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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
Revenue Recognition  
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) professional services revenue.

 

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

 

   Verification and Certification Segment   Professional Services Segment   Eliminations and Other   Consolidated Totals   Verification and Certification Segment   Professional Services Segment   Eliminations and Other   Consolidated Totals 
   Three months ended March 31, 2024   Three months ended March 31, 2023 
   Verification and Certification Segment   Professional Services Segment   Eliminations and Other   Consolidated Totals   Verification and Certification Segment   Professional Services Segment   Eliminations and Other   Consolidated Totals 
Revenues:                                        
Verification and certification service revenue  $4,434   $-   $-   $4,434   $3,806   $-   $-   $3,806 
Product sales   733    -    -    733    971    -    -    971 
Professional services   -    415    -    415    -    490    -    490 
Total revenues  $5,167   $415   $-   $5,582   $4,777   $490   $-   $5,267 

 

Contract Balances

 

As of March 31, 2024 and December 31, 2023, accounts receivable from contracts with customers, net of allowance for doubtful accounts, was approximately $2.1 million, in both periods.

 

As of March 31, 2024 and December 31, 2023, deferred revenue from contracts with customers was approximately $1.5 million, in both periods. The balance of the contract liabilities at March 31, 2024 and December 31, 2023 are expected to be recognized as revenue within one year or less of the invoice date.

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

 

The following table reflects the changes in our contract liabilities during the three month period ended March 31, 2024 (amounts in thousands):

 

Deferred revenue:     
Unearned revenue December 31, 2023  $1,485 
Unearned billings   708 
Revenue recognized   (736)
Unearned revenue March 31, 2024  $1,457