General form of registration statement for all companies including face-amount certificate companies

Revenue Recognition

v3.21.4
Revenue Recognition
9 Months Ended
Sep. 30, 2021
Revenue Recognition  
Revenue Recognition

Note 12 - Revenue Recognition

 

We recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services, in accordance with implemented Topic 606 - an update to Topic 605. Revenue amounts presented in our consolidated financial statements are recognized net of sales tax, value-added taxes, and other taxes.

 

In the normal course of business, we recognize revenue based on the customers’ attendance of the course, mentoring training, coaching session or delivery of the software, data or course materials on-line. After a customer contract expires, we record breakage revenue less a reserve for cases where we allow a customer to attend after expiration. As of September 30, 2021, we have deferred revenue of $4.3 million related to contractual commitments with customers where the performance obligation will be satisfied over time, which ranges from six to twenty-four months. The revenue associated with these performance obligations is recognized as the obligation is satisfied. As of September 30, 2021, we maintain a reserve for breakage of $2.0 million for the fulfillment of our obligation to students whose contracts expired during our COVID-19 60-day operational hiatus during Q2 2020 (see Note 1 – “General”).

 

The following tables disaggregate our segment revenue by revenue source:

 

   

Three Months Ended

September 30, 2021

   

Three Months Ended

September 30, 2020

 
    North
America
    U.K.     Other
foreign
markets
    Total
Consolidated
Revenue
    North
America
    U.K.     Other
foreign
markets
    Total
Consolidated
Revenue
 
    (In thousands)     (In thousands)  
Revenue Type:                                                                
Seminars   $ 1,272     $     $     $ 1,272     $ 6,783     $ 47     $ 141     $ 6,971  
Products     107                   107       70                   70  
Coaching and Mentoring                             7             3       10  
Online and Subscription                             351             37       388  
Other                                                
Total revenue   $ 1,379     $     $     $ 1,379     $ 7,211     $ 47     $ 181     $ 7,439  

 

   

Nine Months Ended

September 30, 2021

   

Nine Months Ended

September 30, 2020

 
    North
America
    U.K.     Other
foreign
markets
    Total
Consolidated
Revenue
    North
America
    U.K.     Other
foreign
markets
    Total
Consolidated
Revenue
 
    (In thousands)     (In thousands)  
Revenue Type:                                                                
Seminars   $ 4,300     $ 880     $     $ 5,180     $ 17,940     $ 245     $ 425     $ 18,610  
Products     198                   198       464                   464  
Coaching and Mentoring                             1,050             3       1,053  
Online and Subscription     11                   11       1,281             40       1,321  
Other     163       1,809             1,972       116                   116  
Total revenue   $ 4,672     $ 2,689     $     $ 7,361     $ 20,851     $ 245     $ 468     $ 21,564