Revenue

3 Months Ended

Mar. 31, 2021

Revenue Disclosure [Abstract]

REVENUE

4. REVENUE

The following table is a summary of the Company’s timing of revenue recognition for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(Amounts in US$’s)	2021		2020
Timing of revenue recognition:
Services and products transferred at a point in time	$	1,896,324	$	2,162,038
Services and products transferred over time		190,128		323,166
Total revenue	$	2,086,452	$	2,485,204

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 months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(Amounts in US$’s)	2021		2020
Revenue by products and services:
Products	$	1,618,896	$	1,874,350
Services		467,556		610,854
Total revenue	$	2,086,452	$	2,485,204

Revenue by geographic destination consisted of the following for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(Amounts in US$’s)	2021		2020
Revenue by geography:
North America	$	1,735,753	$	2,189,676
International		350,699		295,528
Total revenue	$	2,086,452	$	2,485,204

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 March 31, 2021 and December 31, 2020, the Company did not have a material 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, 2020	$	864,302
Increase		1,704,901
Balance at March 31, 2021	$	2,569,203

The increase in contract liabilities during the three months ended March 31, 2021 was primarily due to invoiced amounts that did not yet meet the revenue recognition criteria and are partially offset by the revenue recognition criteria being met for previously deferred revenue. The amount of revenue recognized in the three months ended March 31, 2021 that was included in the prior period contract liability balance was $352,211. This revenue consisted of services provided and products delivered to customers who had been invoiced prior to the current year.