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REVENUE
 12 Months Ended
Mar. 31, 2024
REVENUE  
REVENUE

NOTE 4 – 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. The Company invoices and receives related payments based upon performance progress not less frequently than monthly.

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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:

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Net Sales by market

    

Defense

    

Industrial

    

Totals

Year ended March 31, 2024

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$

31,405,569

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$

185,490

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$

31,591,059

Year ended March 31, 2023

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$

30,935,138

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$

496,476

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$

31,431,614

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Net Sales by contract type

    

Over-time

    

Point-in-time

    

Totals

Year ended March 31, 2024

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$

30,412,981

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$

1,178,078

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$

31,591,059

Year ended March 31, 2023

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$

29,785,799

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$

1,645,815

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$

31,431,614

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As of March 31, 2024, the Company had $50.0 million of remaining performance obligations, of which $41.4 million was less than 50% complete. The Company expects to recognize all 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 for the fiscal years ended March 31:

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2024

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2023

 

Customer

    

Amount

    

Percent

    

Amount

    

Percent

 

Customer A

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$

9,050,470

 

29

%  

$

6,352,394

 

20

%

Customer B

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$

3,257,616

 

10

%  

$

*

 

*

%

Customer C

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$

*

 

*

%  

$

4,779,592

 

15

%

Customer D

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$

3,830,958

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12

%  

$

3,248,773

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10

%

Customer E

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$

3,319,827

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10

%

$

5,838,734

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19

%

*Less than 10% of total

In our 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. Contract assets consist of the following at:

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Progress

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Contract assets

    

Unbilled

    

Payments

    

Total

March 31, 2024

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$

19,254,512

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$

(10,727,786)

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$

8,526,726

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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In fiscal 2024 and 2023, we recognized revenue of $1.2 million and $1.8 million related to our contract liabilities at April 1, 2023 and 2022, respectively. Contract liabilities consist of the following at:

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Contract liabilities

    

Deferred revenue

    

Customer Deposits

    

Total

March 31, 2024

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$

2,103,567

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$

1,684,366

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$

3,787,933

March 31, 2023

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$

1,195,298

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$

1,138,293

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$

2,333,591

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