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SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
		2023	2022 (as adjusted)			2023	2022 (as adjusted)
Operating Revenues
United States	$	22,947	$	7,353	$	61,859	$	22,377
Canada		14		76		10,729		11,751
Total	$	22,961	$	7,429	$	72,588	$	34,128

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 September 30, 2023 and 2022 included deferred costs incurred to fulfill contracts with customers of $4,226 and $3,636, respectively.

Deferred costs at September 30, 2023 compared to January 1, 2023 decreased primarily as a result of the completion of several projects during that nine month period that had deferred fulfillment costs at January 1, 2023. Deferred costs at September 30, 2022 compared to January 1, 2022 increased primarily as a result of new projects for clients with significant deferred fulfillment costs.

The amount of total deferred costs amortized for the nine months ended September 30, 2023 and 2022 was $31,429 and $2,661, 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 September 30, 2023 and 2022 was $6,748 and $4,378, respectively.

Deferred revenue at September 30, 2023 compared to January 1, 2023 remained fairly consistent. Deferred revenue at September 30, 2022 compared to January 1, 2022 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded.

Revenue recognized for the three and nine months ended September 30, 2023 that was included in the contract liability balance at the beginning of 2023 was $198 and $7,121, respectively. Revenue recognized for the three and nine months ended September 30, 2022 that was included in the contract liability balance at the beginning of 2022 was $0 and $936, respectively.