Revenue |
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| Revenue | Revenue The following table presents the components of our revenue:
Our performance obligations under cost plus fixed fee agreements are generally satisfied over time as services are performed. Revenue is recognized based on daily rates for ROV operations and personnel, along with reimbursement of allowable costs as incurred. As such, all revenue under these agreements has been recognized over time in line with the progress of service delivery. Contract Balances – Accounts receivable, net as of June 30, 2025 totaled $2,283,131 due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2024 and 2023, accounts receivable, net totaled $238,531 and $212,428, respectively. As of June 30, 2025, and December 31, 2024, allowance for current expected credit losses included in accounts receivable totaled $0 respectively. Bad debt expense was $0 for the three and six months ended June 30, 2025 respectively and $0 and $39 for the three and six months ended June 30, 2024, respectively. Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets were $0 and $0 at June 30, 2025 and December 31, 2024 respectively. Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at June 30, 2025 and December 31, 2024 of $343,493 and $346,279, respectively. Unfulfilled Performance Obligations – As of June 30, 2025, we expect to recognize approximately $180,000 of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. If any of our contracts were to be modified or terminated, the expected value of the unfulfilled performance obligations of such contracts would be reduced.
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