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Revenue Recognition
3 Months Ended
Mar. 31, 2023
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 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 the company recognizes revenue over the contract term at a fixed contract price.

 

Concentrations

 

During the three months ended March 31, 2023, the company earned revenue from one contract with one customer. The customer accounted for $486,678 or 100% of revenue recognized during the period. As of March 31, 2023. The company has $324,452 of accounts receivable recorded as current assets on the balance sheet related to this customer. For the three months ended March 31, 2022, the company had no revenue.