LIFECORE BIOMEDICAL INC DE
For the period ended Nov 24, 2024. Filed Jan 2, 2025.
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Nov 24, 2024 · Filed Jan 2, 2025
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Contract Assets and Liabilities
- 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.
| Description | Balance Sheet Presentation | November 24, 2024 | May 26, 2024 |
|---|---|---|---|
| Assets: | |||
| Receivables not yet billed | Accounts receivable, less allowance for credit losses | $5,216 | $3,885 |
| Related party receivables not yet billed | Accounts receivable, related party | 482 | 184 |
| Total contract assets | $5,698 | $4,069 | |
| Current Liabilities: | |||
| Advances on customer-owned equipment | Other accrued liabilities | $3,014 | $3,509 |
| Non related parties deferred revenue | Deferred revenues | 426 | 1,088 |
| Related party deferred revenue | Deferred revenues, related party | 511 | 1,025 |
| Non-Current Liabilities: | |||
| Related party deferred revenue | Deferred revenues, less current portion, related party | 4,880 | 4,703 |
| Non-current customer deposit | Other non-current liabilities | 176 | 257 |
| Total contract liabilities | $9,007 | $10,582 | |
Revenues recognized during the three and six months ended November 24, 2024 that were included in the contract liability balance at the beginning of fiscal year 2025, were $328 and $1,911.
We receive payments from customers based on billing schedules as established in our contracts. The contract assets relate to our conditional right to consideration for our completed performance under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as we perform under the statements of work.
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