Disaggregation of Revenue

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue

Disaggregation of Revenue

Note 3.Disaggregation of Revenue

Disaggregation of revenue

In the following table, revenue is disaggregated by major products/service lines, and timing of revenue recognition:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2023		2023		2023
Major products/service lines
Licensing fees - royalty revenue	$	73,500	$	73,500	$	220,500	$	276,500
Total Revenue	$	73,500	$	73,500	$	220,500	$	276,500
Timing of revenue recognition
Products transferred at a point in time	$	—	$	—	$	—	$	—
Products and services transferred over time		73,500		73,500		220,500		276,500
	$	73,500	$	73,500	$	220,500	$	276,500

Contract balances

The following table provides information about receivables, assets, and liabilities from contracts with customers:

	September 30,		December 31,
	2024		2023
Assets
Trade receivables - net	$	34,500	$	63,000
Liabilities
Contracted liabilities - long term	$	405,000	$	418,500

	September 30,		December 31,
	2024		2023
Contract liabilities
Opening	$	418,500	$	447,500
Additions		—		—
Transfer to revenue		(13,500)		(29,000)
Ending	$	405,000	$	418,500

Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer’s financial condition and collateral is not required.

The contract liabilities primarily relate to amounts billed in advance of performance obligations being satisfied are booked as deferred revenue.