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Account Receivable, Contract Assets and Contract Liabilities

3 Months Ended

Jul. 31, 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 from contracts with customers:


	July 31, 2022		April 30, 2022
	(in thousands)
Accounts receivable	$	119	$	482
Contract assets		666		386
Contract liabilities		101		129

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

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The increase in contract assets is primarily a result of services performed relating to MAR projects for which revenue was recognized but not billed during the three months ended July 31, 2022.

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


	Three months ended July 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(434	)
Revenue recognized and not billed as of the end of the period		714
Net change in contract assets	$	280

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities is primarily due to payment for MAR projects during the three months ended July 31, 2022 for which we have not recognized revenue.

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


	Three months ended July 31, 2022
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(91	)
Payments collected for which revenue has not been recognized		63
Net change in contract liabilities	$	(28	)