v3.21.2
REVENUE
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE

  

4. REVENUE

 

The Company recognizes revenue in accordance with ASC 606. The amount of revenue that the Company recognizes reflects the consideration it expects to receive in exchange for goods or services and such revenue is recognized at the time when goods or services are transferred and/or delivered to its customers. Revenue is recognized when the Company satisfies a performance obligation by transferring the product or service to the customer. The Company generates revenues from engineering service contracts, integration license agreements and joint development agreements. When the Company’s performance obligation is the promise to grant a license, revenue is recognized either at a point in time or over time.

 

The following table provides information about disaggregated revenue by primary geographical markets and timing of revenue recognition (in thousands):  

                    
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2021   2020   2021   2020 
Primary geographic markets                    
North America  $–   $–   $–   $62 
Asia Pacific   –    –    400    – 
Total  $–   $–   $400   $62 
                     
Timing of revenue recognition                    
Products and services transferred at a point in time  $–   $–   $400   $62 
Products and services transferred over time   –    –    –    – 
Total  $–   $–   $400   $62 

 

Unbilled contracts receivable and deferred revenue

 

Timing of revenue recognition may differ from the timing of invoicing customers. Accounts receivable includes amounts billed and currently due from customers. Unbilled contracts receivable represents unbilled amounts expected to be received from customers in future periods, where the revenue recognized to date exceeds the amount billed, and the right to receive payment is subject to the underlying contractual terms. Unbilled contracts receivable amounts may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date.

 

The Company records deferred revenue when revenue will be recognized after invoicing. During the nine months ended September 30, 2020, the Company recognized approximately $37,000 of revenue that was included in deferred revenue as of December 31, 2019.