REVENUE

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 3 – REVENUE

Revenue by Category

The following series of tables present our revenue disaggregated by various categories (dollars in thousands).

	VerifyMe				PeriShip Global				Consolidated
Revenue	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Proactive services	$	-		-	$	3,315		-	$	3,315	$	-
Premium services		-		-		916		-		916		-
Brand protection services		266		124		-		-		266		124
	$	266	$	124	$	4,231	$	-	$	4,497	$	124

	VerifyMe				PeriShip Global				Consolidated
Revenue	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Proactive services	$	-		-	$	3,315		-	$	3,315	$	-
Premium services		-		-		916		-		916		-
Brand protection services		427		312		-		-		427		312
	$	427	$	312	$	4,231	$	-	$	4,658	$	312

Contract Balances

The timing of revenue recognition, billings and cash collections results in unbilled revenue (contract assets) and deferred revenue (contract liabilities) on the consolidated balance sheets. Amounts charged to our clients become billable according to the contract terms, which usually consider the delivery completion. Unbilled amounts will generally be billed and collected within 30 days but typically no longer than 60 days. When we advance bill clients prior to the work being performed, generally, such amounts will be earned and recognized in revenue within the 30 days. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and liability balances during the six-month period ended June 30, 2022 were not materially impacted by any other factors.

Applying the practical expedient in ASC Topic 606, we recognize the incremental costs of obtaining contracts (i.e. sales commissions) as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. As of June 30, 2022, we did not have any capitalized sales commissions.