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CONTRACT ASSETS AND LIABILITIES | 6 Months Ended
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Jun. 29, 2024
Contract Assets And Liabilities |
CONTRACT ASSETS AND LIABILITIES | 11. 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
|  | June 29, 2024 |  |  | December 30, 2023 |  |  | $ Change |  |  | % Change |
Contract assets and unbilled receivables —current |  | $ | 6,523,002 |  |  | $ | 3,409,809 |  |  | $ | 3,113,193 |  |  |  | 91 | %
Contract liabilities and billings in excess of revenues earned |  |  | (198,291 | ) |  |  | (916,826 | ) |  |  | 718,535 |  |  |  | (78 | )%
Contract liabilities—noncurrent |  |  | (3,920 | ) |  |  | (23,198 | ) |  |  | 19,278 |  |  |  | (83 | )%
Net contract assets |  | $ | 6,320,791 |  |  | $ | 2,469,785 |  |  | $ | 3,851,006 |  |  |  | 156 | %
The $3.9 million increase in the Company’s net contract assets at June 29, 2024 as compared to December 30, 2023 was primarily due to an increase in amounts owed from production of defense products. In the three and six months ended June 29, 2024, the Company recognized revenue of $0.6 million and $0.9 million, respectively, related to its contract liabilities at December 30, 2023. In the three and six months ended July 1, 2023, the Company recognized revenue of $0.1 million and $0.6 million, respectively, related to its contract liabilities at December 31, 2022. The Company did not recognize impairment losses on its contract assets in the three or six months ended June 29, 2024 or July 1, 2023. 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 |  |  | Six months ended |  |  | Six months ended |
|  | June 29, 2024 |  |  | July 1, 2023 |  |  | June 29, 2024 |  |  | July 1, 2023 |
Point in time |  |  | 13 | % |  |  | 31 | % |  |  | 19 | % |  |  | 28 | %
Over time |  |  | 87 | % |  |  | 69 | % |  |  | 81 | % |  |  | 72 | %
Performance obligation percentage |  |  | 87 | % |  |  | 69 | % |  |  | 81 | % |  |  | 72 | %
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 June 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $31.6 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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