Accounts Receivable and Significant Concentrations

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Accounts Receivable And Significant Concentration

A significant portion of the Company’s receivables are billed under firm fixed price contracts with agencies of the U.S. federal government and similar pricing structures with several corporations. Accounts receivable consist of the following by customer type in the table below as of the periods presented:

		MARCH 31,		DECEMBER 31,
		2021		2020
	(Unaudited)
Government (1)		$	17,748,775	$	34,097,906
Commercial (2)			1,576,495		1,898,924
Gross accounts receivable			19,325,270		35,996,830

(1) Government contracts are generally firm fixed price not to exceed arrangements with a term of five (5) years, which consists of a base year and four (4) annual option year renewals. Government receivables are billed under a single consolidated monthly invoice and are billed approximately thirty (30) to sixty (60) days in arrears from the date of service and payment is generally due within thirty (30) days of the invoice date. Government accounts receivable payments could be delayed due to administrative processing delays by the government agency, continuing budget resolutions that may delay availability of contract funding, and/or administrative only invoice correction requests by contracting officers that may delay payment processing by our government customers.

(2) Commercial contracts are generally fixed price arrangements with contract terms ranging from two (2) to three (3) years. Commercial accounts receivables are billed based on the underlying contract terms and conditions which generally have repayment terms that range from thirty (30) to ninety (90) days. Commercial receivables are stated at amounts due from customers net of an allowance for doubtful accounts if deemed necessary.

(3) For the three months ended March 31, 2021, the Company did not recognize any material provisions for bad debt, write-offs or recoveries of existing provisions for bad debt. The Company has not historically maintained a bad debt reserve for its government customers as it has not experienced material or recurring bad debt charges and the nature and size of the contracts has not necessitated the Company’s establishment of such a bad debt reserve.

Significant Concentrations

The following table presents customers that represent ten (10) percent or more of consolidated trade accounts receivable as of the dates presented below:

		MARCH 31,			DECEMBER 31,
		2021			2020
		As a % of			As a % of
Customer Name		Receivables			Receivables
	(Unaudited)
U.S. Coast Guard			13	%		--
National Aeronautics and Space Administration			10	%		--
U.S. Census Bureau			44	%		70	%

The following table presents customers that represent ten (10) percent or more of consolidated revenues in the current and/or comparative periods:

		THREE MONTHS ENDED
		MARCH 31,
		2021			2020
		As a % of			As a % of
Customer Name		Revenues			Revenues
	(Unaudited)
U.S. Immigration and Customs Enforcement			18	%		11	%
U.S. Department of Homeland Security HQ			14	%		--
U.S. Federal Air Marshall Service			10	%		--
U.S. Coast Guard			19	%		--
U.S. Census Bureau			--			37	%