Contract Receivables

3 Months Ended

Mar. 31, 2019

Contract Receivables [Abstract]

Contract Receivables

7. Contract Receivables

Contract receivables represent the Company's unconditional rights to consideration 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)	March 31,			December 31,
	2019			2018
Billed receivables	$	10,205		$	15,998
Unbilled receivables		8,859			5,506
Allowance for doubtful accounts		(428	)		(427	)
Total contract receivables, net	$	18,636		$	21,077

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 according to the contractual terms of the receivable. The allowance for doubtful accounts is based on historical trends of past due accounts, write-offs, specific identification and review of customer accounts. During the three months ended March 31, 2019 and 2018, the Company did not record any allowances for doubtful accounts. The minor fluctuation on the balance of allowances for doubtful accounts was due to foreign currency exchange rate.

During April 2019, the Company invoiced $6.2 million of the unbilled amounts related to the balance at March 31, 2019.

As of March 31, 2019, the Company had two customers that accounted for 18.7% and 20.2% of its consolidated contract receivables, respectively. As of December 31, 2018, the Company had one customer that accounted for 16.8% of its consolidated contract receivables.