LIFECORE BIOMEDICAL INC DE
For the period ended Aug 25, 2024. Filed Oct 4, 2024.
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Aug 25, 2024 · Filed Oct 4, 2024
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Contract Assets and Liabilities
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- Contract Assets and Liabilities
Contract assets primarily relate to the Company’s unconditional right to consideration for work completed but not billed at the reporting date.
Contract liabilities primarily relate to payments received from customers in advance of performance under a contract. Any incremental costs of obtaining a contract are expensed as incurred.
| Description | Balance Sheet Presentation | August 25, 2024 | May 26, 2024 |
|---|---|---|---|
| Assets: | |||
| Receivables not yet billed | Accounts receivable, less allowance for credit losses | $4,033 | $3,885 |
| Related party receivables not yet billed | Accounts receivable, related party | 92 | 184 |
| Total contract assets | $4,125 | $4,069 | |
| Current Liabilities: | |||
| Advances on customer-owned equipment | Other accrued liabilities | $3,590 | $3,509 |
| Non related parties deferred revenue | Deferred revenues | 339 | 1,088 |
| Related party deferred revenue | Deferred revenues, related party | 315 | 1,025 |
| Non-Current Liabilities: | |||
| Related party deferred revenue | Deferred revenues, less current portion, related party | 4,791 | 4,703 |
| Non-current customer deposit | Other non-current liabilities | 216 | 257 |
| Total contract liabilities | $9,251 | $10,582 | |
Revenues recognized during the three months ended August 25, 2024 that were included in the contract liability balance at the beginning of fiscal year 2025, were $1,583.
| Description | Balance Sheet Presentation | August 27, 2023 | May 28, 2023 |
|---|---|---|---|
| Assets: | |||
| Receivables not yet billed | Accounts receivable, less allowance for credit losses | $4,082 | $3,055 |
| Related party receivables not yet billed | Accounts receivable, related party | 44 | 143 |
| Total contract assets | $4,126 | $3,198 | |
| Current Liabilities: | |||
| Non related parties deferred revenue | Deferred revenues | $101 | $552 |
| Related party deferred revenue | Deferred revenues, related party | 8,256 | 3,503 |
| Non-Current Liabilities: | |||
| Related party deferred revenue | Deferred revenues, less current portion, related party | 1,687 | 2,940 |
| Total contract liabilities | $10,044 | $6,995 | |
Revenues recognized during the three months ended August 27, 2023, that were included in the contract liability balance at the beginning of fiscal year 2024, were $2,022.
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