XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.2
Revenue Recognition
 6 Months Ended
Jun. 30, 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 June 30, 2022   Three months ended June 30, 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  $3,964   $-   $-   $3,964   $3,695   $-   $-   $3,695 
Product sales   878    -    -    878    964    -    -    964 
Software and related consulting revenue   -    489    -    489    -    482    -    482 
Total revenues  $4,842   $489   $-   $5,331   $4,659   $482   $-   $5,141 

 

                                         
   Six months ended June 30, 2022   Six months ended June 30, 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  $7,748   $-   $-   $7,748   $6,958   $-   $-   $6,958 
Product sales   1,885    -    -    1,885    1,688    -    -    1,688 
Software and related consulting revenue   -    1,854    -    1,854    -    935    -    935 
Total revenues  $9,633   $1,854   $-   $11,487   $8,646   $935   $-   $9,581 

 

Contract Balances

 

As of June 30, 2022 and December 31, 2021, accounts receivable from contracts with customers, net of allowance for doubtful accounts, was approximately $1.9 and $2.2 million, respectively.

 

As of June 30, 2022 and December 31, 2021, deferred revenue from contracts with customers was approximately $1.8 and $1.5 million, respectively. The balance of the contract liabilities at June 30, 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 six month period ended June 30, 2022 (amounts in thousands):

  

      
Deferred revenue:     
Unearned revenue December 31, 2021  $1,513 
Unearned billings   3,450 
Revenue recognized   (3,141)
Unearned revenue June 30, 2022  $1,822 

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)