| Revenue Recognition |
NOTE 4 - REVENUE RECOGNITION
The following table presents the Company’s
revenues disaggregated by revenue source for the years ended December 31, 2018, 2019 and 2020.
| |
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2019 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
| Products |
|
$ |
36,897 |
|
|
$ |
45,416 |
|
|
$ |
45,651 |
|
| Services |
|
|
16,167 |
|
|
|
36,499 |
|
|
|
67,942 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
53,064 |
|
|
$ |
81,915 |
|
|
$ |
113,593 |
|
The balances of contract assets and contract
liabilities from contracts with customers are as follows as of December 31, 2019 and 2020 are as follows:
| |
|
Year Ended December 31, |
|
| |
|
2019 |
|
|
2020 |
|
| |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
| Deferred contract costs |
|
$ |
2,196 |
|
|
$ |
2,157 |
|
| Deferred costs |
|
$ |
8,530 |
|
|
$ |
5,361 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Deferred revenue- services (1) |
|
$ |
6,397 |
|
|
$ |
6,578 |
|
| Deferred revenue - products (1) |
|
|
10,932 |
|
|
|
6,767 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
17,329 |
|
|
|
13,345 |
|
| Less: Deferred revenue and contract liabilities - current portion |
|
|
(8,536 |
) |
|
|
(7,339 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred revenue and contract liabilities - less current portion |
|
$ |
8,793 |
|
|
$ |
6,006 |
|
| (1) |
The Company record deferred revenues when cash payments are received or due in advance of the Company’s performance. For the years ended December 31, 2019 and 2020, the Company recognized revenue of $12,082 and $10,242, respectively, that was included in the deferred revenue balance at the beginning of each reporting period. The Company expects to recognize as revenue before year 2025, when it transfers those goods and services and, therefore, satisfies its performance obligation to the customers. |
|