Accounts and Note Receivable

12 Months Ended

Dec. 31, 2024

NOTE 5 – ACCOUNTS AND NOTE RECEIVABLE

Accounts and note receivable consist of the following:


	As of December 31,
$s in thousands	2024		2023
Trade accounts receivable	$	3,213	$	681
Unbilled receivable	1,746		—
Foreign tax receivable	986		237
Note receivable	—		3,000
Other	—		195
Total accounts and note receivable	$	5,945	$	4,113

Substantially all accounts receivable at December 31, 2024, are expected to be collected in 2025. The Company does not believe it has significant exposure to credit risk, as accounts receivable and the related unbilled amounts are primarily from contracts associated with the U.S. Government. Unbilled receivable consists of earned revenue that has not yet been billed specific to FMS cost to cost contracts as described in “Note 2 – Summary of Significant Accounting Policies” included in this Annual Report on Form 10-K. On September 5, 2023, the Company entered into a secured promissory note in the amount of $3.0 million. This note accrues interest at a rate of 8.5% per annum and was paid in January 2024. Foreign tax receivable consists primarily of value-added taxes charged by the Spanish government.