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Revenue Recognition | 6 Months Ended
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Jun. 30, 2024
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) professional services revenue. Revenue attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands). Schedule of Revenue Attributable to Each of Our Identified Revenue Categories
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
|  | Three months ended June 30, 2024 |  |  | Three months ended June 30, 2023 |
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 5,252 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,252 |  |  | $ | 4,779 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,779 |
Product sales |  |  | 819 |  |  |  | - |  |  |  | - |  |  |  | 819 |  |  |  | 938 |  |  |  | - |  |  |  | - |  |  |  | 938 |
Professional services |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | 409 |  |  |  | - |  |  |  | 409 |
Total revenues |  | $ | 6,071 |  |  | $ | 324 |  |  | $ | - |  |  | $ | 6,395 |  |  | $ | 5,717 |  |  | $ | 409 |  |  | $ | - |  |  | $ | 6,126 |
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
|  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2023 |
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 9,686 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,686 |  |  | $ | 8,585 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,585 |
Product sales |  |  | 1,552 |  |  |  | - |  |  |  | - |  |  |  | 1,552 |  |  |  | 1,909 |  |  |  | - |  |  |  | - |  |  |  | 1,909 |
Professional services |  |  | - |  |  |  | 739 |  |  |  | - |  |  |  | 739 |  |  |  | - |  |  |  | 899 |  |  |  | - |  |  |  | 899 |
Total revenues |  | $ | 11,238 |  |  | $ | 739 |  |  | $ | - |  |  | $ | 11,977 |  |  | $ | 10,494 |  |  | $ | 899 |  |  | $ | - |  |  | $ | 11,393 |
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited) Contract Balances As of June 30, 2024 and December 31, 2023, accounts receivable from contracts with customers, net of allowance for doubtful accounts, was approximately $2.2 million and $2.1 million, respectively. As of June 30, 2024 and December 31, 2023, deferred revenue from contracts with customers was approximately $2.3 million and $1.5 million, respectively. The balance of the contract liabilities at June 30, 2024 and December 31, 2023 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, 2024 (amounts in thousands): Schedule of Changes in Contract Liabilities
Deferred revenue: |  |  |  |
Unearned revenue December 31, 2023 |  | $ | 1,485 |
Unearned billings |  |  | 2,518 |
Revenue recognized |  |  | (1,665 | )
Unearned revenue June 30, 2024 |  | $ | 2,338 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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