Revenue |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue The following table presents the components of our revenue:
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 December 31, 2024 totaled $238,531 due from customers for contract billings and is expected to be collected within the next three to six months. At December 31, 2023 and 2022, accounts receivable, net totaled $212,428 and $1,622,434, respectively. Allowances for doubtful accounts included in accounts receivable totaled $0 for the years ended December 31, 2024 and December 31, 2023, respectively. Bad debt expense was $39 and $2,040, respectively, for the years ended December 31, 2024 and 2023.
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. There were no contract assets as of December 31, 2024 or December 31, 2023. Contract assets at December 31, 2022 were $573,895.
Contract liabilities include billings in excess of revenue recognized and accrual of certain contract obligations. The Company had contract liabilities at December 31, 2024, 2023 and 2022 of $346,279, $2,767,913 and $0, respectively. Contract liabilities at December 31, 2024 relate to billings in excess of revenue recognized. Contract liabilities at December 31, 2023 included costs accrued for an ongoing contract expected to be loss making with the loss of $2,542,913 reported on the consolidated statements of operations for the year. Revenue of $705,000 was reported during the year ended December 31, 2024 relating to this liability, $455,000 of which was related to contract modifications made in 2024. The decrease in contract liabilities at December 31, 2024 is primarily attributable to costs incurred on the loss making contract in the first half of 2024 being offset against the accrual.
Unfulfilled Performance Obligations – As of December 31, 2024, there were no unfulfilled performance obligations.
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