v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 2 – REVENUE

 

Revenue by Category

 

The following series of tables present our revenue disaggregated by various categories (dollars in thousands).

                              
   Precision Logistics   Authentication   Consolidated 
Revenue  Three Months Ended
March 31,		   Three Months Ended
March 31,		   Three Months Ended
March 31,		 
   2025   2024   2025   2024   2025   2024 
                         
Proactive services  $3,694   $4,225   $-   $-   $3,694   $4,225 
Premium services   735    1,389    -    -    735    1,389 
Brand protection services   -    -    26    145    26    145 
   $4,429   $5,614   $26   $145   $4,455   $5,759 

 

Contract Balances 

 

The timing of revenue recognition, billings and cash collections results in unbilled revenue (contract assets) and deferred revenue (contract liabilities) on the consolidated balance sheets. Amounts charged to our clients become billable according to the contract terms, which usually consider the delivery completion. Unbilled amounts will generally be billed and collected within 30 days but typically no longer than 60 days. When we advance bill clients prior to the work being performed, generally, such amounts will be earned and recognized in revenue within twelve months. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the three-month period ended March 31, 2025, were not materially impacted by any other factors.

 

Applying the practical expedient in ASC Topic 606, we recognize the incremental costs of obtaining contracts (i.e. sales commissions) as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. As of March 31, 2025, we did not have any capitalized sales commissions.

 

For all periods presented, contract liabilities were not significant. 

 

The following table provides information about contract assets from contracts with customers: 

          
   Contract Asset 
   March 31, 
In Thousands  2025   2024 
Beginning balance, January 1  $733   $1,282 
Contract asset additions   641    916 
Reclassification to accounts receivable, billed to customers   (733)   (1,282)
Ending balance, March 31 (1)  $641   $916 

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(1)Included within "Unbilled revenue" on the accompanying Consolidated Balance sheets.

 

Notes to the Consolidated Financial Statements (unaudited)