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Revenue Recognition
 6 Months Ended
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).

 

   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):

 

Deferred revenue:     
Unearned revenue December 31, 2023  $1,485 
Unearned billings   2,518 
Revenue recognized   (1,665)
Unearned revenue June 30, 2024  $2,338