Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the components of our revenue:
Three months ended March 31,
2025 2024
Cost plus fixed fee $ 165,256  $ 214,414 
Firm fixed-price -  249,940 
Total $ 165,256  $ 464,354 
Our performance obligations under service agreements are generally satisfied over time as the service is provided and, therefore, all revenue above has been recognized over time.
Contract Balances – Accounts receivable, net as of March 31, 2025, totaled $326,830 due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2024 and 2023, accounts receivable, net totaled $238,531 and $212,428, respectively. As of March 31, 2025, and December 31, 2024, allowance for current expected credit losses included in accounts receivable totaled $0 and $0, respectively. Bad debt expense was $0 and $39 for the three months ended March 31, 2025 and 2024, respectively.
Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are
recorded at the net amount expected to be billed and collected. Contract assets were $165,256 at March 31, 2025 and December 31, 2024.
Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at March 31, 2025 and December 31, 2024 of $346,279.
Unfulfilled Performance Obligations – As of March 31, 2025, we expect to recognize approximately $180,000 of revenue in future periods from unfulfilled performance obligations from existing contracts with customers.
If any of our contracts were to be modified or terminated, the expected value of the unfulfilled performance obligations of such contracts would be reduced.