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Account Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Apr. 30, 2024

Account Receivable Contract Assets And Contract Liabilities

Account Receivable, Contract Assets, and Contract Liabilities

(3) Account Receivable, Contract Assets, and Contract Liabilities

Accounts Receivable

The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers:

	2024		2023		2022
	Fiscal year ended April 30,
	2024		2023		2022
	(in thousands)

Accounts receivable	$	796	$	745	$	482
Contract assets		18		152		386
Contract liabilities		302		1,378		129

Contract Assets

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

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Transferred to receivables from contract assets recognized during the period	$	(1,879	)	$	(1,768	)
Revenue recognized and not billed during the period		1,745			1,534
Net change in contract assets	$	(134	)	$	(234	)

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 from year end is primarily a result of consulting services projects for which revenue was recognized in the prior year yet billed in the current year. No impairments to contract assets were incurred during the fiscal years ended April 30, 2024 and 2023, respectively.

Contract Liabilities

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

	2024			2023
	Fiscal year ended April 30,
	2024			2023
	(in thousands)

Revenue recognized	$	(2,424	)	$	(574	)
Payments collected for which revenue has not been recognized		1,348			1,823
Net change in contract liabilities	$	(1,076	)	$	1,249

Contract liabilities consist of amounts invoiced to and collected from customers in excess of revenue recognized. The decrease in contract liabilities from year end is primarily due to recognizing revenue on the DOE Phase II contract for which the Company was paid in prior periods.