Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

Revenue Recognition
6 Months Ended
Jan. 31, 2024
Revenue Recognition [Abstract]  
Revenue Recognition

Note 4 – Revenue Recognition


Products Revenue


The Company generates revenue from the sale of our single-use products used in the identification of genomic information. Revenue is recorded net of sales tax. The Company considers revenue to be earned when all of the following criteria are met: the Company has a contract with a customer that creates enforceable rights and obligations; promised products are identified; the transaction price is determinable; and the Company has transferred control of the promised items to the customer. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the contract. The transaction price for the contract is measured as the amount of consideration the Company expects to receive in exchange for the goods expected to be transferred. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control of the distinct good or service is transferred. Transfer of control for the Company’s products is generally at shipment or delivery, depending on contractual terms, but occurs when title and risk of loss transfers to the customer which represents the point in time when the customer obtains the use of and substantially all of the remaining benefit of the product. As such, the Company’s performance obligation related to product sales is satisfied at a point in time. The Company recognizes a receivable when it has an unconditional right to payment, which represents the amount the Company expects to collect in a transaction and is most often equal to the transaction price in the contract. Payment terms for shipments to end-user and distributor customers may range from 30 to 90 days. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of revenues.


Products revenue by geography is as follows:


    Three Months Ended
January 31
    Six Months Ended
January 31
    2024     2023     2024     2023  
United States   $ 5,166     $ 4,144     $ 9,801     $ 8,239  
Europe     2,286       2,277       4,424       4,181  
Asia Pacific     1,101       1,093       2,134       2,197  
Products revenue   $ 8,553     $ 7,514     $ 16,359     $ 14,617  


As of August 1, 2023 and 2022, accounts receivable from continuing operations was $4,808 and $4,762, respectively.