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Accounts Receivable and Significant Concentrations | 6 Months Ended
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Jun. 30, 2022
Accounts Receivable and Significant Concentrations |
Accounts Receivable and Significant Concentrations | 5. Accounts Receivable and Significant Concentrations A significant portion of the Company’s receivables are billed under firm fixed price contracts with agencies of the U.S. federal government and similar pricing structures with several corporations. Accounts receivable consist of the following by customer type in the table below as of the periods presented:
|  | JUNE 30, |  |  | DECEMBER 31, |
|  | 2022 |  |  | 2021 |
|  | (Unaudited) |
Government (1) |  | $ | 10,485,480 |  |  | $ | 11,010,794 |
Commercial (2) |  |  | 1,984,143 |  |  |  | 1,588,778 |
Gross accounts receivable |  |  | 12,469,623 |  |  |  | 12,599,572 |
Less: allowances for doubtful |  |  |  |  |  |  |  |
accounts (3) |  |  | 45,023 |  |  |  | 62,988 |
Accounts receivable, net |  | $ | 12,424,600 |  |  | $ | 12,536,584 |
(1) Government contracts are generally firm fixed price not to exceed arrangements with a term of five (5) years, which consists of a base year and four (4) annual option year renewals. Government receivables are billed under a single consolidated monthly invoice and are billed approximately thirty (30) to sixty (60) days in arrears from the date of service and payment is generally due within thirty (30) days of the invoice date. Government accounts receivable payments could be delayed due to administrative processing delays by the government agency, continuing budget resolutions that may delay availability of contract funding, and/or administrative only invoice correction requests by contracting officers that may delay payment processing by our government customers. (2) Commercial contracts are generally fixed price arrangements with contract terms ranging from two (2) to three (3) years. Commercial accounts receivables are billed based on the underlying contract terms and conditions which generally have repayment terms that range from thirty (30) to ninety (90) days. Commercial receivables are stated at amounts due from customers net of an allowance for doubtful accounts if deemed necessary. (3) For the six month period ended June 30, 2022, the Company did not recognize any material provisions of recoveries of existing provision for bad debt. The Company has not historically maintained a bad debt reserve for its government customers as it has not experienced material or recurring bad debt charges and the nature and size of the contracts has not necessitated the Company’s establishment of such a bad debt reserve. Significant Concentrations The following table presents revenue by customer for each of the periods presented:
|  | THREE MONTHS ENDED |  |  | SIX MONTHS ENDED |
|  | JUNE 30, |  |  | JUNE 30, |
Customer Type |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (Unaudited) |
U.S. Federal Government (1) |  |  | 80.5 | % |  |  | 83.3 | % |  |  | 79.1 | % |  |  | 82.6 | %
U.S. State & Local and Foreign Governments |  |  | 0.5 | % |  |  | 0.4 | % |  |  | 0.6 | % |  |  | 0.4 | %
Commercial |  |  | 18.9 | % |  |  | 16.3 | % |  |  | 20.2 | % |  |  | 17.0 | %
(1) Sales to the U.S. federal government include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is the U.S. government.

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