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REVENUE

3 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 4 - REVENUE

The Company generates its revenues primarily from performance obligations completed under contracts with customers in three main market sectors: defense, energy and precision industrial. The period over which the Company performs is generally less than one year. The Company invoices and receives related payments based upon performance progress not less frequently than monthly.

Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer.

The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type sales only. The following table presents net sales on a disaggregated basis by market and contract type:

Net Sales by market		Defense				Energy				Industrial				Totals
Three months ended June 30, 2019		$	3,409,291			$	261,666			$	663,311			$	4,334,268
Three months ended June 30, 2018		$	3,809,087			$	261,430			$	28,306			$	4,098,823

Net Sales by contract type		Over-time				Point-in-time								Totals
Three months ended June 30, 2019		$	3,052,938			$	1,281,330							$	4,334,268
Three months ended June 30, 2018		$	3,838,927			$	259,896							$	4,098,823

As of June 30, 2019, the Company had $12.5 million of remaining performance obligations, of which $9.6 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue within the next 24 months.

We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our net sales for the three months ended:

		June 30, 2019								June 30, 2018
Customer		Amount				Percent				Amount				Percent
A		$	1,255,055				29	%		$	1,593,440				39	%
B		$	*				*	%		$	1,015,148				25	%
C		$	1,050,577				24	%		$	*				*	%
D		$	618,019				14	%		$	*				*	%
E		$	549,192				13	%		$	*				*	%

*Less than 10% of total 

On our condensed consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. In fiscal 2020, we recognized revenue of $0.2 million related to our contract liabilities at March 31, 2019. At June 30, 2019 contract assets consisted of the following:

Contract assets		Unbilled				Progress payments				Total
June 30, 2019		$	8,771,341			$	(5,897,730	)		$	2,873,611
March 31, 2019		$	9,324,361			$	(4,933,529	)		$	4,390,832

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369

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