Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.21.2
Revenue
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table sets forth our net revenues by category:

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Net Revenues
Platform subscriptions and services $ 1,771  $ 2,860  $ 4,472  $ 7,274 
Application transaction 389  270  770  709 
Net revenues $ 2,160  $ 3,130  $ 5,242  $ 7,983 
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 99% of our net revenues from within the United States for the three and nine months ended September 30, 2021. During the three and nine months ended September 30, 2020, 99% and 96% of our net revenues were from within the United States, respectively.
The following table sets forth our concentration of revenue sources as a percentage of total net revenues.

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Customer A 35  % —  % 15  % —  %
Customer E 8  % 9  % 14  % 11  %
Customer F —  % 26  % —  % 30  %
Customer G —  % 21  % —  % 8  %

Deferred Revenue
Our deferred revenue balance consisted of the following:
September 30, 2021 December 31, 2020
Current deferred revenue
Platform subscriptions and services revenue $ 1,734  $ 2,317 
Application transaction revenue 81  80 
Total current deferred revenue $ 1,815  $ 2,397 
Non-current deferred revenue
Platform subscriptions and services revenue $ 1,262  $ 2,678 
Total non-current deferred revenue $ 1,262  $ 2,678 
Total deferred revenue $ 3,077  $ 5,075 

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 nine months ended September 30, 2021, we recognized revenue of $3,006 that was included in our deferred revenue balance as of December 31, 2020.
Remaining Performance Obligations
Remaining performance obligations were $6,097 as of September 30, 2021, of which we expect to recognize approximately 38% as revenue over the next 12 months and the remainder thereafter.
PhunToken ("PHTK")
In 2019, we announced the launch of a PhunToken, which is meant to act as a medium of exchange within the Company's blockchain technology enabled rewards marketplace and data exchange (the "Token Ecosystem"). On May 11, 2021, we announced the commencement of the selling of PhunToken. PhunToken will initially be issued through a separate, wholly-owned subsidiary, Phun Token International. We follow the guidance of ASC 606, Revenue from Contracts with Customers, in determination the revenue recognition of our PhunToken sales. As of September 30, 2021, we had sold $100 of PhunToken for which we received both cash and digital currency from customers. PhunToken sales are recorded within application transaction revenue in the table above.