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Note 18 - Contract Balances
 6 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

18.  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.

 

  Dec. 31,  June 30, 
  

2021

  

2021

 

 
  (Unaudited)     

Trade Accounts Receivable

  9,839   8,293 

Accounts Payable

  3,961   3,702 

Contract Assets

  292   337 

Contract Liabilities

  1,178   628 

 

Remaining Performance Obligation

 

As at December 31, 2021, the Company had $826 of remaining performance obligations, which represents our obligation to deliver products and services, with the remaining of the amount expected to be recognized between three and five years.

 

As at June 30, 2021, the Company had $924 of remaining performance obligations, which represents our obligation to deliver products and services.

 

Refer to note 15 “Business Segments” of the Notes to Condensed Consolidated Financial Statements for information related to revenue.