Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contracts with Customers

Revenue from Contracts with Customers

13. Revenue from Contracts with Customers

The following table was prepared to provide additional information about the composition of revenues from contracts with customers for the periods presented:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2024		2023		2024		2023
	(Unaudited)
Carrier Services	$	22,412,970	$	14,648,545	$	62,198,921	$	42,487,301
Managed Services		12,207,463		11,085,112		42,669,562		35,282,894
	$	34,620,433	$	25,733,657	$	104,868,483	$	77,770,195

The Company recognized revenues from contracts with customers for the following customer types as set forth below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2024		2023		2024		2023
	(Unaudited)
U.S. Federal Government	$	28,032,960	$	20,285,569	$	85,985,513	$	62,160,270
U.S. State and Local Governments		82,062		113,814		291,448		318,528
Foreign Governments		18,151		22,364		50,206		61,942
Commercial Enterprises		6,487,260		5,311,910		18,541,316		15,229,455
	$	34,620,433	$	25,733,657	$	104,868,483	$	77,770,195

The Company recognized revenues from contracts with customers in the following geographic regions:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2024		2023		2024		2023
	(Unaudited)
United States	$	33,576,512	$	24,817,014	$	101,814,438	$	74,712,967
Europe		1,043,921		916,643		3,054,045		3,057,228
	$	34,620,433	$	25,733,657	$	104,868,483	$	77,770,195

During the three months ended September 30, 2024 and 2023, the Company recognized approximately $382,900 and $352,100, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively.

During the nine months ended September 30, 2024 and 2023, the Company recognized approximately $1.8 million and $1.6 million, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively.