General form of registration statement for all companies including face-amount certificate companies

Revenues

v3.21.2
Revenues
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]    
Revenues
5.
Revenues
Remaining Performance Obligations
As of September 30, 2021, the Company had $36.4 million of remaining performance obligations, which represents the transaction price of executed contracts less inception to date revenue recognized.
Remaining performance obligations exclude unexercised contract options. The Company expects to recognize revenue relating to remaining funded contractual performance obligations, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $11.7 million, $23.1 million, and $1.6 million during the three months ending December 31, 2021, during fiscal year 2022, and thereafter, respectively.
Disaggregation of Revenue
The Company earns revenue through the sale of imagery & software analytical services and engineering & systems integration. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; and (iii) engineering and integration. This disaggregation allows the Company to evaluate market trends and certain imagery & software analytical services and engineering & systems integration services. These offerings currently have both recurring and
non-recurring
price attributes, particularly the engineering & systems integration offerings.
The following table disaggregates revenue by type of imagery & software analytical services and engineering & integration for the three and nine months ended September 30, 2021 and 2020:​​​​​​​
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
    
(in thousands)
     
(in thousands)
  
Imagery
    $ 2,773    $ 814    $ 5,621    $ 1,222
Data, software and analytics
      3,756      4,720      12,023      12,038
Engineering & integration
      1,408      (217 )       4,952      1,468
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 7,937    $ 5,317    $ 22,596    $ 14,728
  
 
 
     
 
 
     
 
 
     
 
 
  
The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2021 and 2020:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
    
(in thousands)
     
(in thousands)
  
US
    $ 6,704    $ 3,875    $ 19,063    $ 11,853
Middle East
      607      1,249      1,987      2,446
Asia
      343      183      1,113      397
Other
      283      10      433      32
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 7,937    $ 5,317    $ 22,596    $ 14,728
  
 
 
     
 
 
     
 
 
     
 
 
  
Revenue from significant customers for the three and nine months ended September 30, 2021 and 2020 is as follows:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
    
(in thousands)
     
(in thousands)
  
U.S. federal government and agencies
    $ 6,590    $ 3,831    $ 18,897    $ 11,699
Commercial and other
      1,347      1,486      3,699      3,029
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 7,937    $ 5,317    $ 22,596    $ 14,728
  
 
 
     
 
 
     
 
 
     
 
 
  
As of September 30, 2021 and December 31, 2020, accounts receivable consisted of the following:
 
    
September 30,

2021
     
December 31,
2020
  
    
(in thousands)
  
U.S. federal government and agencies
    $ 4,584    $ 1,335
Commercial and other
      325      1,568
Allowance for doubtful accounts
      —          —    
  
 
 
     
 
 
  
Total accounts receivable
    $ 4,909    $ 2,903
  
 
 
     
 
 
  
The following table disaggregates revenue for the three and nine months ended September 30, 2021 and 2020 by when control is transferred:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
    
(in thousands)
     
(in thousands)
  
Point in time
    $ 3,104    $ 2,128    $ 7,565    $ 3,300
Over time
      4,833      3,189      15,031      11,428
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 7,937    $ 5,317    $ 22,596    $ 14,728
  
 
 
     
 
 
     
 
 
     
 
 
  
4.
Revenues
Remaining Performance Obligations
As of December 31, 2020, the Company had $46.1 million of remaining performance obligations, which represents the transaction price of executed contracts less inception to date revenue recognized. Remaining performance obligations exclude unexercised contract options. The Company expects to recognize revenue relating to remaining performance obligations of $28.5 million, $11.4 million, and $6.2 million in the fiscal years 2021, 2022 and thereafter, respectively.
Disaggregation of Revenue
The Company earns revenue through the sale of products and services. Imagery; data, software and analytics; and engineering and integration are the disaggregation of revenue primarily used by management, as this disaggregation allows for the evaluation of market trends and certain product lines and services vary in recurring versus
non-recurring
nature.
The following table disaggregates revenue by type of products and services for the years ended December 31, 2020 and 2019:
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
    
(in thousands)
  
Imagery
    $ 3,005      $ 623  
Data, software and analytics
      15,732        12,702  
Engineering and integration
      2,398        388  
    
 
 
     
 
 
  
Total revenues
    $ 21,135      $ 13,713  
    
 
 
     
 
 
  
The approximate revenue based on geographic location of customers for the years ended December 31, 2020 and 2019 is as follows:
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
    
(in thousands)
  
US
    $ 17,239      $ 11,908  
Middle East
      3,185        1,537  
Asia
      668        268  
Other
      43        —    
    
 
 
     
 
 
  
Total revenues
    $ 21,135      $ 13,713  
    
 
 
     
 
 
  
Revenues from significant customers for the years ended December 31, 2020 and 2019 is as follows:
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
    
(in thousands)
  
U.S. federal government and agencies
    $ 17,050      $ 11,680  
Commercial and other
      4,085        2,033  
    
 
 
     
 
 
  
Total revenues
    $ 21,135      $ 13,713  
    
 
 
     
 
 
  
Accounts receivable for the years ended December 31, 2020 and 2019 is as follows:
 
    
December 31,
  
    
2020
     
2019
  
    
(in thousands)
  
U.S. federal government and agencies
    $ 1,335      $ 3,349  
Commercial and other
      1,568        979  
Allowance for doubtful accounts
      —          —    
    
 
 
     
 
 
  
Total accounts receivable
    $ 2,903      $ 4,328  
    
 
 
     
 
 
  
The following table disaggregates revenue by when control is transferred for the years ended December 31, 2020 and 2019:
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
Point in time
    $ 5,405      $ 2,505  
Over time
      15,730        11,208  
    
 
 
     
 
 
  
Total revenues
    $ 21,135      $ 13,713  
    
 
 
     
 
 
  
The cumulative effect of changes made to the consolidated January 1, 2020 balance sheet for the adoption of ASC 606 was primarily due to accounting for incremental costs to obtain contracts, comprised of contract commissions and changes in recognition of product revenues for long-term engineering and integration construction contracts which were previously recognized based on contract milestones achieved and, upon adoption of ASC 606, are recognized over time using the
cost-to-cost
method to measure progress. The adjustments are as follows:
 
    
Balance at
December 31, 2019
    
Adjustments due
to ASC 606
    
Balance at
January 1, 2020
  
    
(in thousands)
  
Assets
                         
Contract assets
    $ —       $ 337     $ 337  
    
 
 
    
 
 
    
 
 
  
Total current assets
      65,863       337       66,200  
Contract assets - long-term
      —         281       281  
    
 
 
    
 
 
    
 
 
  
Total assets
    $ 163,364     $ 618     $ 163,982  
    
 
 
    
 
 
    
 
 
  
Liabilities and stockholders’ deficit
                         
Contract liabilities
    $ 7,952     $ 214     $ 8,166  
    
 
 
    
 
 
    
 
 
  
Total current liabilities
      100,300       214       100,514  
Contract liabilities - long-term
      —         1,054       1,054  
    
 
 
    
 
 
    
 
 
  
Total liabilities
      181,659       1,268       182,927  
Accumulated deficit
      (203,799 )      (650 )      (204,449 ) 
    
 
 
    
 
 
    
 
 
  
Total stockholders’ deficit
      (189,616 )      (650 )      (190,266 ) 
    
 
 
    
 
 
    
 
 
  
Total liabilities and stockholders’ deficit
    $ 163,364     $ 618     $ 163,982  
    
 
 
    
 
 
    
 
 
  
The effects to the consolidated balance sheet, consolidated statement of operations, and consolidated statement of cash flows as of and for the year ended December 31, 2020 were the following:
Consolidated Balance Sheet
 
    
As Reported

(ASC 606)
     
As Adjusted

(ASC 605)
  
    
(in thousands)
  
Contract assets
    $ 3,796      $ 3,515  
Contract liabilities - current
      14,537        14,030  
Contract liabilities - long-term
      2,559        2,559  
Accumulated deficit
      (223,984 )       (223,196 ) 
Consolidated Statement of Operations
 
    
Year ended December 31, 2020
  
    
As Reported

(ASC 606)
     
As Adjusted

(ASC 605)
  
Revenues
                  
Services
    $ 18,737      $ 18,737  
Products
      2,398        2,025  
Costs and expenses:                  
Service costs, excluding depreciation and amortization
      13,331        13,331  
Product costs, excluding depreciation and amortization
      10,535        10,535  
Selling, general and administrative
      28,606        28,472  
Operating loss
    $ (41,395 )     $ (41,634 ) 
 
Consolidated Statement of Cash Flows
 
    
Year ended December 31, 2020
  
    
As Reported

(ASC 606)
     
As Adjusted

(ASC 605)
  
Cash flows used in operating activities
                  
Net loss
    $ (19,535 )     $ (19,774 ) 
Gain/(loss) from discontinued operations, net of tax
      28,185        28,185  
    
 
 
     
 
 
  
Loss from continuing operations
      (47,720 )       (47,959 ) 
Changes in operating assets and liabilities:
                  
Contract assets
      (3,796 )       (3,515 ) 
Contract liabilities - current and long-term
      9,019        8,512  
    
 
 
     
 
 
  
Cash flows used in operating activities - continuing operations
      (15,300 )       (15,300 ) 
Cash flows (used in) operating activities - discontinued operations
      (16,374 )       (16,374 ) 
    
 
 
     
 
 
  
Net cash used in operating activities
      (31,674 )       (31,674 ) 
    
 
 
     
 
 
  
The change in product revenue reflected above were primarily due to the Company’s long-term engineering and integration contracts which were previously recognized based on contract milestones achieved and, upon adoption of ASC 606, are recognized over time using the
cost-to-cost
method to measure progress. The change in contract liabilities is primarily due to accounting for incremental costs to obtain contracts, comprised of contract commissions and changes in deferred revenue as a result from the change in recognition of product revenues. The change in contract assets is a result of accounting for incremental costs incurred to obtain a contract.