from Q2/2024 IFS on SEDAR (2024/8/16):
(a) Data revenue
Since 2018, the Company entered into Project Funding Agreements and Test Data Purchase Agreements (the “Agreements”) with three major oil-sands producers, the terms of which provide the customer with the right to access and use data obtained from the commercial-scale pilot of RF XL technology Acceleware is conducting at Marwayne, Alberta. Under the terms of the Agreements, Acceleware will receive total funding of up to $6,000,000, paid in installments upon completion of each milestone. Each milestone payment is non-refundable.
Under IFRS 15 Revenue from Contracts with Customers, these contracts did not meet all requirements for revenue recognition over-time, therefore revenue recognition defaults to the end of the contract. For each completed milestone, the Company has no outstanding obligation to deliver goods or services. Revenue of up to $5,850,000 for this contract was to be recognized once all milestones have been met or the contract is terminated, whichever is earlier. Software and maintenance revenue of $150,000 was recognized in prior years.
In the three months ended June 30, 2024 the Company completed all milestones under a Project Funding Agreement and as such recognized $1,950,000 revenue related to that performance obligation and deferred contract costs of $169,971 (three months ended June 30, 2023 - $nil). Subsequent to June 30, 2024, a Test Data Purchase Agreement with a second customer was terminated and as such the Company will recognize $950,000 revenue in the third quarter of 2024. The remaining revenue of $1,950,000 from a third customer will be recognized when all milestones have been met, or contract is terminated, whichever is earlier. All payments expected under these agreements have been received.
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- WHO is WHO ?
- Suncor Energy, Cenovus Energy and X {I 'SUSPECT' CNQ ?)
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