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Revenue
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Revenue [Abstract]    
REVENUE

4. REVENUE

 

The following table is a summary of the Company's timing of revenue recognition for the three and nine months ended September 30, 2020 and for the three months ended September 30, 2019 and the period January 10, 2019 (Inception) to September 30, 2019:  

 

   Three Months Ended
September 30,		   Nine Months
Ended
September 30,		   January 10,
2019
(Inception) to
September 30,		 
(Amounts in US$'s)  2020   2019   2020   2019 
Timing of revenue recognition:                
Services and products transferred at a point in time  $1,941,239   $1,824,924   $7,056,659   $2,289,249 
Services and products transferred over time   77,124    748,507    457,001    1,287,093 
Total revenue  $2,018,363   $2,573,431   $7,513,660   $3,576,342 

 

The Company disaggregates revenue by source and geographic destination to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

  

Revenue by source consisted of the following for the three and nine months ended September 30, 2020 and for the three months ended September 30, 2019 and the period January 10, 2019 (Inception) to September 30, 2019:

  

   Three Months Ended
September 30,		   Nine Months
Ended
September 30,		   January 10,
2019
(Inception) to
September 30,		 
(Amounts in US$'s)  2020   2019   2020   2019 
Revenue by products and services:                
Products  $1,726,425   $1,824,924   $6,298,041   $2,289,249 
Services   291,938    748,507    1,215,619    1,287,093 
Total revenue  $2,018,363   $2,573,431   $7,513,660   $3,576,342 

 

Revenue by geographic destination consisted of the following for the three and nine months ended September 30, 2020 and for the three months ended September 30, 2019 and the period January 10, 2019 (Inception) to September 30, 2019:

 

   Three Months Ended
September 30,		   Nine months
Ended
September 30,		   January 10, 2019
(Inception) to
September 30,		 
(Amounts in US$'s)   2020   2019   2020   2019 
Revenue by geography:                
North America  $1,830,967   $2,466,473   $6,755,717   $2,669,728 
International   187,396    106,958    757,943    906,614 
Total revenue  $2,018,363   $2,573,431   $7,513,660   $3,576,342 

  

Contract Balances

 

The Company records contract assets when it has a right to consideration and records accounts receivable when it has an unconditional right to consideration. Contract liabilities consist of cash payments received (or unconditional rights to receive cash) in advance of fulfilling performance obligations. As of September 30, 2020, the Company did not have a contract assets balance.

 

The following table is a summary of the Company's opening and closing balances of contract liabilities related to contracts with customers.

 

(Amounts in US$'s)   Total 
Balance at December 31, 2019  $302,815 
Increase   7,643 
Balance at September 30, 2020  $310,458 

 

The increase in contract liabilities during the nine months ended September 30, 2020 was primarily due to invoiced amounts that did not yet meet the revenue recognition criteria, partially offset by the revenue recognition criteria being met for previously deferred revenue. The amount of revenue recognized in the nine months ended September 30, 2020 that was included in the prior period contract liability balance was $156,937. This revenue consisted of services provided to customers who had been invoiced prior to the current year.

13. REVENUE

 

The following table is a summary of the Company's timing of revenue recognition for fiscal 2019:

 

(Amounts in US$'s)  January 10, 2019 (Inception) to December 31,
2019		 
Timing of revenue recognition:    
Services and products transferred at a point in time  $2,803,026 
Services and products transferred over time   1,909,186 
Total revenue  $4,712,212 

  

The Company disaggregates revenue by source and geographic destination, to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

 

Revenue by source consisted of the following for fiscal 2019:

 

(Amounts in US$'s)  January 10, 2019 (Inception) to December 31,
2019		 
Revenue by products and services:    
Products  $2,702,410 
Services   2,009,802 
Total revenue  $4,712,212 

 

Revenue by geographic destination consisted of the following for fiscal 2019:

 

(Amounts in US$'s)  January 10, 2019 (Inception) to December 31,
2019		 
Revenue by geography:    
North America  $3,476,977 
International   1,235,235 
Total revenue  $4,712,212 

  

See Note 2 – Summary of Significant Accounting Policies for the Company's policies on revenue recognition.