| Revenue |
Details
of revenue are as follows:
Schedule of revenue
| For
the twelve months ended December 31, | |
2025 | | |
2024 | |
| | |
| | |
| |
| Acquisition
services | |
$ | 3,949 | | |
$ | 10,496 | |
| Value-added
data | |
| 1,408 | | |
| 3,110 | |
| Software
and solutions | |
| 5,213 | | |
| 4,031 | |
| Revenue | |
$ | 10,570 | | |
$ | 17,637 | |
| | |
| | | |
| | |
| Primary
geographical market | |
| | | |
| | |
| United
States | |
$ | 1,910 | | |
$ | 2,299 | |
| Asia/Pacific | |
| 4,055 | | |
| 11,666 | |
| Europe | |
| 4,605 | | |
| 3,672 | |
| Revenue | |
$ | 10,570 | | |
$ | 17,637 | |
| | |
| | | |
| | |
| Timing
of revenue recognition | |
| | | |
| | |
| Upon
delivery | |
$ | 1,739 | | |
$ | 3,613 | |
| Services
overtime | |
| 8,831 | | |
| 14,024 | |
| Revenue | |
$ | 10,570 | | |
$ | 17,637 | |
Changes
in the contract asset balance are as follows:
Schedule of changes in contract asset balance
| For
the twelve months ended December 31, | |
2025 | | |
2024 | |
| | |
| | |
| |
| Contract
asset, beginning of year | |
$ | 2,640 | | |
$ | - | |
| Increase
in contract asset recognized | |
| 3,949 | | |
| 7,308 | |
| Amounts
invoiced included in the | |
| | | |
| | |
| beginning
balance | |
| (2,640 | ) | |
| - | |
| Amounts invoiced included in the beginning
balance | |
| (2,640 | ) | |
| - | |
| Amounts
invoiced in the current year | |
| (3,984 | ) | |
| (4,668 | ) |
| Foreign
exchange | |
| 35 | | |
| - | |
| Contract
asset, end of year | |
$ | - | | |
$ | 2,640 | |
Changes
in the contract liability balance are as follows:
Schedule of changes in contract liability balance
| For
the twelve months ended December 31, | |
2025 | | |
2024 | |
| | |
| | |
| |
| Contract
liability, beginning of year | |
$ | 2,158 | | |
$ | 2,553 | |
| Recognition
of contract liability included in the | |
| | | |
| | |
| beginning
balance | |
| (2,002 | ) | |
| (2,052 | ) |
| Recognition of contract liability included in the beginning
balance | |
| (2,002 | ) | |
| (2,052 | ) |
| Recognition
of contract liability in the current year | |
| (1,961 | ) | |
| (2,954 | ) |
| Amounts
invoiced and contract liability | |
| 4,290 | | |
| 4,621 | |
| Foreign
exchange | |
| 103 | | |
| (10 | ) |
| Contract
liability, end of year | |
$ | 2,588 | | |
$ | 2,158 | |
The
Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the expected benefit of those costs
is longer than one year. The Company determined that certain commissions paid to sales employees meet the requirement to be capitalized.
Total capitalized contract acquisition costs included in prepaid expenses and other assets to obtain contracts at December 31, 2025 was
$23 (December 31, 2024 – $194) and are amortized consistent with the method of revenue recognized on the contract.
Intermap
Technologies corporation
Notes
to Consolidated Financial Statements
(In
thousands of United States dollars, except per share information)
For
the years ended December 31, 2025 and 2024 | | Page
22 |
Changes
in contract acquisition costs, included in prepaid expenses, are as follows:
Schedule of changes in contract acquisition costs
| | |
December
31, | | |
December
31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Contract
acquisition costs, beginning of period | |
$ | 194 | | |
$ | 114 | |
| Additions | |
| 27 | | |
| 496 | |
| Amortization | |
| (198 | ) | |
| (416 | ) |
| Contract
acquisition costs, end of period | |
$ | 23 | | |
$ | 194 | |
|