Common use of DEFERRED REVENUE Clause in Contracts

DEFERRED REVENUE. At December 31, 2021, the Company had deferred revenue of $26,477, which represents cash prepayments from customers for future coal sales (2020: $20,831). The movement of the Company’s deferred revenue is as follows: Balance, beginning of year $ 20,831 $ 16,057 Revenue recognized that was included in the deferred revenue balance at beginning of the year (20,911) (15,486) Increase due to trade deposits received, excluding amounts recognized as revenue during the year 26,553 20,913 Exchange realignment 4 (653) Balance, end of year $ 26,477 $ 20,831 The performance obligation related to the revenue from customers for contracts that are unsatisfied (or partially unsatisfied) are expected to be recognized within one year after the reporting date. The Company applies the practical expedient and does not disclose information about any remaining performance obligation that is a part of contract that has original expected duration of one year or less.

DEFERRED REVENUE. At December 31, 20212020, the Company had deferred revenue of $26,47720,831, which represents cash prepayments from customers for future coal sales (2020December 31, 2019: $20,83116,057). The movement of the Company’s deferred revenue is as follows: Balance, beginning of year $ 20,831 16,057 $ 16,057 12,658 Revenue recognized that was included in the deferred revenue balance at beginning of the year (20,91115,486) (15,48612,385) Increase due to trade deposits received, excluding amounts recognized as revenue during the year 26,553 20,913 16,155 Exchange realignment 4 (653) (371) Balance, end of year $ 26,477 20,831 $ 20,831 16,057 The performance obligation related to the revenue from customers for contracts that are unsatisfied (or partially unsatisfied) are expected to be recognized within one year after the reporting date. The Company applies the practical expedient and does not disclose information about any remaining performance obligation that is a part of contract that has original expected duration of one year or less.