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NET SALES

9 Months Ended

Mar. 31, 2023

Equity [Abstract]

NET SALES

NOTE 3. 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,
		2023				2022				2023				2022
Net Sales:
Over-time revenue recognition		$	970			$	549			$	2,361			$	859
Point-in-time revenue recognition			12,109				8,716				33,087				28,567
Total net sales		$	13,079			$	9,265			$	35,448			$	29,426

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. 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 three and nine months ended March 31, 2023, we recorded $405,000 and $956,000, respectively, of revenue that had been included in deferred revenue in the prior year. During the three and nine months ended March 31, 2022, we did not record any 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 $57,000 at March 31, 2023, is currently expected to be recognized in the next 12-month period.

The following tables summarize our contract assets and liability balances (in thousands):

Schedule of contract assets and liability
		As of and for the Three Months Ended March 31,								As of and for the Nine Months Ended March 31,
		2023				2022				2023				2022
Contract assets beginning balance		$	877			$	424			$	710			$	193
Expenses incurred during the year			362			$	371			$	1,108			$	732
Amounts reclassified to cost of sales			(935	)			(445	)			(1,497	)			(556	)
Amounts allocated to discounts for standalone selling price			(25	)			(9	)			(42	)			(28	)
Contract assets ending balance		$	279			$	341			$	279			$	341

		As of and for the Three Months Ended March 31,								As of and for the Nine Months Ended March 31,
		2023				2022				2023				2022
Contract liabilities beginning balance		$	851			$	584			$	1,013			$	150
Payments received from customers			41			$	861			$	741			$	1,393
Amounts reclassified to revenue			(835	)			(549	)			(1,697	)			(647	)
Contract liabilities ending balance		$	57			$	896			$	57			$	896

X

- 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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- References

No definition available.

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