Disaggregation of Revenue

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Major products/service lines
Licensing fees - royalty revenue	$	62,000	$	62,300	$	182,001	$	214,942
Total Revenue	$	62,000	$	62,300	$	182,001	$	214,942
Timing of revenue recognition
Products transferred at a point in time	$	—	$	—	$	—	$	—
Products and services transferred over time		62,000		62,300		182,001		214,942
	$	62,000	$	62,300	$	182,001	$	214,942

Contract balances

The following table provides information about liabilities from contracts with customers:

	September 30,		December 31,
	2021		2020
Liabilities
Contract liabilities	$	333,500	$	235,000

	September 30,		December 31,
Contract liabilities	2021		2020
Opening	$	235,000	$	180,200
Additions		98,500		79,000
Transfer to revenue		—		(24,200)
Ending	$	333,500	$	235,000

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 deferred revenue. Amounts billed in advance of performance obligations being satisfied are booked as deferred revenue.