Revenue Recognition

9 Months Ended

Sep. 30, 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.

	September 30, 2023		December 31, 2022
Accounts receivable	$	162,226	$	353,149
Unbilled receivable		241,825		-
Total	$	404,051	$	353,149

Concentrations

During the three and nine months ended September 30, 2023, the company earned revenue from two contracts with two separate customers. One customer accounted for $1,539,636 or 88% of revenue recognized during the nine-month period. As of September 30, 2023, the company has $404,051 or 100% of accounts receivable recorded as current assets on the balance sheet related to this customer. During the three and nine months ended September 30, 2022, the company earned revenue from 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 related to this customer.