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Account Receivable and Contract Assets

6 Months Ended

Oct. 31, 2021

Account Receivable And Contract Assets

(3) Account Receivable and Contract Assets

The following provides further details on the balance sheet accounts of accounts receivable and contract assets from contracts with customers:

	October 31, 2021		April 30, 2021
	(in thousands)
Accounts receivable	$	180	$	350
Contract assets		325		190
Contract liabilities	$	117	$	—

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 goods have transferred to the customer. Accounts receivable represent an unconditional right to consideration arising from the Company’s performance under contracts with customers. The carrying value of such receivables represents their estimated realizable value.

Contract Assets

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

	Six months ended October 31, 2021
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(190	)
Revenue recognized and not billed as of the end of the period		325
Net change in contract assets	$	135

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.