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SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

3 Months Ended

Mar. 31, 2023

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

4. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Disaggregated Revenues

The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President and Chief Executive Officer) makes operating decisions and assesses performance based on the Company as a whole. Accordingly, the Company is considered to be in a single reportable segment. The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region:


	Three Months Ended March 31,
		2023	2022 (as adjusted)
Operating Revenues
United States	$	18,796	$	10,758
Canada		10,612		11,176
Total	$	29,408	$	21,934

Deferred Costs (in thousands)

Deferred costs were $5,433 and $972 at January 1, 2023 and 2022, respectively. The Company’s prepaid expenses and other current assets at March 31, 2023 and 2022 included deferred costs incurred to fulfill contracts with customers of $8,556 and $147, respectively.

Deferred costs at March 31, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at March 31, 2023. Deferred costs at March 31, 2022 compared to January 1, 2022 decreased primarily as a result of the completion of several projects during that three month period that had deferred fulfillment costs at January 1, 2022.

The amount of total deferred costs amortized for the three months ended March 31, 2023 and 2022 was $7,351 and $1,648, respectively. There were no material impairment losses incurred during these periods.

Deferred Revenue (in thousands)

Deferred revenue was $7,380 and $1,344 at January 1, 2023 and 2022, respectively. The Company’s deferred revenue at March 31, 2023 and 2022 was $8,289 and $489, respectively.

Deferred revenue at March 31, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Deferred revenue at March 31, 2022 compared to January 1, 2022 decreased primarily as a result of completing projects for clients with prepayments for third party reimbursables.

Revenue recognized for the three months ended March 31, 2023 and 2022 that was included in the contract liability balance at the beginning of 2023 was $2,990 and $936, respectively.