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2. Summary of Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies as compared to those described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2012.
Concentration of Credit Risk
For the three and six months ended July 31, 2011, the Company had one customer that accounted for 16% and 14%, respectively of the Company’s total revenue. For the three and six months ended July 31, 2012, the Company had no customers that accounted for more than 10% of the Company’s total revenue.
As of January 31 and July 31, 2012, the Company had no customers that accounted for more than 10% of the Company’s total accounts receivable.
Recently Issued Accounting Standards
Effective February 1, 2012, the Company adopted Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” The ASU updates the accounting guidance to clarify and align Fair Value Measurement within U.S. GAAP and International Financial Reporting Standards. In addition, the ASU updates certain requirements for measuring fair value and for disclosure around fair value measurement. It does not require additional fair value measurements and the ASU was not intended to establish valuation standards or affect valuation practices outside of financial reporting. The adoption of ASU 2011-04 did not have a significant impact on the Company’s consolidated balance sheets or statements of operations.
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