Revenue from contracts with customers

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Product sales	$	643,887	$	601,562	$	1,479,270	$	1,569,799
Laboratory services		192,753		112,892		643,602		138,884
Collaboration revenue		402,492		342,311		757,591		1,153,400
Total revenue	$	1,239,132	$	1,056,765	$	2,880,463	$	2,862,083

Revenues by geography are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Domestic	$	372,902	$	309,119	$	1,036,662	$	1,202,244
International		866,230		747,646		1,843,801		1,659,839
Total revenue	$	1,239,132	$	1,056,765	$	2,880,463	$	2,862,083

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		—
Amounts returned to customers		(9,808	)
Effect of foreign exchange rates		—
Balance at September 30, 2021	$	—

Contract assets

The Company had contract assets of $109,444 as of September 30, 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 September 30, 2021 and December 31, 2020.