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ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET ACCOUNTS RECEIVABLE, NET
Table 4.1: Details of Accounts Receivable, Net
As of December 31,
20232022
(in thousands)
Billed accounts receivables$18,101 $13,655 
Unbilled accounts receivable8,022 11,657 
Contract assets4,584 14,891 
Allowance for credit losses(283)(134)
   Accounts receivable, net$30,424 $40,069 
As our primary customer base includes agencies of the U.S. government, we have a concentration of credit risk associated with our accounts receivable, as 91% of our billed and unbilled accounts receivable, as of December 31, 2023, were directly with U.S. government customers. While we acknowledge the potentially material and adverse risk of such a significant concentration of credit risk, our past experience of collecting substantially all of such receivables provides us with an informed basis that such risk, if any, is manageable. We perform ongoing credit evaluations of all of our customers and generally do not require collateral or other guarantees from our customers. We maintain allowances for potential losses.
Table 4.2: Allowance for Credit Losses Activities
Balance Beginning
of Year
Bad Debt
Expenses (1)
Write-Offs / Recoveries (2)
Balance
End
of Year
(in thousands)
For the Year Ended December 31, 2023$134 $152 $(3)$283 
For the Year Ended December 31, 2022116 99 (81)134 
(1) Accounts receivable reserves and reversals of allowance for subsequent collection, net
(2) Accounts receivable written-off and subsequent recoveries, net
On July 15, 2016, the Company entered into an accounts receivable purchase agreement under which the Company could sell certain accounts receivable (balance not to exceed $10.0 million) to a third party, or the "Factor", without recourse to the Company, with an availability period through June 30, 2022, and from year to year thereafter unless terminated in writing by the parties. There were no accounts receivable sold during 2023 and 2022, respectively. As of December 31, 2023 and 2022, there were no outstanding sold accounts receivable.