Accounts Receivable Project Revenue and Reimbursable Project Costs
|12 Months Ended|
Dec. 31, 2016
|Notes to Financial Statements|
|Note 3. Accounts Receivable – Project Revenue and Reimbursable Project Costs||
FANR and ENEC Projects
The total accounts receivable from the FANR and ENEC contracts was approximately $310,000 and $31,000 at December 31, 2016 and 2015, respectively. These amounts due from FANR represent approximately 80% of the accounts receivable reported at December 31, 2016 and approximately 13% of the accounts receivable at December 31, 2015.
Total unbilled accounts receivable was $0.2 million at December 31, 2016 and $0.1 million at December 31, 2015. Foreign currency transaction exchange losses and translation gains and losses for the year ended December, 2016 and 2015, were not significant.
Under our agreements with FANR and other entities, revenue will be recognized on a time and expense basis and fixed contract basis. We periodically discuss our consulting work with FANR, which will review the work we perform, and our reimbursable travel expenses, and accept our monthly invoicing for services and reimbursable expenses. We expect the variation of revenue we earn from these contracts to continue.
Travel costs and other reimbursable costs under these contracts are reported in the accompanying statement of operations as both revenue and cost of consulting services provided, and were not significant for the years ended December 31, 2016 and 2015. The total travel and other reimbursable expenses that have not been reimbursed to us and are included in total accounts receivable reported above from our consulting contracts was not significant at December 31, 2016 and 2015.
The FANR and ENEC contracts have not been renewed for 2017, though we continue to provide services to FANR under the terms of a subcontract with Lloyds Register Group Limited, a limited company registered in England and Wales.
The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets.
No definition available.