Disaggregation of Revenue

3 Months Ended

Mar. 31, 2023

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
	March 31,
	2023		2022
Major products/service lines
Licensing fees - royalty revenue	$	73,500	$	414,000
Total Revenue	$	73,500	$	414,000
Timing of revenue recognition
Products transferred at a point in time	$	—	$	—
Products and services transferred over time		73,500		414,000
	$	73,500	$	414,000

Contract balances

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

	March 31,		December 31,
	2023		2022
Assets
Trade receivables, net	$	24,999	$	12,499
Liabilities
Contracted liabilities	$	—	$	—
Contracted liabilities - long term	$	443,000	$	447,500

	March 31,		December 31,
	2023		2022
Contract liabilities
Opening	$	447,500	$	351,000
Additions		—		450,000
Transfer to revenue		(4,500)		(353,500)
Ending	$	443,000	$	447,500

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.