Company: CXDO
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001654954-25-002287
Chunk: 107

Company: Crexendo, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 107
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,199  Contract balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.   December 31, (In thousands) 2024  2023 Receivables, which are included in trade receivables, net of allowance for credit losses $4,352  $3,476 Contract assets, net of allowance for credit losses  406   342 Contract liabilities  3,372   2,588 

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Significant changes in the contract assets and the contract liabilities balances during the period are as follows:   For the Year Ended  For the Year Ended (In thousands) December 31, 2024  December 31, 2023   Contract Assets  Contract Liabilities  Contract Assets  Contract Liabilities Revenue recognized that was included in the contract liability balance at the beginning of the period $-  $(3,154) $-  $(3,393)Increase due to cash received, excluding amounts recognized as revenue during the period  -   3,938   -   2,396 Transferred to receivables from contract assets recognized at the beginning of the period  (302)  -   (192)  - Increase due to additional unamortized discounts  366   -   216   -  Contract assets and allowance for credit losses Our contract assets balance consists of the Company’s rights to consideration for work completed but not billed as of the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract assets were as follows (in thousands):    December 31,   2024  2023 Gross contract assets $533  $427 Less: allowance for credit losses  (127)  (85)Contract assets, net of allowance for credit losses $406  $342   The allowance for credit losses was as follows (in thousands): Balance at December 31, 2023 $85 Provision  1 Write-offs  (4)Recoveries and other  - Balance at March 31, 2024 $82 Provision  18 Write-offs  - Recoveries and other  - Balance at June 30