Revenue (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Summary of Revenue Disaggregated By Major Service Line and Timing of Revenue Recognition

All of the Company’s revenue is derived from contracts with customers. In the following tables, revenue is disaggregated by major service line and timing of revenue recognition.


	Three months ended June 30,					Six months ended June 30,

	2022			2021		2022			2021
AssetCare Initialization 1	$	28,979		$	303,321	$	443,470		$	818,564

AssetCare Solutions 2		4,695,074			6,079,949		8,684,202			12,514,458

Engineering Services 3		116,649			173,193		142,633			659,007

Contract modification revenue reversal 4		(2,571,676	)		—		(2,571,676	)		—
	$	2,269,026		$	6,556,463	$	6,698,629		$	13,992,029

Revenues from initial implementation and activation of AssetCare projects, including the sale of hardware.

Revenues include sales of subscriptions to AssetCare, other subscriptions, post contract support and maintenance, perpetual software licenses, and installation and engineering services.

Revenues includes consulting, implementation and integration services entered into on a time and materials basis or fixed fee basis without the use of AssetCare.

During the three months ended June 30, 2022, the Company cancelled a multi-year customer contract for which services had been performed in prior periods, resulting in a contract modification. As a result, revenue from AssetCare Initialization of $2,037,014 and AssetCare Solutions of $534,662 which were recorded in prior periods was reversed during the three and six months ended June 30, 2022.


	Three months ended June 30,					Six months ended June 30,

Revenue recognized	2022			2021		2022			2021

Over time 1	$	3,783,459		$	6,253,142	$	7,645,663		$	11,701,851

At a point in time upon completion 1		(1,514,433	)		303,321		(947,034	)		2,290,178
	$	2,269,026		$	6,556,463	$	6,698,629		$	13,992,029

See table above and related footnote 4. The three and six months ended June 30, 2022 reflects the reversal of $534,662 of revenue recognized over time and $2,037,014 of revenue recognized at point in time upon completion.

NOTE 5 - REVENUE

The Company’s operations and main revenue streams are those described in Note 32(C). All of the Company’s revenue is derived from contracts

with

customers.

In the following tables, revenue is disaggregated by major service line and timing of revenue recognition.



	Year ended December 31,

	2021		2020		2019


AssetCare I nitialization 1	$	1,250,181	$	7,689,232	$	5,964,663

AssetCare Solutions 2		23,461,748		12,809,054		2,939,582

Engineering S ervices 3		885,043		6,430,153		9,436,004

	$	25,596,972	$	26,928,439	$	18,340,249

Revenues from initial implementation and activation of AssetCare projects, including the sale of hardware.

Revenues include sales of subscriptions to AssetCare, other subscriptions, post contract support and maintenance, perpetual software licenses, and installation and engineering services.

Revenues includes consulting, implementation and integration services entered into on a time and materials basis or fixed fee basis without the use of

AssetCare.

	Year ended December 31,

Timing of revenue recognition	2021		2020		2019

Over time	$	24,422,749	$	18,551,736	$	12,375,586

At a point in time upon completion		1,174,223		8,376,703		5,964,663

	$	25,596,972	$	26,928,439	$	18,340,249

Summary of Significant Changes in Unbilled Revenue and Deferred Revenue Balances

Significant changes in unbilled revenue and deferred revenue balances are as follows:



	Unbilled revenue			Deferred revenue
Balance at December 31, 2021	$	756,042		$	2,811,408

Additions		3,057,402			5,805,365

Less: transferred to trade and other receivables		(2,952,031	)		—

Less: recognized in revenue		—			(3,853,163	)

Effect of movements in exchange rates		—			49,589
Balance at June 30, 2022	$	861,413		$	4,813,199

Significant changes in unbilled revenue and deferred revenue balances are as follows:



	Unbilled revenue			Deferred revenue

Balance at January 1, 2019	$	—		$	133,678

Acquired in business combination (Note 17(c))		2,347,207			133,556

Acquired in business combination (Note 17(b))		—			457,259

Additions		9,595,535			5,309,436

Less: transferred to trade and other receivables		(11,278,312	)		—

Less: recognized in revenue		—			(4,878,419	)

Less: Loss allowance		(5,499	)		—

Effect of movement in exchange rates		—			(17,229	)

Balance at December 31, 2019	$	658,931		$	1,138,281

Acquired in business combination		117,686			–

Additions		11,478,436			6,316,586

Less: transferred to trade and other receivables		(11,557,665	)		–

Less: write-offs		(146,489	)		–

Less: recognized in revenue		–			(5,612,896	)

Less: applied to outstanding trade receivables		–			(30,586	)

Effect of movement in exchange rates		3,841			(40,265	)

Balance at December 31, 2020	$	554,740		$	1,771,120

Additions		7,470,881			10,616,893

Less: transferred to trade and other receivables		(7,269,579	)		–

Less: recognized in revenue		–			(9,585,211	)

Effect of movement in exchange rates		–			8,606

Balance at December 31, 2021 1	$	756,042		$	2,811,408

Unbilled revenue is included in trade and other receivables (Note 6) and relates to the Company’s right to consideration for work completed but not billed at the reporting date. Unbilled revenue is transferred to trade and other receivables when services are billed to customers.

Summary of Company's Revenue and Non-current Assets

The Company’s revenue by location of the ultimate customer or consumer of product solution are as follows:


	Three months ended June 30,					Six months ended June 30,

	2022			2021		2022		2021
Canada 1	$	(767,709	)	$	3,440,590	$	1,271,267	$	7,852,189

Americas		1,647,854			1,422,069		3,167,929		2,671,673

Asia Pacific		1,027,989			1,579,435		1,705,857		3,298,173

Other		360,892			114,369		553,576		169,994
Total revenue	$	2,269,026		$	6,556,463	$	6,698,629	$	13,992,029

Impact of previously recognized revenue for contract modification as explained in tables

above.

The Company’s revenue by location of the ultimate customer or consumer of product solution are as follows:



	Year ended December 31,

	2021		2020		2019

Canada	$	10,733,922	$	13,832,691	$	10,889,542

United States		6,564,271		5,691,202		7,450,707

Japan		5,849,967		6,446,939		–

Australia		993,933		152,301		–

Other		1,454,879		805,306		–

Total revenue	$	25,596,972	$	26,928,439	$	18,340,249