Note 17 - Contract Balances

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

17.  CONTRACT BALANCES

The timing of revenue recognition, billings and collections may result in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). The Company’s payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment with the remainder payable within 30 days of acceptance. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not include a significant financing component.

The following table is the reconciliation of contract balances.

	Mar. 31, 2022 (Unaudited)		June 30, 2021
Trade Accounts Receivable		10,585		8,293
Accounts Payable		2,220		3,702
Contract Assets		594		337
Contract Liabilities		1,172		673

Remaining Performance Obligation

As at March 31, 2022, the Company had $636 of remaining performance obligations, which represents our obligation to deliver products and services within 2 years

As at June 30, 2021, the Company had $924 of remaining performance obligations, which represents our obligation to deliver products and services.

Refer to Note 15 “Business Segments” of the Notes to Condensed Consolidated Financial Statements for information related to revenue.