Per SEDAR $113k in PATSCAN For FY2022 PER THE FY2021 MD&A October 21, 2021 On SEDAR
13. Revenue and deferred revenue
Revenue recognized during the year ended July 31, 2021 relates to Xtract and PATSCAN revenue.
The Company has recognized $968,633 (2020 - $1,345,719) in revenue from Xtract during the year ended July 31, 2021. As at July 31, 2021, accounts receivable for work completed on contracts was $197,096 (2020 - $418,972) and there is no deferred revenue recorded (2020 - $119,742). Most of the balance is receivable from the federal government and is not subject to significant collection risk. Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not yet recognized”) and includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted not yet recognized as revenue was $1,206,635 as at July 31, 2021 (2020 – $732,531), of which the Company expects to recognize 100% as revenue over the next 12 months.
The Company has recognized $113,342 (2020 - $725,525) in revenue related to the sale of or subscription to use the PATSCAN platform during the year ended July 31, 2021. As at July 31, 2021, accounts receivable for PATSCAN sales was $39,624 (2020 - $nil). The Company billed and collected cash for the sale of the PATSCAN product hardware and software licenses to a select number of early adopter resellers and end-user customers. The cash received on these sales was $308,547 (2020 - $308,547) and is recorded as deferred revenue on the consolidated statement of financial position as at July 31, 2021. Contracted not yet recognized revenue was $1,241,828 as at July 31, 2021 (2020 - $511,111), of which the Company expects to recognize approximately $345,000 over the next 12 months, with the remainder to follow in the subsequent 24 months.
Note
Company expects to recognize $345k of the of the $1.24 M in PATSCAN contracts it yet recognized in FY2022. The remaining $900k will be recognized FY2023 and 2024.
Sedar: https://www.sedar.com