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Disaggregation of Revenue
 3 Months Ended
Mar. 31, 2023
Disaggregation Of Revenue  
Disaggregation of Revenue

NOTE 4 – Disaggregation of Revenue

 

The Company recognizes revenue when control is transferred of the promised products or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. The Company derives revenue from software as a service, design and implementation services for its enterprise apps solutions systems, and professional services for work performed in conjunction with its systems.

 

Revenues consisted of the following (in thousands):

 

                
   Successor   Predecessor 
   Period from
March 15,
2023 to
March 31,
2023		   Period from
January 1,
2023 to
March 14,
2023		   Three months ended March 31,
2022		 
Subscription revenue               
Software   240    1,204    1,259 
Total subscription revenue  $240   $1,204   $1,259 
                
Non-subscription revenue               
Professional services   102    416    1,323 
Total non-subscription revenue  $102   $416   $1,323 
                
Total Revenue  $342   $1,620   $2,582 

 

   Successor   Predecessor 
   Period from
March 15,
2023 to
March 31,
2023		   Period from
January 1,
2023 to
March 14,
2023		   Three months ended March 31,
2022		 
Revenue recognized over time(1)(2)   342    1,620    2,582 
Total  $342   $1,620   $2,582 

 

 
(1) Professional services are also contracted on the fixed fee and time and materials basis. Fixed fees are paid monthly, in phases, or upon acceptance of deliverables. The Company has generally elected the practical expedient to recognize revenue for the right to invoice because the Company’s right to consideration corresponds directly with the value to the customer of the performance completed to date, in which revenue is recognized over time.
(2)Software As A Service Subscription Revenue’s performance obligation is satisfied evenly over the service period using a time-based measure because the Company is providing continuous access to its service and service is recognized overtime.