Company: ACCS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0000843006-25-000025
Chunk: 69

Company: ACCESS Newswire Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 criteria were met to classify the assets of the compliance business as held-for-sale as of December 31, 2024. Further guidance states that once a group of assets are determined to be held-for-sale, then they should be recorded as discontinued operations in the financial statements of the entity. Performance obligations of contracts included in discontinued operations include providing subscriptions to certain modules of our compliance software or other stand-ready obligations to deliver services and annual report printing and distribution.  Additionally, services are provided on a per project basis. Set up fees for disclosure services are considered a separate performance obligation and are satisfied upfront. Set up fees for the transfer agent module and investor relations content management module are immaterial. For service contracts that include stand ready obligations, revenue is recognized evenly over the contract period. For all other services delivered on a per project or event basis, the revenue is recognized at the completion of the event. The Company believes recognizing revenue for subscriptions and stand ready obligations using a time-based measure of progress, best reflects the Company’s performance in satisfying the obligations.

 12Table of Contents

 As of the Closing Date, there was $1,227,000 of gross accounts receivable that did not transfer to the Buyer as a result of the Purchase Agreement. The following table sets forth the assets and liabilities included in discontinued operations as of March 31, 2025 and December 31, 2024 as presented in the Consolidated Balance Sheets: in $000’sMarch 31,2025December 31,2024Accounts Receivable (net of provision for credit losses of $559 as of  March 31, 2025 and December 31, 2024$633$1,321Other current assets—17Total current assets6331,338Goodwill—2,885Intangible Assets (net of accumulated amortization $5,265 as of December 31, 2024 —637Other non-current assets—55Total assets$633$4,915 Accounts Payable $—  $107 Accrued Expenses  —   168 Deferred Revenue  —   618 Total liabilities  $—   $893  The following table sets forth the details of income from discontinued operations for the three months ended March 31, 2025 and 2024 as presented in the Consolidated Statement of Operations: In $000’s   Three Months Ended March 31,   2025  2024 Revenues $650