Contract Receivables

6 Months Ended

Jun. 30, 2021

Contract Receivables [Abstract]

Contract Receivables

Note 5 - Contract Receivables

Contract receivables represent our unconditional rights to consideration due from our domestic and international customers. We expect to collect all contract receivables within the next twelve months.

The components of contract receivables were as follows:

(in thousands)	June 30, 2021			December 31, 2020
Billed receivables	$	4,004		$	5,694
Unbilled receivables		7,577			5,160
Allowance for doubtful accounts		(213	)		(360	)
Total contract receivables, net	$	11,368		$	10,494

Management reviews collectability of receivables periodically and records an allowance for doubtful accounts to reduce the Company's receivables to their net realizable value when management determines it is probable that we will not be able to collect all amounts due from customers. The allowance for doubtful accounts is based on historical trends of past due accounts, write-offs, specific identification and review of customer accounts.

During the six months ended June 30, 2021 and 2020, we recorded bad debt (recovery) expense of $(133) thousand and $93 thousand, respectively.

During the month of July 2021, we invoiced $2.9 million of the unbilled amounts as of the three months ended June 30, 2021.

As of June 30, 2021 and December 31, 2020, we had no customer that accounted over 10% of our consolidated contract receivables.