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NET SALES | 12 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
NET SALES |
| 4. | NET SALES
The following table presents the disaggregation of net sales by revenue recognition model (in thousands):
Schedule of disaggregation of net sales |  |  |  |  |  |  |  |
|  | Year ended June 30, |
|  | 2022 |  |  | 2021 |
Net Sales: |  |  |  |  |  |  |  |
Over-time revenue recognition |  | $ | 1,014 |  |  | $ | 324 |
Point-in-time revenue recognition |  |  | 41,027 |  |  |  | 37,705 |
Total net sales |  | $ | 42,041 |  |  | $ | 38,029 |
The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to the evaluation, design or customization of a medical device and is typically recognized over time utilizing an input measure of progress based on costs incurred compared to the estimated total costs upon completion. During the fiscal years ended June 30, 2022 and 2021, we recorded $98,000 and $50,000, respectively, of revenue that had been included in deferred revenue in the prior year. The revenue recognized from the contract liabilities consisted of satisfying our performance obligations during the normal course of business. Our entire deferred revenue balance of $1.0 million at June 30, 2022, is currently expected to be recognized in the next 12-months. The following tables summarize our contract assets and liability balances (in thousands):
Schedule of contract assets and liability |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2022 |  |  | 2021 |
Contract assets at beginning of year |  | $ | 193 |  |  | $ | 155 |
Expenses incurred during the year |  |  | 1,319 |  |  |  | 458 |
Amounts reclassified to cost of sales |  |  | (774 | ) |  |  | (395 | )
Amounts allocated to discounts for standalone selling price |  |  | (28 | ) |  |  | (25 | )
Contract assets at end of year |  | $ | 710 |  |  | $ | 193 |
|  | June 30, |
|  | 2022 |  |  | 2021 |
Contract liabilities at beginning of year |  | $ | 150 |  |  | $ | 200 |
Payments received from customers |  |  | 1,482 |  |  |  | — |
Amounts reclassified to revenue |  |  | (619 | ) |  |  | (50 | )
Contract liabilities at end of year |  | $ | 1,013 |  |  | $ | 150 |

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- Definition The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 + Details
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