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Accounts Receivable, Contract Assets and Contract Liabilities

3 Months Ended

Jul. 31, 2023

Accounts Receivable Contract Assets And Contract Liabilities

Accounts Receivable, Contract Assets and Contract Liabilities

(3) Accounts 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, 2023		April 30, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	730	$	745	$	482

Contract assets	$	293	$	152	$	386

Contract liabilities	$	1,207	$	1,378	$	129

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 consulting services projects for which revenue was recognized in the current period but has not yet been billed due to the terms of the project agreements. No impairments to contract assets were incurred during the three months ended July 31, 2023 or July 31, 2022.

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

	Three months ended July 31, 2023			Three months ended July 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized	$	(377	)	$	(434	)
Revenue recognized and not billed		518			714
Net change in contract assets	$	141		$	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 recognizing revenue on the DOE Phase II contract for which the Company was paid in prior periods.

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

	Three months ended July 31, 2023			Three months ended July 31, 2022
	(in thousands)

Revenue recognized	$	(321	)	$	(91	)
Payments collected for which revenue has not been recognized		150			63
Net change in contract liabilities	$	(171	)	$	(28	)