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Revenues
3 Months Ended
Mar. 31, 2023
Revenues [Abstract]  
REVENUES

NOTE 4 – REVENUES

 

Under ASC 606, Revenue from Contracts with Customers, we record revenue when earned, rather than when billed. From time to time, we may record revenue based on our revenue recognition policies in advance of being able to invoice the customer, or we may invoice the customer prior to being able to recognize the revenue. Included in accounts receivable are unbilled amounts of $2,992,909 and $3,582,735 at March 31, 2023, and December 31, 2022, respectively. Amounts billed in advance of revenue recognition are presented as deferred revenue on the condensed consolidated balance sheets.

 

The Company has several signed contracts with customers for the distribution of messaging, or other services, which include payment in advance. The payments are not recorded as revenue until the revenue is earned under its revenue recognition policy. Deferred revenue was $735,140 and $164,309 as of March 31, 2023 and December 31, 2022, respectively. The contracts are all short term in nature and all revenue is expected to be recognized within 12 months, or less. Following is a summary of activity for the deferred revenue account for the quarter ended March 31.

 

Balance January 1, 2023  $164,309 
Revenue recognized   (8,778,893)
Amount collected   9,349,724 
Balance March 31, 2023  $735,140 

 

Disaggregation of Revenue

 

Consistent with ASC Topic 606, we have disaggregated our revenue by timing of revenue recognition. The majority of our revenue is recognized over time as solutions are provided. A small portion of our revenue related to program development, solution architect design, and other solutions is recognized at a point in time upon delivery to customers. A break down is set forth in the table below.

 

   Three Months Ended
March 31,
 
   2023   2022 
Revenue recognized over time  $12,423,100   $12,902,664 
Revenue recognized at a point in time   579,810    828,867 
Total Revenue  $13,002,910   $13,731,530