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Account Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Apr. 30, 2020

Account Receivable Contract Assets And Contract Liabilities

Account Receivable, Contract Assets, and Contract Liabilities

(3) Account Receivable, Contract Assets, and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, contract assets, and contract liabilities.

Accounts Receivable

The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 60 days after invoicing). Generally, invoicing occurs after the related services are performed or control of good has transferred to the customer. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represent their estimated realizable value. Accounts receivable consisted of the following at April 30, 2020 and 2019.

	April 30, 2020			April 30, 2019
	(in thousands)

Opening balance	$	63		$	171
Amount invoiced to customers		1,386			857
Collections		(1,344	)		(965	)
Ending balance	$	105		$	63

Contract Assets and Contract Liabilities

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditioned on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed for EGP but unbilled during the twelve months ended April 30, 2020.

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily a result of recognizing more revenue during the twelve months ended April 30, 2020.