Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable, net

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Accounts Receivable, net
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Accounts Receivable, net
Note E – Accounts Receivable, net
The accounts receivable, net balance was as follows:
September 30, 2024 December 31, 2023
Billed receivables
 $ 22,653  $ 28,926 
Unbilled receivables
 —  3,485 
Total accounts receivable, net
 $ 22,653  $ 32,411 

Accounts receivable are recorded for amounts to which the Company is entitled and has invoiced to the customer. Unbilled receivables, presented in the table above, consist of unbilled amounts under time-and-material (“T&M”) contracts where billing and payment is subject solely to the passage of time.

Substantially all accounts receivable as of September 30, 2024 are expected to be collected in 2024. The Company does not believe there is a significant exposure to credit risk as the majority of the Company’s accounts receivable are due from U.S. and foreign governments or large prime contractors of such government entities. As a result, the allowance for credit losses was not material as of September 30, 2024 and December 31, 2023, respectively.