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Summary of Significant Accounting Policies (FY) (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract] |  |
Disaggregation of Revenue | The following tables disclose revenue (in thousands) by customer type and contract type for the periods presented.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Federal |  | $ | 46,877 |  |  | $ | 33,774 |  |  | $ | 82,968 |  |  | $ | 62,757 |
State & Local, and Commercial |  |  | 1,733 |  |  |  | 2,274 |  |  |  | 4,621 |  |  |  | 4,457 |
Total |  | $ | 48,610 |  |  | $ | 36,048 |  |  | $ | 87,589 |  |  | $ | 67,214 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Firm fixed-price |  | $ | 41,935 |  |  | $ | 28,857 |  |  | $ | 73,596 |  |  | $ | 53,787 |
Time-and-materials |  |  | 3,637 |  |  |  | 3,691 |  |  |  | 7,462 |  |  |  | 7,620 |
Cost plus fixed fee |  |  | 3,038 |  |  |  | 3,500 |  |  |  | 6,531 |  |  |  | 5,807 |
Total |  | $ | 48,610 |  |  | $ | 36,048 |  |  | $ | 87,589 |  |  | $ | 67,214 |
| We have one reportable segment. We treat sales to U.S. customers as sales within the U.S. regardless of where the services are performed. Substantially all of our revenues are from U.S. customers as revenue derived from international customers is de minimus. The following tables disclose revenue (in thousands) by customer type and contract type for the periods presented. Prior period amounts have not been adjusted under the modified retrospective method.
|  | 2019 |  |  | 2018 |  |  | 2017 |
Federal |  | $ | 149,257 |  |  | $ | 129,279 |  |  | $ | 101,519 |
State & Local, and Commercial |  |  | 9,961 |  |  |  | 8,737 |  |  |  | 6,208 |
Total |  | $ | 159,218 |  |  | $ | 138,016 |  |  | $ | 107,727 |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Firm fixed-price |  | $ | 131,629 |  |  | $ | 103,454 |  |  | $ | 89,516 |
Time-and-materials |  |  | 14,569 |  |  |  | 16,795 |  |  |  | 10,222 |
Cost plus fixed fee |  |  | 13,020 |  |  |  | 17,767 |  |  |  | 7,989 |
Total |  | $ | 159,218 |  |  | $ | 138,016 |  |  | $ | 107,727 |
Contract Assets and Liabilities | The following table discloses accounts receivable and contract assets (in thousands):
|  | June 30, 2020 |  |  | December 31, 2019 |
Billed accounts receivable |  | $ | 18,420 |  |  | $ | 11,917 |
Unbilled receivables |  |  | 20,689 |  |  |  | 16,745 |
Allowance for doubtful accounts |  |  | (738 | ) |  |  | (720 | )
Receivables – net |  | $ | 38,371 |  |  | $ | 27,942 |
The following table discloses contract liabilities (in thousands):
|  | June 30, 2020 |  |  | December 31, 2019 |
Contract liabilities |  | $ | 6,682 |  |  | $ | 6,337 |
| The following table discloses accounts receivable and contract assets (in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Billed accounts receivable |  | $ | 11,917 |  |  | $ | 18,848 |
Unbilled receivables |  |  | 16,745 |  |  |  | 16,000 |
Allowance for doubtful accounts |  |  | (720 | ) |  |  | (306 | )
Receivables – net |  | $ | 27,942 |  |  | $ | 34,542 |
The following table discloses contract liabilities (in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Contract liabilities |  | $ | 6,337 |  |  | $ | 5,232 |
Allowance for Obsolescent Inventory |  | The components of the allowance for inventory obsolescence are set forth below (in thousands):
|  | Balance Beginning of Year |  |  | Additions Charge to Costs and Expense |  |  | Recoveries |  |  | Balance End of Year |
Year Ended December 31, 2019 |  | $ | 520 |  |  | $ | 376 |  |  | $ | (36 | ) |  | $ | 860 |
Year Ended December 31, 2018 |  | $ | 1,484 |  |  | $ | 30 |  |  | $ | (994 | ) |  | $ | 520 |
Year Ended December 31, 2017 |  | $ | 1,672 |  |  | $ | 73 |  |  | $ | (261 | ) |  | $ | 1,484 |
Property and Equipment Useful Lives |  | Property and equipment is recorded at cost. Depreciation is provided using the straight-line method at rates based on the estimated useful lives of the individual assets or classes of assets as follows:
Furniture and equipment | 3-5 Years
Leasehold improvements | Lesser of life of lease or useful life of asset
Property and equipment under finance leases | Lesser of life of lease or useful life of asset
Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per share | Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
Non-controlling interest, beginning of period |  |  | 75 |  |  |  | 1,206 |
Common Stock Warrants, exercisable at $1.321/share |  |  | 1,135 |  |  |  | 1,135 |
Total |  |  | 1,210 |  |  |  | 2,341 |
| Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):
|  | 2019 |  |  | 2018 |  |  | 2017 |
Unvested restricted stock |  |  | 1,191 |  |  |  | 2,428 |  |  |  | 3,724 |
Common Stock Warrants, exercisable at $1.321/share |  |  | 1,135 |  |  |  | 1,135 |  |  |  | 1,135 |
Total |  |  | 2,326 |  |  |  | 3,563 |  |  |  | 4,859 |
Unaudited Pro Forma Net Income (Loss) per Share | The Pro Forma unaudited earnings (loss) per share is computed as follows:
| Six Months Ended June 30, 2020
Net Income (Loss) Attributable to Telos Corporation |
Dividends from preferred stock recorded as interest expense |
Net Income (loss) to Common Shareholders Pro forma adjustment to remove preferred dividends |
Net income (loss) used to compute pro forma net earnings (loss) per share |
Weighted average common shares outstanding, basic and diluted, effecting the conversation of Class A and class B common stock into common stock |
Pro forma adjustment to reflect conversion of preferred shares |
Weighted average common shares outstanding used in computing pro forma net earnings per share, basic and diluted |
Pro forma net earnings (loss) per common share, basic and diluted |
| Pro forma unaudited net income (loss) reflects the conversion of the Class A and Class B common stock for common stock on a 1:1 basis and the conversion of our Redeemable Preferred Stock for common stock. The pro forma unaudited earnings (loss) per share is computed as follows:
|  | 2019 |
Net Income (Loss) Attributable to Telos Corporation |  |  |  |
Dividends from preferred stock recorded as interest expense |  |  |  |
Net income used to compute pro forma net earnings (loss) per share |  |  |  |
Weighted average common shares outstanding, basic and diluted reflecting the conversion of Class A and Class B common stock into common stock |  |  |  |
Pro forma adjustment to reflect conversion of preferred shares |  |  |  |
Weighted average common shares outstanding used in computing pro forma net earnings per share, basic and diluted |  |  |  |
Pro forma net earnings (loss) per common share, basic and diluted |  |  |  |

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