months ended September 30, 2016. |
Schedule of Share-based Compensation Activity | nformation for the 2002 Plan and 2012 Plan is as follows: Options Weighted Average Balance at December 31, 2016 3,856,831 $9.99 Granted 1,050,654 7.86 Exercised (53,973 ) 3.24 Canceled (44,703 ) 10.84 Expired (107,964 ) 11.11 Balance at September 30, 2017 4,700,845 9.70 September 30, 2017 2016 Total intrinsic value of options exercised $ 164,786 $ 3,093,061 Weighted average exercise price of fully vested options $ 10.21 $ 9.60 Weighted average remaining term of fully vested options 6.5 years 6.9 years Total unrecognized compensation cost related to non-vested stock options $ 6,255,749 $ 8,010,642 Weighted average period to recognize compensation cost related to non-vested stock options 2.2 years 2.0 years |
Schedule of Share-based Compensation by Exercise Price Range | Options outstanding and exercisable under the 2002 Plan and the 2012 Plan at September 30, 2017 were as follows: Options Outstanding Options Exercisable Exercise Price Options Weighted Intrinsic Options Weighted Intrinsic $ 2.31 - $ 3.74 . 557,261 5.6 years $ 2,670,005 413,956 4.7 years $ 2,105,384 4.13 - 7.20 . 787,677 8.6 years 737,760 212,433 5.9 years 396,022 8.07 - 12.62 . 1,321,149 8.2 years — 534,904 7.2 years — 13.00 - 15.90 . 2,034,758 6.8 years — 1,526,065 6.8 years — 4,700,845 $ 3,407,765 2,687,358 $ 2,501,406 |
Schedule of RSU Activity | The following table is a summary of our RSU and PSU activity for the nine months ended September 30, 2017 : Number Number Total Weighted Balance at December 31, 2016 599,966 280,247 880,213 $5.20 Granted 378,580 198,440 577,020 8.38 Vested (316,946 ) — (316,946 ) 3.83 Canceled (18,138 ) (12,188 ) (30,326 ) 5.48 Balance at September 30, 2017 643,462 466,499 1,109,961 7.24 September 30, Weighted-average grant date fair value of unvested combined RSU/PSU $7.24 Total unrecognized compensation cost related to non-vested combined RSU/PSU $5,350,647 Weighted average period to recognize compensation cost related to non-vested combined RSU/PSU 2.6 years |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Numerator: Net loss $ (2,237,703 ) $ (3,791,250 ) $ (11,168,374 ) $ (14,217,818 ) Denominator: Weighted average shares outstanding 27,471,248 26,809,137 27,377,058 26,609,322 Basic and diluted net loss per share $ (0.08 ) $ (0.14 ) $ (0.41 ) $ (0.53 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Diluted net loss per share does not include the effect of the following antidilutive common equivalent shares: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Stock options outstanding 4,700,845 4,028,432 4,700,845 4,028,432 Restricted stock and performance stock units 1,109,961 975,163 1,109,961 975,163 5,810,806 5,003,595 5,810,806 5,003,595 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies and Practices - Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash | $ 8,239,419 | $ 15,382,773 | ||
Money market accounts | 42,815 | 25,360 | ||
Total cash and cash equivalents | $ 8,282,234 | $ 15,408,133 | $ 15,640,460 | $ 17,854,523 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies and Practices - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Total assets measured at fair value on a recurring basis | $ 99,215 | $ 81,501 |
Acquisition contingent consideration liability | 0 | 1,290,000 |
Total liabilities measured at fair value on a recurring basis | 1,290,000 | |
Cash Equivalents | ||
Assets: | ||
Money market accounts | 42,815 | 25,360 |
Restricted Cash | ||
Assets: | ||
Money market accounts | 56,400 | 56,141 |
Level 1 | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 99,215 | 81,501 |
Acquisition contingent consideration liability | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | |
Level 1 | Cash Equivalents | ||
Assets: | ||
Money market accounts | 42,815 | 25,360 |
Level 1 | Restricted Cash | ||
Assets: | ||
Money market accounts | 56,400 | 56,141 |
Level 2 | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Acquisition contingent consideration liability | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | |
Level 2 | Cash Equivalents | ||
Assets: | ||
Money market accounts | 0 | 0 |
Level 2 | Restricted Cash | ||
Assets: | ||
Money market accounts | 0 | 0 |
Level 3 | ||
Assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Acquisition contingent consideration liability | 1,290,000 | |
Total liabilities measured at fair value on a recurring basis | 1,290,000 | |
Level 3 | Cash Equivalents | ||
Assets: | ||
Money market accounts | 0 | 0 |
Level 3 | Restricted Cash | ||
Assets: | ||
Money market accounts | $ 0 | $ 0 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies and Practices - Reconciliation of the Liabilities Measured at Fair Value on a Recurring Basis (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | $ 1,290,000 |
Mark to estimated fair value recorded as general and administrative expense | 18,525 |
Acquisition contingent consideration liability paid | (1,308,525) |
Balance at September 30, 2017 | $ 0 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies and Practices Summary of Significant Accounting Policies and Practices - Concentration Risk (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% | 11.00% | 10.00% | |
Accounts Receivable | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 19.00% | 10.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies and Practices - Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||||
Revenue recognition, customer contract period, minimum | 3 years | |||
Revenue recognition, customer contract period, maximum | 5 years | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Customer reimbursements | $ 114,201 | $ 123,206 | $ 404,092 | $ 425,237 |
Professional services revenue | Minimum | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Professional services consideration recognized, period services are expected to be recognized | 3 months | |||
Professional services revenue | Maximum | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Professional services consideration recognized, period services are expected to be recognized | 6 months |
Summary of Significant Accoun32
Summary of Significant Accounting Policies and Practices - Deferred Commissions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||||
Commission costs deferred | $ 1,126,236 | $ 3,096,999 | $ 2,805,883 | $ 5,259,754 |
Commission costs amortized | $ 1,377,788 | $ 1,159,173 | $ 3,862,549 | $ 3,423,951 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies and Practices - Sales and Long Lived-Assets by Geographic Location (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 20,213,250 | $ 18,850,801 | $ 58,443,100 | $ 53,954,413 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 15,239,856 | 14,900,697 | 44,184,884 | 42,459,132 |
International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 4,973,394 | $ 3,950,104 | $ 14,258,216 | $ 11,495,281 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies and Practices Long-lived assets by geographic location (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 9,894,886 | $ 9,978,255 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 8,950,159 | 8,881,844 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 944,727 | $ 1,096,411 |
Acquisition - ecVision Acquisi
Acquisition - ecVision Acquisition (Details) | Jun. 30, 2017USD ($) |
ecVision, Inc. | Continued Employment | |
Business Acquisition [Line Items] | |
Congingent consideration payment | $ 3,675,000 |
Consolidated Balance Sheet Co36
Consolidated Balance Sheet Components - Property and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 37,827,429 | $ 37,827,429 | $ 34,882,080 | ||
Less: accumulated depreciation and amortization | (27,932,543) | (27,932,543) | (24,903,825) | ||
Total property and equipment, net | 9,894,886 | 9,894,886 | 9,978,255 | ||
Depreciation and amortization expense | 747,012 | $ 1,349,046 | 3,162,631 | $ 3,922,355 | |
Computer software and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 16,916,586 | 16,916,586 | 15,053,746 | ||
Software development costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 16,155,114 | 16,155,114 | 14,938,090 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 1,952,615 | 1,952,615 | 1,959,854 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 2,803,114 | $ 2,803,114 | $ 2,930,390 |
Consolidated Balance Sheet Co37
Consolidated Balance Sheet Components - Capitalized Software (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Software costs capitalized | $ 377,717 | $ 456,049 | $ 1,217,126 | $ 1,859,969 | |
Software costs amortized | 553,480 | $ 525,381 | 1,639,622 | $ 1,450,377 | |
Capitalized software costs not yet subject to amortization | $ 973,462 | $ 973,462 | $ 984,568 | ||
Software Development | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life | 5 years |
Consolidated Balance Sheet Co38
Consolidated Balance Sheet Components - Accrued Expenses (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheet Components [Abstract] | ||
Accrued bonus | $ 2,005,075 | $ 2,717,625 |
Accrued commissions | 3,173,208 | 4,188,006 |
Deferred rent | 347,273 | 263,404 |
Accrued professional fees | 993,820 | 917,144 |
Accrued taxes | 807,376 | 549,740 |
Accrued contingent consideration and acquisition compensation | 0 | 3,647,475 |
Other accrued expenses | 2,038,732 | 1,843,910 |
Total | $ 9,365,484 | $ 14,127,304 |
Consolidated Balance Sheet Co39
Consolidated Balance Sheet Components - Deferred Revenue (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current: | ||
Total current | $ 35,199,938 | $ 34,464,264 |
Noncurrent: | ||
Total noncurrent | 1,887,526 | 2,135,620 |
Total deferred revenue | 37,087,464 | 36,599,884 |
Subscription revenue | ||
Current: | ||
Total current | 32,741,179 | 32,833,795 |
Noncurrent: | ||
Total noncurrent | 163,753 | 386,206 |
Professional services revenue | ||
Current: | ||
Total current | 2,458,759 | 1,630,469 |
Noncurrent: | ||
Total noncurrent | $ 1,723,773 | $ 1,749,414 |
Leases - Operating Leases - (De
Leases - Operating Leases - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Leased Assets [Line Items] | ||||
Rental expense from operating leases | $ 957,000 | $ 888,000 | $ 2,816,000 | $ 2,793,000 |
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease, renewal term | 3 years | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease, renewal term | 5 years |
Leases - Capital Leases - (Deta
Leases - Capital Leases - (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Leases [Abstract] | ||
Carry value of capital leases | $ 2,727,428 | $ 2,159,850 |
Accumulated amortization included in carry value | $ 6,530,227 | $ 5,524,216 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments - (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Capital Leases | ||
Remainder of 2017 | $ 375,116 | |
2,018 | 1,414,625 | |
2,019 | 951,309 | |
2,020 | 329,626 | |
2,021 | 63,912 | |
2022 and thereafter | 17,483 | |
Total minimum lease payments | 3,152,071 | |
Less amount representing interest | (317,619) | |
Present value of net minimum capital lease payments | 2,834,452 | |
Less current installments of obligations under capital leases | (1,270,056) | $ (1,155,964) |
Obligations under capital leases excluding current installments | 1,564,396 | $ 1,276,700 |
Operating Leases | ||
Remainder of 2017 | 1,117,980 | |
2,018 | 4,319,273 | |
2,019 | 4,137,249 | |
2,020 | 2,788,823 | |
2,021 | 1,794,278 | |
2022 and thereafter | 1,799,227 | |
Total minimum lease payments | $ 15,956,830 |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details) - USD ($) | Sep. 30, 2017 | Feb. 15, 2017 | Dec. 31, 2016 | Nov. 05, 2015 | Mar. 04, 2015 |
Debt Instrument [Line Items] | |||||
Outstanding balance | $ 13,812,500 | ||||
Revolving credit facility | $ 6,100,000 | $ 6,000,000 | |||
London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 4.44% | ||||
Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 5.49% | ||||
Secured Debt | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 | ||||
Outstanding balance | $ 13,732,380 | ||||
Unaccreted discount | $ 80,120 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | $ 10,000,000 | |||
Letter of Credit | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 2,000,000 |
Debt - Maturity - (Details)
Debt - Maturity - (Details) | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2017 | $ 187,500 |
2,018 | 750,000 |
2,019 | 12,875,000 |
Long-term debt | $ 13,812,500 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) | 9 Months Ended |
Sep. 30, 2017USD ($)shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning of period (in shares) | 26,926,268 |
Exercise of common stock options (in shares) | 53,973 |
Balance, end of period (in shares) | 27,209,232 |
Balance, beginning of period | $ | $ 26,926 |
Balance, end of period | $ | $ 27,209 |
Common Stock | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Exercise of common stock options (in shares) | 53,973 |
Exercise of common stock options | $ | $ 54 |
Common Stock | Common Stock | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Common stock issued for contingent consideration (in shares) | 17,275 |
Common stock issued for contingent consideration | $ | $ 17 |
Common Stock | Restricted Stock Units (RSUs) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Issuance of common stock for vested restricted stock units (in shares) | 211,716 |
Issuance of common stock for vested restricted stock units | $ | $ 212 |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation - Information Related to 2012 Plan and 2002 Plan (Details) - shares | 1 Months Ended | ||
May 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding (in shares) | 4,700,845 | 3,856,831 | |
Additional shares approved by stockholders (in shares) | 4,500,000 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 643,462 | 599,966 | |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 466,499 | 280,247 | |
2012 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock authorized for issuance (in shares) | 9,646,696 | ||
Stock options outstanding (in shares) | 4,387,130 | ||
Shares available for future grant (in shares) | 2,949,101 | ||
2012 Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 643,462 | ||
2012 Plan | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 466,499 | ||
2002 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock authorized for issuance (in shares) | 4,939,270 | ||
Stock options outstanding (in shares) | 313,715 | ||
Shares available for future grant (in shares) | 0 | ||
2002 Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 0 | ||
2002 Plan | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 0 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options granted (USD per share) | $ 3.27 | $ 0 | $ 2.82 | $ 1.32 |
Options granted (in shares) | 0 | 1,050,654 | ||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.99% | 0.00% | 1.92% | 1.29% |
Expected volatility | 32.65% | 0.00% | 32.66% | 33.62% |
Expected life (in years) | 6 years 3 months | 0 years | 6 years 3 months | 6 years 3 months |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.99% | 0.00% | 1.92% | 1.29% |
Expected volatility | 32.65% | 0.00% | 32.66% | 33.62% |
Expected life (in years) | 6 years 3 months | 0 years | 6 years 3 months | 6 years 3 months |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Share-based Compensation Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2017 | |
Options Outstanding | ||
Balance Outstanding at Beginning of Period (in shares) | 3,856,831 | |
Granted (in shares) | 0 | 1,050,654 |
Exercised (in shares) | (53,973) | |
Canceled (in shares) | (44,703) | |
Expired (in shares) | (107,964) | |
Balance Outstanding at Ending of Period (in shares) | 4,700,845 | |
Weighted Average Exercise Price | ||
Balance at beginning of period, outstanding options (USD per share) | $ 9.99 | |
Granted (USD per share) | 7.86 | |
Exercised (USD per share) | 3.24 | |
Canceled (USD per share) | 10.84 | |
Expired (USD per share) | 11.11 | |
Balance at end of period, outstanding options (USD per share) | 9.70 | |
Weighted average exercise price of fully vested options (USD per share) | $ 9.60 | $ 10.21 |
Weighted average remaining term of fully vested options | 6 years 10 months 24 days | 6 years 6 months |
Total unrecognized compensation cost related to non-vested stock options | $ 8,010,642 | $ 6,255,749 |
Employee Stock Option | ||
Weighted Average Exercise Price | ||
Total intrinsic value of options exercised | $ 3,093,061 | $ 164,786 |
Weighted average period to recognize compensation cost related to non-vested stock options | 2 years | 2 years 2 months 12 days |
2012 Plan | ||
Options Outstanding | ||
Balance Outstanding at Ending of Period (in shares) | 4,387,130 | |
Weighted Average Exercise Price | ||
Equity awards available for future grant under the 2012 Plan (in shares) | 2,949,101 |
Stock-based Compensation - Outs
Stock-based Compensation - Outstanding and Exercisable by Exercise Price (Details) | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding (in shares) | shares | 4,700,845 |
Outstanding, aggregate intrinsic value | $ | $ 3,407,765 |
Number of exercisable options (in shares) | shares | 2,687,358 |
Exercisable options, aggregate intrinsic value | $ | $ 2,501,406 |
$2.31-$3.74 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding (in shares) | shares | 557,261 |
Options outstanding average remaining contractual life | 5 years 7 months 6 days |
Outstanding, aggregate intrinsic value | $ | $ 2,670,005 |
Number of exercisable options (in shares) | shares | 413,956 |
Exercisable options, weighted average term remaining | 4 years 8 months 12 days |
Exercisable options, aggregate intrinsic value | $ | $ 2,105,384 |
$4.13-$7.20 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding (in shares) | shares | 787,677 |
Options outstanding average remaining contractual life | 8 years 7 months 6 days |
Outstanding, aggregate intrinsic value | $ | $ 737,760 |
Number of exercisable options (in shares) | shares | 212,433 |
Exercisable options, weighted average term remaining | 5 years 10 months 24 days |
Exercisable options, aggregate intrinsic value | $ | $ 396,022 |
$8.07-$12.62 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding (in shares) | shares | 1,321,149 |
Options outstanding average remaining contractual life | 8 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 0 |
Number of exercisable options (in shares) | shares | 534,904 |
Exercisable options, weighted average term remaining | 7 years 2 months 12 days |
Exercisable options, aggregate intrinsic value | $ | $ 0 |
$13.00-$15.90 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding (in shares) | shares | 2,034,758 |
Options outstanding average remaining contractual life | 6 years 9 months 18 days |
Outstanding, aggregate intrinsic value | $ | $ 0 |
Number of exercisable options (in shares) | shares | 1,526,065 |
Exercisable options, weighted average term remaining | 6 years 9 months 18 days |
Exercisable options, aggregate intrinsic value | $ | $ 0 |
Minimum | $2.31-$3.74 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | $ 2.31 |
Minimum | $4.13-$7.20 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 4.13 |
Minimum | $8.07-$12.62 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 8.07 |
Minimum | $13.00-$15.90 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 13 |
Maximum | $2.31-$3.74 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 3.74 |
Maximum | $4.13-$7.20 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 7.20 |
Maximum | $8.07-$12.62 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | 12.62 |
Maximum | $13.00-$15.90 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price Per Share (USD per share) | $ / shares | $ 15.90 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
RSUs | |
Number of RSU's/PSU's Outstanding | |
Balance Outstanding at Beginning of Period (in shares) | 599,966 |
Granted (in shares) | 378,580 |
Vested (in shares) | (316,946) |
Canceled (in shares) | (18,138) |
Balance Outstanding at End of Period (in shares) | 643,462 |
PSUs | |
Number of RSU's/PSU's Outstanding | |
Balance Outstanding at Beginning of Period (in shares) | 280,247 |
Granted (in shares) | 198,440 |
Vested (in shares) | 0 |
Canceled (in shares) | (12,188) |
Balance Outstanding at End of Period (in shares) | 466,499 |
RSU's and PSU's | |
Number of RSU's/PSU's Outstanding | |
Balance Outstanding at Beginning of Period (in shares) | 880,213 |
Granted (in shares) | 577,020 |
Vested (in shares) | (316,946) |
Canceled (in shares) | (30,326) |
Balance Outstanding at End of Period (in shares) | 1,109,961 |
Weighted Average Grant Date Fair Value | |
Balance at beginning of period (USD per share) | $ / shares | $ 5.20 |
Granted (USD per share) | $ / shares | 8.38 |
Vested (USD per share) | $ / shares | 3.83 |
Canceled (USD per share) | $ / shares | 5.48 |
Balance at end of period (USD per share) | $ / shares | $ 7.24 |
Total unrecognized compensation cost related to non-vested combined RSU/PSU | $ | $ 5,350,647 |
Weighted average period to recognize compensation cost related to non-vested combined RSU/PSU | 2 years 7 months 6 days |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - PSUs | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awarded (in shares) | 198,440 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of vesting rights | 0.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of vesting rights | 500.00% |
Income Taxes (Details)
Income Taxes (Details) - Domestic Tax Authority - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Loss Carryforwards [Line Items] | |||
Federal net operating loss (NOL) carryforward | $ 82,141,000 | $ 73,533,000 | |
Net operating loss carry forwards expected to expire without utilization | $ 2,131,290 |
Income Taxes - 2012 Audit Resu
Income Taxes - 2012 Audit Results (Details) | May 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Reduction of federal net operating loss carryforwards as result of examination | $ 1,200,000 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common stockholders | $ (2,237,703) | $ (3,791,250) | $ (11,168,374) | $ (14,217,818) |
Weighted average shares used in computing net loss attributable to common stockholders (in shares) | 27,471,248 | 26,809,137 | 27,377,058 | 26,609,322 |
Basic and diluted net loss per share (USD per share) | $ (0.08) | $ (0.14) | $ (0.41) | $ (0.53) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 5,810,806 | 5,003,595 | 5,810,806 | 5,003,595 |
Stock options outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 4,700,845 | 4,028,432 | 4,700,845 | 4,028,432 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 1,109,961 | 975,163 | 1,109,961 | 975,163 |