| Disaggregation of Revenue |
Note 3.Disaggregation of Revenue Disaggregation of revenue In the following table, revenue is disaggregated by major products/service lines, and timing of revenue recognition: | | | | | | | | | | | | | | | For the Three Months Ended | | For the Nine Months Ended | | | September 30, | | September 30, | | | 2023 | | 2023 | | 2023 | | 2023 | Major products/service lines | | | | | | | | | | | | | Licensing fees - royalty revenue | | $ | 73,500 | | $ | 73,500 | | $ | 220,500 | | $ | 276,500 | | | | | | | | | | | | | | Total Revenue | | $ | 73,500 | | $ | 73,500 | | $ | 220,500 | | $ | 276,500 | | | | | | | | | | | | | | Timing of revenue recognition | | | | | | | | | | | | | Products transferred at a point in time | | $ | — | | $ | — | | $ | — | | $ | — | Products and services transferred over time | | | 73,500 | | | 73,500 | | | 220,500 | | | 276,500 | | | $ | 73,500 | | $ | 73,500 | | $ | 220,500 | | $ | 276,500 |
Contract balances The following table provides information about receivables, assets, and liabilities from contracts with customers: | | | | | | | | | September 30, | | December 31, | | | 2024 | | 2023 | Assets | | | | | | | Trade receivables - net | | $ | 34,500 | | $ | 63,000 | Liabilities | | | | | | | Contracted liabilities - long term | | $ | 405,000 | | $ | 418,500 |
| | | | | | | | | September 30, | | December 31, | | | 2024 | | 2023 | Contract liabilities | | | | | | | Opening | | $ | 418,500 | | $ | 447,500 | Additions | | | — | | | — | Transfer to revenue | | | (13,500) | | | (29,000) | Ending | | $ | 405,000 | | $ | 418,500 |
Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer’s financial condition and collateral is not required. The contract liabilities primarily relate to amounts billed in advance of performance obligations being satisfied are booked as deferred revenue.
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