Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.3
Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

Note 10 – Revenue

 

The Company had net revenues for the three and nine months ended September 30, 2023 and 2022 as follows:

 

    Three Months
ended		     Three Months ended  
    September 30,     September 30,  
    2023     2022  
             
Dashboards   $ 20,275     $ 10,925  
IT Managed Services     39,780       21,059  
Software and Interfaces     2,708       12,500  
Support and Maintenance     18,435       14,603  
vCIO Services     42,094       1,963  
Software Licenses Fees     28,518       16,977  
Other     —       —  
Total Net Revenues   $ 151,810     $ 78,027  

 

 

    Nine Months
ended		     Nine Months
ended		  
    September 30,     September 30,  
    2023     2022  
             
Dashboards   $ 49,595     $ 35,026  
IT Managed Services     104,988       69,420  
Software and Interfaces     24,828       12,500  
Support and Maintenance     87,046       67,399  
vCIO Services     126,895       29,394  
Software Licenses Fees     80,046       47,721  
Other     1,372       6,970  
Total Net Revenues   $ 474,770     $ 268,430  

 

Generally, work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.

 

For all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer.

 

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.

 

The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.