Revenue Recognition |
6 Months Ended | ||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||
| Revenue Recognition [Abstract] | |||||||||||||||||||
| REVENUE RECOGNITION | NOTE 10 – REVENUE RECOGNITION
The company derives revenue from technical research detailing the findings of its investigations to its customers under contract for specific projects. Under Topic 606, revenue is recognized when control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. A performance obligation is a contractual promise to transfer a distinct good or service to the customer and is the unit of account under Topic 606. The transaction price of a contract is allocated to distinct performance obligations and recognized as revenue when or as the performance obligations are satisfied. The company’s contracts require significant integrated services and are accounted for as a single performance obligation, and revenue is recognized by the company over the contract term at a fixed contract price.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and, therefore, are accounted for as part of the existing contract.
The following table summarizes the company’s accounts receivable, net,
Concentrations
During the three months ended June 30, 2026, one customer accounted for a total of $62,000 in revenue or 100% of revenue recognized. As of June 30, 2026, the company had $81,000 of accounts receivable recorded on the balance sheet. Based on the company’s evaluation of credit risk, historical collection experience, and subsequent collections received, management concluded that the accounts receivable is fully collectible. Accordingly, allowance for doubtful accounts was recorded as of June 30, 2026.
During the three months ended June 30, 2025, one customer accounted for a total of $70,335 in revenue or 100% of revenue recognized. During the six months ended June 30, 2025, two customers accounted for a total of $280,088 in revenue or 100% of revenue recognized. As of June 30, 2025, the company had $0 of accounts receivable recorded as current assets on the balance sheet, and therefore, allowance for doubtful accounts was recorded as of June 30, 2025. |
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