| REVENUE RECOGNITION |
NOTE
4 – REVENUE RECOGNITION
The
following table presents the Company’s revenues disaggregated by revenue source for the three months ended March 31, 2023 and 2024
and the years ended December 31, 2021, 2022 and 2023.
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE SOURCE
| | |
Three Months Ended March 31, | | |
Year Ended December 31, | |
| | |
2023 (Unaudited) | | |
2024 | | |
2021 | | |
2022 | | |
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Products | |
$ | 12,508 | | |
$ | 12,080 | | |
$ | 52,902 | | |
$ | 56,945 | | |
$ | 49,741 | |
| Services | |
| 20,344 | | |
| 21,660 | | |
| 73,058 | | |
| 78,967 | | |
| 83,995 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
$ | 32,852 | | |
$ | 33,740 | | |
$ | 125,960 | | |
$ | 135,912 | | |
$ | 133,736 | |
The
balances of contract assets and contract liabilities from contracts with customers are as follows as of December 31, 2022 and 2023 and
March 31, 2024 are as follows:
SCHEDULE
OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS
| | |
December 31,
2022 | | |
December 31,
2023 | | |
March 31,
2024 | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | |
| Deferred contract cost | |
$ | 2,740 | | |
$ | 2,581 | | |
$ | 2,632 | |
| Deferred cost | |
$ | 762 | | |
$ | 83 | | |
$ | 42 | |
| | |
| | | |
| | | |
| | |
| Liabilities: | |
| | | |
| | | |
| | |
| Deferred revenue - services (1) | |
$ | 9,869 | | |
$ | 10,511 | | |
$ | 10,674 | |
| Deferred revenue - products (1) | |
| 938 | | |
| 111 | | |
| 60 | |
| | |
| | | |
| | | |
| | |
| Deferred revenue | |
| 10,807 | | |
| 10,622 | | |
| 10,734 | |
| Less: Deferred revenue - current portion | |
| (6,376 | ) | |
| (5,666 | ) | |
| (5,842 | ) |
| | |
| | | |
| | | |
| | |
| Deferred revenue - long term | |
$ | 4,431 | | |
$ | 4,956 | | |
$ | 4,892 | |
| (1) |
The
Company records deferred revenues when cash payments are received or due in advance of the Company’s performance. For the
years ended December 31, 2022 and 2023, and the three month period ended March 31, 2023 and 2024, the Company recognized revenue of
$5,929,
$6,046,
$2,240 (unaudited), and
$1,975, respectively,
that was included in the deferred revenue balance at the beginning of each reporting period. The Company expects to recognize as
revenue through year 2029, when it transfers those goods and services and, therefore, satisfies its performance obligation to the
customers. |
|