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REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION

5. REVENUE RECOGNITION

 

Disaggregation of Revenue

 

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

 

   Revenue   Revenue   Revenue   Total 
   Year Ended December 31, 2024 
       License and         
   Product   Royalty   Contract     
   Revenue   Revenue   Revenue   Total 
Timing of revenue recognition:                    
Products transferred at a point in time  $4,117   $475   $104   $4,696 
Products and services transferred over time   -    -    -    - 
Total  $4,117   $475   $104   $4,696 

 

 

   Revenue   Revenue   Revenue   Total 
   Year Ended December 31, 2023 
       License and         
   Product   Royalty   Contract     
   Revenue   Revenue   Revenue   Total 
Timing of revenue recognition:                    
Products transferred at a point in time  $1,019   $4,888   $1,106   $7,013 
Products and services transferred over time   -    -    246    246 
Total  $1,019   $4,888   $1,352   $7,259 

 

   Revenue   Revenue   Revenue   Total 
   Year Ended December 31, 2022 
       License and         
   Product   Royalty   Contract     
   Revenue   Revenue   Revenue   Total 
Timing of revenue recognition:                    
Products transferred at a point in time  $-   $664   $       -   $664 
Products and services transferred over time          -    -    -    - 
Total  $-   $664   $-   $664 

 

The following table provides information about revenue and long-lived assets, which is comprised of property and equipment, net, and operating lease right-of-use assets, by geographic area (in thousands):

   December 31,   December 31,   December 31, 
   2024   2023   2022 
Geographic Area  Revenue   Long-Lived Assets   Revenue   Long-Lived Assets   Revenue   Long-Lived Assets 
United States  $1,058   $17,583   $4,627   $19,580   $664   $21,409 
Germany   3,628    6,224    2,138    3,210    -    - 
Other foreign countries   10    -    494    -    -    - 
Total  $4,696   $23,807   $7,259   $22,790   $664   $21,409 

 

Contract Balances

 

Under Topic 606, the Company’s rights to consideration are presented separately depending on whether those rights are conditional or unconditional. Unconditional rights to consideration are included within accounts receivable, net of allowances in the consolidated balance sheets.

 

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands, except percentages):

 

   December 31,   December 31,         
   2024   2023   $ Change   % Change 
                 
Contract assets and accounts receivable  $926   $949   $(23)   (2.4)
Contract liabilities   (308)   (300)   (8)   (2.7)
Net contract assets (liabilities)  $618   $649   $(31)   (4.8)

 

Contract Acquisition Costs

 

The Company is required to capitalize certain contract acquisition costs consisting primarily of commissions paid when contracts are signed. As the Company currently does not pay any commissions upon the signing of a contract, no commission cost has been incurred as of December 31, 2024.

 

Transaction Price Allocated to the Remaining Performance Obligations

 

The remaining balance of the contract liabilities was approximately $0.3 million as of December 31, 2024. The Company expects to recognize 100% of this revenue over the next 12 months.