| Disaggregation of Revenue |
NOTE
4 – Disaggregation of Revenue
The
Company recognizes revenue when control is transferred of the promised products or services to its customers, in an amount that reflects
the consideration the Company expects to be entitled to in exchange for those products or services. The Company derives revenue from
software as a service, design and implementation services for its enterprise apps solutions systems, and professional services for work
performed in conjunction with its systems.
Revenues
consisted of the following (in thousands):
| Schedule of disaggregation of Revenue | |
| | | |
| | | |
| | |
| | |
Successor | | |
Predecessor | |
| | |
Period
from
March 15,
2023 to
March 31,
2023 | | |
Period
from
January 1,
2023 to
March 14,
2023 | | |
Three
months ended March 31,
2022 | |
| Subscription
revenue | |
| | | |
| | | |
| | |
| Software | |
| 240 | | |
| 1,204 | | |
| 1,259 | |
| Total
subscription revenue | |
$ | 240 | | |
$ | 1,204 | | |
$ | 1,259 | |
| | |
| | | |
| | | |
| | |
| Non-subscription
revenue | |
| | | |
| | | |
| | |
| Professional
services | |
| 102 | | |
| 416 | | |
| 1,323 | |
| Total
non-subscription revenue | |
$ | 102 | | |
$ | 416 | | |
$ | 1,323 | |
| | |
| | | |
| | | |
| | |
| Total
Revenue | |
$ | 342 | | |
$ | 1,620 | | |
$ | 2,582 | |
| | |
Successor | | |
Predecessor | |
| | |
Period
from
March 15,
2023 to
March 31,
2023 | | |
Period
from
January 1,
2023 to
March 14,
2023 | | |
Three
months ended March 31,
2022 | |
| Revenue
recognized over time(1)(2) | |
| 342 | | |
| 1,620 | | |
| 2,582 | |
| Total | |
$ | 342 | | |
$ | 1,620 | | |
$ | 2,582 | |
| (1) |
Professional services are also contracted on the fixed fee and time and materials basis.
Fixed fees are paid monthly, in phases, or upon acceptance of deliverables. The Company has
generally elected the practical expedient to recognize revenue for the right to invoice because
the Company’s right to consideration corresponds directly with the value to the customer
of the performance completed to date, in which revenue is recognized over time. |
| (2) | Software
As A Service Subscription Revenue’s performance obligation is satisfied evenly over
the service period using a time-based measure because the Company is providing continuous
access to its service and service is recognized overtime. |
|