Annual report pursuant to Section 13 and 15(d)

Revenue

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Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the components of our revenue:
Year Ended December 31,
2023 2022
Cost plus fixed fee $ 3,947,736  $ 6,898,450 
Firm fixed-price 2,658,616  3,023,176 
Firm fixed-price-vehicle lease -  1,513,333 
Total $ 6,606,352  $ 11,434,959 
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 at December 31, 2023 totaled $212,428 due from customers for contract billings and is expected to be collected within the next three to six months. At December 31, 2022, accounts receivable, net totaled $1,622,434. The decrease in accounts receivable at December 31, 2023 as compared with December 31, 2022 corresponds to the decreased revenue recognized in 2023. At December 31, 2023 and December 31, 2022, allowances for doubtful accounts included in accounts receivable totaled $0 and $9,963, respectively. Bad debt expense was $2,040 and $9,963, respectively, for the years ended December 31, 2023 and 2022.
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 $573,895 at December 31, 2022,
primarily due to the timing of the billing for the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations. Contract assets were $0 at December 31, 2023.
Contract liabilities include billings in excess of revenue recognized and accrual of certain contract obligations. The Company had contract liabilities at December 31, 2023 of $2,767,913 which includes costs accrued for an ongoing contract which is expected to be loss making. The loss on contract of $2,542,913 is reported on the consolidated income statement for the year ended December 31, 2023. The Company had no contract liabilities at December 31, 2022.
Unfulfilled Performance Obligations – As of December 31, 2023, we expect to recognize approximately $0.6 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers.
The following table summarizes the expected revenue from our unfilled performance obligations as of December 31, 2023:
Expected Revenue from Unfulfilled Performance
Obligations by Period
($ in millions) 2024
Unfulfilled performance obligations:
Performance obligations $ 0.6 
Total unfulfilled performance obligations $ 0.6 
If any of our contracts were to be modified or terminated, the expected value of the unfilled performance obligations of such contracts could be increased or reduced.