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CONTRACT ASSETS AND LIABILITIES | 3 Months Ended
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Apr. 01, 2023
Contract Assets And Liabilities |
CONTRACT ASSETS AND LIABILITIES | 10. CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. The Company classifies the noncurrent portion of contract assets under Other assets in its condensed consolidated balance sheets. Contract liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue. Net contract assets (liabilities) consisted of the following: SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY
|  | April 1, 2023 |  |  | December 31, 2022 |  |  | $ Change |  |  | % Change |
Contract assets and unbilled receivables —current |  | $ | 3,043,076 |  |  | $ | 4,068,364 |  |  | $ | (1,025,288 | ) |  |  | (25 | )%
Contract liabilities and billings in excess of revenues earned |  |  | (718,544 | ) |  |  | (930,500 | ) |  |  | 211,956 |  |  |  | (23 | )%
Contract liabilities—noncurrent |  |  | (6,331 | ) |  |  | (6,190 | ) |  |  | (141 | ) |  |  | 2 | %
Net contract assets |  | $ | 2,318,201 |  |  | $ | 3,131,674 |  |  | $ | (813,473 | ) |  |  | (26 | )%
The $0.8 million decrease in the Company’s net contract assets at April 1, 2023 as compared to December 31, 2022 was primarily due to recording of revenue earned against advanced payments. In the three months ended April 1, 2023, the Company recognized revenue of $0.5 million related to our contract liabilities at December 31, 2022. In the three months ended March 26, 2022, the Company recognized revenue of $2.9 million related to our contract liabilities at December 25, 2021. The Company did not recognize impairment losses on our contract assets in the three months ended April 1, 2023 or March 26, 2022. Performance Obligations The Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows: SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION
|  | Three months ended |  |  | Three months ended |
|  | April 1, 2023 |  |  | March 26, 2022 |
Point in time |  |  | 26 | % |  |  | 20 | %
Over time |  |  | 74 | % |  |  | 80 | %
Performance obligation percentage |  |  |  | % |  |  |  | %
Remaining performance obligations represent the transaction price of orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (“IDIQ”)). As of April 1, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $17.5 million which the Company expects to recognize over the next 12 months. The remaining performance obligations represent amounts to be earned under government contracts, which are subject to cancellation.

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