Interpreting Disclosure on Convertible Debentures On March 2, 2017, Snapchat undertook its initial public offering (IPO). Following is Snapchat's balance sheet for its first two fiscal years as a public company. Consolidated Balance Sheets 2017 2018 December 31 (in thousands, except par value) Assets Current assets Cash and cash equivalents.. Marketable securities.. Accounts receivable, net of allowance Prepaid expenses and other current assets Total current assets. Property and equipment, net Intangible assets, net. Goodwill.. Other assets. Total assets. Liabilities and Stockholders' Equity Current liabilities Accounts payable.. Accrued expenses and other current liabilities. Total current liabilities Other liabilities $ 334,063 $ 387,149 1,708,976 279.473 891,914 354,965 44,282 41,900 2,366,794 1,675,928 166.762 212,560 166.473 126,054 639,882 632,370 81.655 67,194 $3,421,566 $2,714,106 $ 71,194 $ 30,876 275,062 261,815 346,256 292.691 82.983 110,416 429,239 403,107 Total liabilities Commitments and contingencies Stockholders' equity Class A nonvoting common stock, $0.00001 par value. 3,000,000 shares authorized. 883,022 shares issued and outstanding at December 31, 2017, and 3,000,000 shares authorized, 999,304 shares issued and outstanding at December 31, 2018. Class B voting common stock, $0.0000 par value. 700,000 shares authorized, 122,564 shares issued and outstanding at December 31, 2017, and 700,000 shares authorized, 93.845 shares issued and outstanding at December 31, 2018.... Class C voting common stock, $0.00001 par value. 260,888 shares authorized,216,616 shares issued and outstanding at December 31, 2017, and 260.888 shares authorized, 224,611 shares issued and outstanding at December 31, 2018.. Additional paid-in capital..... Accumulated other comprehensive income Accumulated deficit... 2 7,634,825 Total stockholders' equity 10 1 2 8,220,417 14,157 (4.656.667) 3,147 (5,912,578) 2,992,327 2,310,999 $3,421,566 $2,714,106 Total liabilities and stockholders' equity Snapchat reported the following in a Form 8-K dated August 9, 2019. Purchase Agreement On August 6, 2019, we entered into a purchase agreement with Goldman Sachs, Morgan Stanley, and J.P. Morgan relating to the sale by us of an aggregate of $1.265 billion principal amount of our 0.75% Convertible Senior Notes due 2026 in a private offering. The Notes are convertible into cash, shares of our Class A common stock, or a combination thereof, at our election, at an initial conversion rate of 43.8481 shares of Class A common stock per $1,000 principal amount of