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Accounts Receivable, Contract Assets and Contract Liabilities

6 Months Ended

Oct. 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:

	October 31, 2023		April 30, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	516	$	745	$	482
Contract assets	$	326	$	152	$	386
Contract liabilities	$	1,164	$	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 six months ended October 31, 2023 and 2022.

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

	Six months ended October 31, 2023			Six months ended October 31, 2022
	(in thousands)
Transferred to receivables from contract assets recognized	$	(745	)	$	(132	)
Revenue recognized and not billed		919			47
Net change in contract assets	$	174		$	(85	)

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:

	Six months ended October 31, 2023			Six months ended October 31, 2022
	(in thousands)

Revenue recognized	$	(762	)	$	(129	)
Payments collected for which revenue has not been recognized		548			1,462
Net change in contract liabilities	$	(214	)	$	1,333