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Accounts Receivable and Significant Concentrations | 9 Months Ended
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Sep. 30, 2023
Accounts Receivable and Significant Concentrations |
Accounts Receivable and Significant Concentrations | 4. 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:
|  | SEPTEMBER 30, |  |  | DECEMBER 31, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |
U.S. Federal, State, and Local Government (1) |  | $ | 6,740,135 |  |  | $ | 7,272,993 |
Commercial (2) |  |  | 2,244,138 |  |  |  | 2,055,782 |
Gross accounts receivable |  |  | 8,984,273 |  |  |  | 9,328,775 |
Less: allowances for credit |  |  |  |  |  |  |  |
losses (3) |  |  | 72,398 |  |  |  | 51,666 |
Accounts receivable, net |  | $ | 8,911,875 |  |  | $ | 9,277,109 |
(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 or a government shutdown 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 credit losses if deemed necessary. (3) For the nine month period ended September 30, 2023, the Company did not recognize any material provisions of recoveries of existing provision for credit losses. The Company has not historically maintained an allowance for credit losses for its government customers as it has not experienced material or recurring credit losses and the nature and size of the contracts has not necessitated the Company’s establishment of such an allowance for credit losses. Significant Concentrations The following table presents consolidated trade accounts receivable by customer as of the periods presented below:
|  | SEPTEMBER 30, |  |  | DECEMBER 31, |
|  | 2023 |  |  | 2022 |
|  | As a % of |  |  | As a % of |
Customer Type |  | Receivables |  |  | Receivables |
|  | (Unaudited) |
U.S. Federal Government |  |  | 73 | % |  |  | 78 | %
The following table presents revenue by customer for each of the periods presented:
|  | THREE MONTHS ENDED |  |  | NINE MONTHS ENDED |
|  | SEPTEMBER 30, |  |  | SEPTEMBER 30, |
Customer Type |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Unaudited) |
U.S. Federal Government (1) |  |  | 78.8 | % |  |  | 78.5 | % |  |  | 79.9 | % |  |  | 78.9 | %
(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. Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions, the balances of which frequently exceed federally insured limits. If the financial institution with whom we do business were to be placed into receivership, we may be unable to access to the cash we have on deposit with such institutions. If we are unable to access our cash and cash equivalents as needed, our financial position and ability to operate our business could be adversely affected. At September 30, 2023, the Company had deposits in excess of FDIC limits of approximately $7.1 million. The Company also maintains deposits with a financial institution in Ireland that are insured by the Central Bank of Ireland up to a maximum of €100,000 per financial institution. At September 30, 2023, the Company had foreign bank deposits in excess of insured limits of approximately €560,000.

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