Contract Receivables

6 Months Ended

Jun. 30, 2018

Contract Receivables [Abstract]

Contract Receivables

7. Contract Receivables

Contract receivables represent the Company's unconditional rights to considerations due from a broad base of both domestic and international customers. All contract receivables are considered to be collectible within twelve months.

The components of contract receivables are as follows:

(in thousands)	June 30,		December 31,
	2018		2017
Billed receivables	$	9,544	$	8,154
Unbilled receivables		9,928		5,980
Allowance for doubtful accounts		(251)		(137)
Total contract receivables, net	$	19,221	$	13,997

Management reviews collectability of receivables periodically and records an allowance for doubtful accounts to reduce our receivables to their net realizable value when it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the receivable. The allowance for doubtful accounts is based on historical trends of past due accounts, write-offs, and specific identification and review of customer accounts. During three and six months ended June 30, 2018 and 2017, the Company recorded allowances for doubtful accounts of $117,000 and $118,000, respectively.

During July 2018, the Company invoiced $3.8 million of the unbilled amounts related to the balance at June 30, 2018.

As of June 30, 2018 and December 31, 2017, the Company had one customer that accounted for 26.6% and 26.7%, respectively, of its consolidated contract receivables.