Annual report pursuant to Section 13 and 15(d)

REVENUE

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REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3

REVENUE

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Revenue by Contract Type                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2021     December 31, 2020  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 32,992     $ 11,236     $ 44,228     $ 30,143     $ 8,970     $ 39,113  
Time and materials     —       27,963       27,963       —       66,313       66,313  
Total   $ 32,992     $ 39,199     $ 72,191     $ 30,143     $ 75,283     $ 105,426  

 

Revenue by generator                                    
(In thousands)   Twelve Months Ended     Twelve Months Ended  
    December 31, 2021     December 31, 2020  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 22,538     $ 29,013     $ 51,551     $ 22,795     $ 68,237     $ 91,032  
Domestic commercial     9,294       1,412       10,706       6,933       1,825       8,758  
Foreign government     577       8,684       9,261       415       5,135       5,550  
Foreign commercial     583       90       673       —       86       86  
Total   $ 32,992     $ 39,199     $ 72,191     $ 30,143     $ 75,283     $ 105,426  

 

Contract Balances

 

The timing of revenue recognition, billings, and cash collections results in accounts receivable and unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represents advance payment from customers in advance of the completion of our performance obligation.

 

The following table represents changes in our contract assets and contract liabilities balances:

 

                Year-to-date     Year-to-date  
(In thousands)   December 31, 2021     December 31, 2020     Change ($)     Change (%)  
Contract assets                                
Account receivables, net of allowance   $ 11,372     $ 9,659     $ 1,713       17.7 %
Unbilled receivables - current     8,995       14,453       (5,458 )     (37.8 )%
                                 
Contract liabilities                                
Deferred revenue   $ 5,580     $ 4,614     $ 966       20.9 %

 

The decrease in unbilled receivables was primarily within our Services Segment due to invoicing and collection of accounts receivable on certain large projects which have been completed or are near completion.

 

During the twelve months ended December 31, 2021 and 2020, the Company recognized revenue of $7,196,000 and $8,094,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period related to performance obligations satisfied within the respective period.