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NET SALES

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

NET SALES

NOTE 4. NET SALES

The following table presents the disaggregation of net sales by revenue recognition model (in thousands):

Schedule of disaggregation of net sales
		Three Months Ended March 31,								Nine Months Ended March 31,
		2022				2021				2022				2021
Net Sales:
Over-time revenue recognition		$	549			$	55			$	859			$	185
Point-in-time revenue recognition			8,716				11,684				28,567				28,409
Total net sales		$	9,265			$	11,739			$	29,426			$	28,594

The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. Our entire deferred revenue balance of $896,000 at March 31, 2022, is currently expected to be recognized in the next 12-month period.

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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

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X

- References

No definition available.

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