REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 2. REVENUE

Disaggregation of Revenue

The following table presents revenue disaggregated by type:

	Year Ended December 31,
	2023		2022
Tool Revenue:
Tool and product sales	$	3,255,300	$	3,157,710
Tool rental		3,064,642		2,180,428
Other related revenue		7,240,670		7,013,806
Total Tool Revenue		13,560,612		12,351,944
Contract Services		7,412,939		6,745,743
Total Revenue	$	20,973,551	$	19,097,687

Contract Balances

Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under ASC 606.

Contract Costs

We did not incur any material costs of obtaining contracts.

SUPERIOR DRILLING PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS