Revenue from contracts with customers

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from contracts with customers

Note 5 – Revenue from contracts with customers

Disaggregated revenue

The Company provides diagnostic test products, laboratory services to hospitals, clinical laboratories and other healthcare provider customers, and enters into collaboration agreements with government agencies and healthcare providers. The revenues by type of service consist of the following:

	Three Months Ended March 31,
	2021		2020
Product sales	$	613,918	$	366,933
Laboratory services		97,726		—
Collaboration revenue		118,072		250,000
Total revenue	$	829,716	$	616,933

Revenues by geography are as follows:

	Three Months Ended March 31,
	2021		2020
Domestic	$	344,008	$	590,449
International		485,708		26,484
Total revenue	$	829,716	$	616,933

Deferred revenue

Changes in deferred revenue for the period were as follows:

Balance at December 31, 2020	$	9,808
New deferrals, net of amounts recognized in the current period		—
Revenue recognized in the current period from the amounts in the beginning balance		—
Effect of foreign exchange rates		—
Balance at March 31, 2021	$	9,808

Contract assets

The Company had approximately $58,625 of contract assets as of March 31, 2021, which are generated when contractual billing schedules differ from revenue recognition timing. The Company had approximately $18,000 of contract assets as of December 31, 2020. Contract assets represent a conditional right to consideration for satisfied performance obligations that becomes a billed receivable when the conditions are satisfied.

Unsatisfied performance obligations

The Company had no unsatisfied performance obligations related to its contracts with customers at March 31, 2021 and December 31, 2020.