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Note 17 - Contract Balances
 3 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

17.

CONTRACT BALANCES

 

The timing of revenue recognition, billings and collections may result in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). The Company’s payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment with the remainder payable within 30 days of acceptance. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not include a significant financing component.

 

Contract assets were recorded under other receivable while contract liabilities were recorded under accrued expenses in the balance sheet. 

 

The following table is the reconciliation of contract balances.

 

  

Sept. 30,

2021

(Unaudited)

  

Jun 30,

2021

 

 

Trade Accounts Receivable

  9,403   8,293 

Accounts Payable

  3,224   3,702 

Contract Assets

  216   337 

Contract Liabilities

  603   628 

 

Remaining Performance Obligation

 

As at September 30, 2021, the Company had $505 of remaining performance obligations, which represents our obligation to deliver products and services. Given the profile of contract terms, majority of this amount is expected to be recognized as revenue over the next two years.

 

Refer to Note 14 “Business Segments” of the Notes to Condensed Consolidated Financial Statements for information related to revenue.