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REVENUE | 6 Months Ended
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Sep. 30, 2023
REVENUE |
REVENUE | NOTE 3 – REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company performs its obligations can be between three and thirty-six months. 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 provides 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 |  | Industrial |  | Totals
Three months ended September 30, 2023 | ​ | $ | 7,959,628 | ​ | $ | 10,458 | ​ | $ | 7,970,086
Three months ended September 30, 2022 | ​ | $ | 8,385,441 | ​ | $ | 137,206 | ​ | $ | 8,522,647
Six months ended September 30, 2023 | ​ | $ | 15,159,032 | ​ | $ | 182,294 | ​ | $ | 15,341,326
Six months ended September 30, 2022 | ​ | $ | 15,226,365 | ​ | $ | 372,639 | ​ | $ | 15,599,004
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Sales by contract type |  | Over-time |  | Point-in-time |  | Totals
Three months ended September 30, 2023 | ​ | $ | 7,413,656 | ​ | $ | 556,430 | ​ | $ | 7,970,086
Three months ended September 30, 2022 | ​ | $ | 8,219,139 | ​ | $ | 303,508 | ​ | $ | 8,522,647
Six months ended September 30, 2023 | ​ | $ | 14,347,460 | ​ | $ | 993,866 | ​ | $ | 15,341,326
Six months ended September 30, 2022 | ​ | $ | 14,841,232 | ​ | $ | 757,772 | ​ | $ | 15,599,004
​ As of September 30, 2023, the Company had $44.6 million of remaining performance obligations, of which $38.3 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue within the next thirty-six months. We are dependent 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 revenues from customers who accounted for more than 10% of our net sales. ​
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​ | ​ | Three months ended | ​ | Three months ended | ​ | Six months ended | ​ | Six months ended | ​
​ | ​ | September 30, 2023 | ​ | September 30, 2022 |  | September 30, 2023 | ​ | September 30, 2022 | ​
Customer |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent |
A | ​ | $ | 2,560,204 |  | 32 | % | $ | 1,438,049 |  | 17 | % | $ | 4,845,478 | ​ | 32 | % | $ | 2,734,436 | ​ | 18 | %
B | ​ | $ | 999,540 |  | 13 | % | $ | * |  | * | % | $ | 1,742,776 | ​ | 11 | % | $ | * | ​ | * | %
C | ​ | $ | * | ​ | * | % | $ | 1,614,929 | ​ | 19 | % | $ | * | ​ | * | % | $ | 3,378,520 | ​ | 22 | %
D | ​ | $ | * | ​ | * | % | $ | 1,971,441 | ​ | 23 | % | $ | * | ​ | * | % | $ | 3,043,315 | ​ | 20 | %
*Less than 10% of total In 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. For the six months ended September 30, 2023, we recognized revenue of approximately $1.2 million related to our contract liabilities at April 1, 2023. Contract assets consisted of the following at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Progress | ​ | ​ | ​
​ |  | Unbilled |  | payments |  | Total
September 30, 2023 | ​ | $ | 20,183,772 | ​ | $ | (12,087,164) | ​ | $ | 8,096,608
March 31, 2023 | ​ | $ | 19,485,914 | ​ | $ | (10,538,103) | ​ | $ | 8,947,811
​

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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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