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Account Receivable, Contract Assets, and Contract Liabilities

9 Months Ended

Jan. 31, 2021

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 from contracts with customers:

	January 31, 2021		April 30, 2020
	(in thousands)

Accounts receivable	$	-	$	105
Contract assets		63		251
Contract liabilities		75		165

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.

Contract Assets

Significant changes in the contract assets balances during the period are as follows:

	Nine months ended
	January 31, 2021
	(in thousands)

Transferred to receivables from contract assets recognized at the beginning of the period	$	(251	)
Revenue recognized and not billed as of the end of the period		63
Net change in contract assets	$	(188	)

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 decrease in contract assets is primarily a result of services performed relating to our project with EGP that was billed during the nine months ended January 31, 2021.

Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	Nine months ended
	January 31, 2021
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(84	)
Transferred to contract assets from contract liabilities recognized at the beginning of the period		(6	)
Net change in contract liabilities	$	(90	)

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to recognition of revenue relating to our Eni S.p.A. (“Eni”) project during the nine months ended January 31, 2021.