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Account Receivable, Contract Assets and Contract Liabilities

9 Months Ended

Jan. 31, 2023

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, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	706	$	482
Contract assets		93		386
Contract liabilities		1,334		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 nine months ended January 31, 2023.

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

	Nine months ended January 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized at the beginning of the period	$	(1,646	)
Revenue recognized and not billed as of the end of the period		1,353
Net change in contract assets	$	(293	)

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 nine months ended January 31, 2023 for which revenue has not been recognized.

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

	Nine months ended January 31, 2023
		(in thousands)

Revenue recognized that was included in the contract liabilities balance as of the beginning of the period	$	(447	)
Payments collected for which revenue has not been recognized		1,652
Net change in contract liabilities	$	1,205