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Account Receivable, Contract Assets and Contract Liabilities

6 Months Ended

Oct. 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:

	October 31, 2022		April 30, 2022
	(in thousands)
Accounts receivable	$	587	$	482
Contract assets		301		386
Contract liabilities		1,462		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 decrease in contract assets is primarily a result of services performed relating to MAR projects for which revenue was recognized in prior periods but was billed during the six months ended October 31, 2022.

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

	Six months ended October 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(132	)
Revenue recognized and not billed as of the end of the period		47
Net change in contract assets	$	(85	)

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities is primarily due to payments received for the following: $1.0 million related to future grant revenue and $0.4 million for future sales revenue during the six months ended October 31, 2022 for which we have not recognized revenue.

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

	Six months ended October 31, 2022
	(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(129	)
Payments collected for which revenue has not been recognized		1,462
Net change in contract liabilities	$	1,333