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Account Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Apr. 30, 2022

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 the product 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:

	2022			2021
	Twelve months ended April 30,
	2022			2021
	(in thousands)

Transferred to receivables from contract assets recognized at the beginning of the period	$	(190	)	$	(251	)
Revenue recognized and not billed as of the end of the period		386			190
Net change in contract assets	$	196		$	(61	)

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 relating to our project with MAR that was billed during the twelve months ended April 30, 2022.

Contract Liabilities

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

	2022			2021
	Twelve months ended April 30,
	2022			2021
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	—		$	(159	)
Transferred to contract assets from contract liabilities recognized at the beginning of the period		—			(6	)
Contract liabilities obtained in acquisition on MAR		(203	)		—
Payments collected for which revenue has not been recognized		129			—
Net change in contract liabilities	$	(74	)	$	(165	)

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities is primarily due to payment for MAR projects during the twelve months ended April 30, 2022 for which we have not recognized revenue.