Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.1
Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our platform revenue consists of SDK license subscriptions and application development services, as well as application transactions, which comprise of of in-app advertising and sales of our digital asset, PhunToken. Hardware revenue relates to the sale of high-performance personal computers. Refer to our revenue recognition policy under the subheading, Revenue Recognition, in Note 2, Summary of Significant Accounting Policies, in our Annual Report on Form 10-K filed with the SEC on April 7, 2022.
Disaggregation of Revenue
The following table sets forth our net revenues by category:

Three Months Ended March 31,
2022 2021
Platform revenue $ 2,492  $ 1,646 
Hardware revenue 4,286  — 
Net revenues $ 6,778  $ 1,646 
We generate revenue in domestic and foreign regions and attribute net revenue to individual countries based on the location of the contracting entity. We derived 95% and 99% of our net revenues from within the United States for the three months ended March 31, 2022 and 2021, respectively.
The following table sets forth our concentration of revenue sources as a percentage of total net revenues.

Three Months Ended March 31,
2022 2021
Customer B 1  % 15  %
Customer E —  % 17  %
Customer F —  % 13  %
Customer G 1  % 10  %

Deferred Revenue
Our deferred revenue balance consisted of the following:
March 31, 2022 December 31, 2021
Current deferred revenue
Platform revenue $ 1,919  $ 1,824 
Hardware revenue 1,344  2,149 
Total current deferred revenue $ 3,263  $ 3,973 
Non-current deferred revenue
Platform revenue $ 1,008  $ 1,299 
Total non-current deferred revenue $ 1,008  $ 1,299 
Total deferred revenue $ 4,271  $ 5,272 
Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under the arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the three months ended March 31, 2022, we recognized revenue of $2,477 that was included in our deferred revenue balance as of December 31, 2021.
Remaining Performance Obligations
Remaining performance obligations were $7,088 as of March 31, 2022, of which we expect to recognize approximately 51% as revenue over the next 12 months and the remainder thereafter.
PhunToken
In May 2021, we announced the commencement of the selling of PhunToken. PhunToken is our innovative digital asset intended to be utilized within our token ecosystem, once developed, to help drive engagement by unlocking features and capabilities of our MaaS platform. During the three months ended March 31, 2022, we sold 115.8 million PhunToken for an aggregate of $973, for which we received both cash and digital assets from customers. Sales of PhunToken are recorded within platform revenue in the table above.
In March 2022, certain members of our senior management team purchased PhunToken pursuant to Restricted Token Purchase Agreements for total of 827.5 million PhunToken, at an aggregate purchase price of approximately $7. The PhunToken will be transferred to employees over a time-based delivery schedule ranging from one to four years. The Company will have the right to repurchase any PhunToken not delivered to the employee as a result of voluntary termination or termination for cause.
As of March 31, 2022 and December 31, 2021, issued PhunToken were 369.1 million and 131.7 million, respectively. Total supply of PhunToken is capped at 10 billion.