Note 4 - Accounts Receivable and Revenues

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Accounts Receivable and Revenues [Text Block}

NOTE 4. ACCOUNTS RECEIVABLE AND REVENUES

We classify amounts billed as accounts receivable on our consolidated balance sheets and require payment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due within 30 days or less, however certain customers have terms of up to 120 days. For substantially all of our contracts, control of the ordered product(s) transfers at our location. Periodically, we require payment prior to the point in time we recognize revenue. We classify amounts received from customers prior to revenue recognition on a contract as customer prepayments liability on our consolidated balance sheets. We typically apply customer prepayments to an invoice within 30 days of the prepayment. The accounts receivable balance as of January 1, 2022, was $2.4 million.

Our accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of consolidated totals) are stated below as a percent of consolidated totals.

	Customer
	A			B			C
% of revenue, 2023		26	%		13	%		10	%
% of revenue, 2022		20	%		13	%		11	%
% of accounts receivable, as of December 31, 2023		32	%		11	%		10	%
% of accounts receivable, as of December 31, 2022		12	%		19	%		9	%

The following table presents disaggregated revenues (in thousands).

	2023		2022
Long Grain Rice and Bran	$	15,723	$	16,957
Barley and Oats		6,296		8,306
Feed and Other		630		1,384
Revenues	$	22,649	$	26,647