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Revenue Recognition
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 9 - Revenue Recognition

 

Disaggregation of Revenue

 

We have identified three material revenue categories in our business: (i) verification and certification service revenue, (ii) product sales, (iii) software and related consulting revenue.

 

Revenue attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands).

 

                                         
   Three months ended March 31, 2022   Three months ended March 31, 2021 
    Verification and Certification Segment     Software Sales and Related Consulting Segment     Eliminations and Other      Consolidated Totals     Verification and Certification Segment     Software Sales and Related Consulting Segment     Eliminations and Other     Consolidated Totals  
                                         
Revenues:                                        
Verification and certification service revenue  $3,784   $-   $-   $3,784   $3,263   $-   $-   $3,263 
Product sales   1,007    -    -    1,007    724    -    -    724 
Software and related consulting revenue   -    1,365    -    1,365    -    453    -    453 
Total revenues  $4,791   $1,365   $-   $6,156   $3,987   $453   $-   $4,440 

 

Contract Balances

 

As of March 31, 2022 and December 31, 2021, accounts receivable from contracts with customers, net of allowance for doubtful accounts, was approximately $2.2 million.

 

As of March 31, 2022 and December 31, 2021, deferred revenue from contracts with customers was approximately $1.3 and $1.5 million, respectively. The balance of the contract liabilities at March 31, 2022 and December 31, 2021 are expected to be recognized as revenue within one year or less of the invoice date.

 

The following table reflects the changes in our contract liabilities during the three month period ended March 31, 2022 (amounts in thousands):

 

     
Deferred revenue:    
Unearned revenue December 31, 2021  $1,513 
Unearned billings   1,771 
Revenue recognized   (2,007)
Unearned revenue March 31, 2022  $1,277 

 

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)