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NET SALES | 9 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-time revenue recognition |  | $ | 234 |  |  | $ | 970 |  |  | $ | 762 |  |  | $ | 2,361 |
Point-in-time revenue recognition |  |  | 14,059 |  |  |  | 12,109 |  |  |  | 38,057 |  |  |  | 33,087 |
Total net sales |  | $ | 14,293 |  |  | $ | 13,079 |  |  | $ | 38,819 |  |  | $ | 35,448 |
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, 2024, we did not record any revenue that had been included in deferred revenue in the prior year. 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. 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 $35,000 at March 31, 2024, 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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contract assets beginning balance |  | $ | 412 |  |  | $ | 877 |  |  | $ | 494 |  |  | $ | 710 |
Expenses incurred during the year |  |  | 106 |  |  |  | 362 |  |  |  | 376 |  |  |  | 1,108 |
Amounts reclassified to cost of sales |  |  | (179 | ) |  |  | (935 | ) |  |  | (505 | ) |  |  | (1,497 | )
Amounts allocated to discounts for standalone selling price |  |  | (8 | ) |  |  | (25 | ) |  |  | (34 | ) |  |  | (42 | )
Contract assets ending balance |  | $ | 331 |  |  | $ | 279 |  |  | $ | 331 |  |  | $ | 279 |
|  | As of and for the Three Months Ended March 31, |  |  | As of and for the Nine Months Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contract liabilities beginning balance |  | $ | — |  |  | $ | 851 |  |  | $ | — |  |  | $ | 1,013 |
Payments received from customers |  |  | 225 |  |  |  | 41 |  |  |  | 267 |  |  |  | 741 |
Amounts reclassified to revenue |  |  | (190 | ) |  |  | (835 | ) |  |  | (232 | ) |  |  | (1,697 | )
Contract liabilities ending balance |  | $ | 35 |  |  | $ | 57 |  |  | $ | 35 |  |  | $ | 57 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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