CONTRACT RECEIVABLES, NET

6 Months Ended

Jun. 30, 2024

CONTRACT RECEIVABLES, NET [Abstract]

CONTRACT RECEIVABLES, NET

4. CONTRACT RECEIVABLES, NET

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.

Table 4: Details of Contract Receivables, Net
	June 30, 2024			December 31, 2023
	(in thousands)
Billed receivables	$	3,980		$	5,720
Unbilled receivables		5,727			4,729
Allowance for credit loss		(316	)		(283	)
Contract receivables, net	$	9,391		$	10,166

As of June 30, 2024, one customer has a balance that represents 17% of our contract receivable balance. During the month of July 2024, we invoiced $4.1 million of the unbilled receivables as of June 30, 2024.

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 reporting 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 (loss) income, net in the consolidated statements of operations.  During the three months ended June 30, 2024 and 2023, we recognized a loss on remeasurement of these foreign exchange contracts of $36 thousand and $55 thousand, respectively. During the six months ended June 30, 2024 and 2023, we recognized a gain on remeasurement of these foreign exchange contracts of $48 thousand and $17 thousand, respectively.

During the three months ended June 30, 2024 and 2023, we recorded credit loss expense (recovery) of $9 thousand and ($2) thousand, respectively.  During the six months ended June 30, 2024 and 2023, we recorded credit loss expense of $65 thousand, and $30 thousand respectively.