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REVENUE
 6 Months Ended
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:

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Net Sales by market

    

Defense

    

Industrial

    

Totals

Three months ended September 30, 2023

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$

7,959,628

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$

10,458

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$

7,970,086

Three months ended September 30, 2022

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$

8,385,441

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$

137,206

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$

8,522,647

Six months ended September 30, 2023

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$

15,159,032

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$

182,294

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$

15,341,326

Six months ended September 30, 2022

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$

15,226,365

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$

372,639

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$

15,599,004

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Net Sales by contract type

    

Over-time

    

Point-in-time

    

Totals

Three months ended September 30, 2023

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$

7,413,656

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$

556,430

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$

7,970,086

Three months ended September 30, 2022

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$

8,219,139

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$

303,508

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$

8,522,647

Six months ended September 30, 2023

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$

14,347,460

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$

993,866

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$

15,341,326

Six months ended September 30, 2022

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$

14,841,232

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$

757,772

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$

15,599,004

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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

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Three months ended

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Six months ended

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Six months ended

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September 30, 2023

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September 30, 2022

 

September 30, 2023

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September 30, 2022

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Customer

    

Amount

    

Percent

    

Amount

    

Percent

    

Amount

    

Percent

    

Amount

    

Percent

  

A

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$

2,560,204

 

32

%  

$

1,438,049

 

17

%  

$

4,845,478

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32

%  

$

2,734,436

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18

%

B

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$

999,540

 

13

%  

$

*

 

*

%  

$

1,742,776

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11

%  

$

*

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*

%

C

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$

*

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*

%  

$

1,614,929

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19

%  

$

*

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*

%  

$

3,378,520

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22

%

D

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$

*

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*

%

$

1,971,441

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23

%

$

*

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*

%

$

3,043,315

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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:

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Progress

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Unbilled

    

payments

    

Total

September 30, 2023

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$

20,183,772

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$

(12,087,164)

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$

8,096,608

March 31, 2023

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$

19,485,914

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$

(10,538,103)

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$

8,947,811

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