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DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS
NOTE 8. DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred revenue consists of amounts received for products or services not yet delivered or earned. If we anticipate revenue will not be earned within the following twelve months, the amount is reported as other non-current liabilities. A summary of the balances as of June 30, 2023 and December 31, 2022 follows (in thousands):

June 30,December 31,
20232022
Products and services not yet delivered$478 $547 

We recognized $0.2 million of revenues that were included in the beginning contract liabilities balances for each of the three months ended June 30, 2023 and June 30, 2022 and $0.4 million and $0.3 million for the six months ended June 30, 2023 and June 30, 2022, respectively. No material amount of revenue recognized during the period was from performance obligations satisfied in prior periods.

Transaction Price Allocated to Remaining Performance Obligations

As of June 30, 2023, $6.1 million of revenue is expected to be recognized from remaining performance obligations. This balance primarily relates to product shipments for reagents sold to customers under sales-type lease agreements. These agreements have between two and four year terms and revenue is recognized as product is shipped, typically on a straight-line basis. The remaining balance relates to executed service contracts that begin as warranty periods expire. These service contracts typically provide for four-year terms and revenue is recognized on a straight-line basis.

The Company elects not to disclose the value of unsatisfied performance obligations for (i) contracts with an expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Commercial Agent Relationship with BD

The Company has entered into an exclusive commercial agreement with BD to act as the Company’s agent and representative. As of June 30, 2023, BD has paid the Company exclusivity fees totaling $0.8 million, of which $0.7 million has been amortized as a credit to sales, general and administrative expenses. The remaining $0.1 million remains in deferred income to be amortized in future periods. The Company has recognized $0.5 million in agent fee expense in the six months ended June 30, 2023 associated with partnership-related commercial activity which is recorded to sales, general and administrative expenses.