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Contract Receivables
 6 Months Ended
Jun. 30, 2022
Contract Receivables [Abstract]  
Contract Receivables
Note 5 - Contract Receivables

Contract receivables represent our unconditional rights to consideration due from our domestic and international customers. We expect to collect all contract receivables within the next twelve months.
The components of contract receivables were as follows:
(in thousands)
  
June 30, 2022
   
December 31, 2021
 
             
Billed receivables
  
$
4,543
    
$
6,124
  
Unbilled receivables
    
6,056
      
6,143
  
Allowance for doubtful accounts
    
(1,064
)
    
(1,010
)
Total contract receivables, net
  
$
9,535
    
$
11,257
  

Management reviews collectability of receivables periodically and records an allowance for doubtful accounts to reduce the Company’s receivables to their net realizable value when management determines it is probable that we will not be able to collect all amounts due from customers. 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 June 30, 2022 and 2021, we recorded net bad debt expense (recovery) of $97 thousand and $(137) thousand, respectively. During the six months ended June 30, 2022 and 2021, we recorded net bad debt expense (recovery) of $97 thousand and $(133) thousand, respectively.

During the month of July 2022, we invoiced $4.3 million of the unbilled receivables as of June 30, 2022.

Our foreign currency denominated contract receivables, billings in excess of revenue earned and subcontractor accruals that are related to the outstanding foreign exchange contracts are remeasured at the end of each period into our functional currency, using the current exchange rate at the end of the period. The gain or loss resulting from such remeasurement is included in other income, net in the consolidated statements of operations. As of June 30, 2022 and 2021, we recognized a loss on remeasurement of these foreign exchange contracts of $54 thousand and $12 thousand, respectively.

As of June 30, 2022 and December 31, 2021, we had no customer that accounted for 10% of our consolidated contract receivables.