Annual report pursuant to Section 13 and 15(d)

Revenue

v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
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 88% and 93% of our net revenues from within the United States for the years ended December 31, 2023 and 2022, respectively. Revenue by geographic location is as follows:

Year Ended December 31,
2023 2022
Net revenues
United States $ 4,267  $ 6,066 
International 565  455 
Net revenues $ 4,832  $ 6,521 
The following table sets forth our concentration of revenue sources as a percentage of total net revenues:
Year Ended December 31,
2023 2022
Customer A 14  % 1  %
Customer B 11  % 1  %
Customer D 10  % 4  %
Customer E 6  % 11  %
Deferred Revenue
Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue under arrangements with customers. We recognize deferred revenue as revenue only when revenue recognition criteria are met. During the year ended December 31, 2023, we recognized revenue of $2,133 that was included in our deferred revenue balance as of December 31, 2022.
Remaining Performance Obligations
Remaining performance obligations consist of gross deferred revenue and backlog. Remaining performance obligations were $4,688 as of December 31, 2023, of which we expect to recognize 40% 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 platform. For the year ended December 31, 2022, we sold $1,535 of PhunToken for which we received both cash and digital assets from customers. Revenue from PhunToken for the year ended December 31, 2023 was not significant.
In March 2022, certain members of our senior management team purchased 827.5 million PhunToken pursuant to Restricted Token Purchase Agreements, at an aggregate purchase price of approximately $7. The PhunToken would have been transferred to employees over a time-based delivery schedule ranging from one to four years. In October 2022, our board of directors terminated the PhunToken Restricted Purchase Agreements, with no further PhunToken to be delivered to the employees after April 1, 2022.
As of December 31, 2023 and 2022, issued PhunToken were 377.2 million. Total supply of PhunToken is capped at 10 billion.