v3.25.2
Disaggregation of Revenue
6 Months Ended
Jun. 30, 2023
Disaggregation of Revenue  
Disaggregation of Revenue

Note 3.Disaggregation of Revenue

Disaggregation of revenue

In the following table, revenue is disaggregated by major products/service lines, and timing of revenue recognition:

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

    

2023

    

2022

    

2023

    

2022

Major products/service lines

 

  

 

  

 

  

 

  

Licensing fees - royalty revenue

$

129,500

$

73,500

$

203,000

$

487,500

Total Revenue

$

129,500

$

73,500

$

203,000

$

487,500

 

 

 

 

Timing of revenue recognition

 

 

 

 

Products transferred at a point in time

$

$

$

$

Products and services transferred over time

129,500

73,500

203,000

487,500

$

129,500

$

73,500

$

203,000

$

487,500

Contract balances

The following table provides information about receivables, assets and liabilities from contracts with customers:

    

June 30,

    

December 31, 

2023

2022

Assets

 

  

 

  

Trade receivables, net

$

28,000

$

12,499

Liabilities

 

 

Contracted liabilities - long term

$

427,500

$

447,500

    

June 30,

    

December 31,

2023

2022

Contract liabilities

 

  

 

  

Opening

$

447,500

$

351,000

Additions

 

 

450,000

Transfer to revenue

 

(20,000)

 

(353,500)

Ending

$

427,500

$

447,500

Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer’s financial condition and collateral is not required.

The contract liabilities primarily relate to amounts billed in advance of performance obligations being satisfied are booked as deferred revenue.