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Revenue Recognition
9 Months Ended
Sep. 30, 2022
Revenue Recognition [Abstract]  
REVENUE RECOGNITION

NOTE 7 – REVENUE RECOGNITION

 

The Company derives revenue from technical research detailing the findings of its investigations to its customers under contract for specific projects. Under Topic 606, revenue is recognized when control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled to in exchange for the goods and services transferred. A performance obligation is a contractual promise to transfer a distinct good or service to the customer and is the unit of account under Topic 606. The transaction price of a contract is allocated to distinct performance obligations and recognized as revenue when or as the performance obligations are satisfied. The Company’s contracts require significant integrated services and are accounted for as a single performance obligation, and revenue is recognized by the Company over the contract term at a fixed contract price.

 

Concentrations

 

During the nine months ended September 30, 2022, the company earned revenue from two contracts with two separate customers. One customer accounted for $648,905 or 85% of revenue recognized during the period. As of September 30, 2022. The company has $219,618 of accounts receivable recorded as current assets on the balance sheet. As of September 30, 2022, one customer accounted for $162,226 or 74% of accounts receivable. The company had no revenue during the nine months ended, September 30, 2021.