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Accounts Receivable, Contract Assets and Contract Liabilities

9 Months Ended

Jan. 31, 2024

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:

	January 31, 2024		April 30, 2023		April 30, 2022
	(in thousands)
Accounts receivable	$	625	$	745	$	482
Contract assets	$	281	$	152	$	386
Contract liabilities	$	868	$	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 from year end is primarily a result of consulting services projects for which revenue was recognized in the current period but has not yet been billed. No impairments to contract assets were incurred during the nine months ended January 31, 2024 and 2023.

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized	$	(1,469	)	$	(1,646	)
Revenue recognized and not billed		1,598			1,353
Net change in contract assets	$	129		$	(293	)

Contract Liabilities

Contract liabilities consist of amounts invoiced to 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.

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

	Nine months ended January 31, 2024			Nine months ended January 31, 2023
	(in thousands)
Revenue recognized	$	(1,312	)	$	(447	)
Payments collected for which revenue has not been recognized		802			1,652
Net change in contract liabilities	$	(510	)	$	1,205