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REVENUE RECOGNITION | 9 Months Ended
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Nov. 30, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | NOTE 3: REVENUE RECOGNITION A majority of the Company’s sales revenue is derived primarily from short term contracts with customers which are primarily in effect for less than twelve months. Sales revenue from manufactured equipment transferred at a single point in time accounts for a majority of the Company’s revenue. Sales revenue is recognized when control of the Company’s manufactured equipment is transferred to its customers, in an amount that reflects the consideration the Company expects to receive based upon the agreed transaction price. The Company’s performance obligations are satisfied when its customers take control of the purchased equipment, which is based on the contract terms. Based on prior experience, the Company reasonably estimates its sales returns and warranty reserves. Sales are presented net of discounts and allowances. Discounts and allowances are determined when a sale is negotiated. The Company does not grant its customers or independent representatives, the ability to return equipment nor does it grant price adjustments after a sale is complete. The Company does not capitalize any sales commission costs related to the acquisition of a contract. All commissions related to a performance obligation that are satisfied at a point in time are expensed when the customer takes control of the purchased equipment. The Company applies the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one-year or less. At November 30, 2023, the Company had received approximately $3,143,000 in cash deposits, representing contract liabilities, and had issued a Letter of Credit in the amount of $60,294 to secure a cash deposit submitted by a customer. At November 30, 2023, the Company was utilizing $60,294 of its available credit line to collateralize this letter of credit. At February 28, 2023, the Company had received $2,838,000 in cash deposits for customer orders. During the nine months ended November 30, 2023, the Company recognized $2,633,000 of these deposits as revenue. The Company’s sales revenue by product line is as follows: Schedule of Revenue Recognition - Sales Revenue by Product Line
|  | Three Months Ended November 30, |  |  | Nine Months Ended November 30, |
|  | 2023 |  |  | % of total |  |  | 2022 |  |  | % of total |  |  | 2023 |  |  | % of total |  |  | 2022 |  |  | % of total |
Fluxing Systems |  | $ | 62,000 |  |  |  | 1% |  |  | $ | 252,000 |  |  |  | 7% |  |  | $ | 503,000 |  |  |  | 4% |  |  | $ | 960,000 |  |  |  | 8% |
Integrated Coating Systems |  |  | 1,418,000 |  |  |  | 25% |  |  |  | 193,000 |  |  |  | 5% |  |  |  | 2,579,000 |  |  |  | 17% |  |  |  | 787,000 |  |  |  | 7% |
Multi-Axis Coating Systems |  |  | 2,962,000 |  |  |  | 52% |  |  |  | 1,493,000 |  |  |  | 42% |  |  |  | 7,648,000 |  |  |  | 51% |  |  |  | 4,962,000 |  |  |  | 44% |
OEM Systems |  |  | 268,000 |  |  |  | 5% |  |  |  | 503,000 |  |  |  | 14% |  |  |  | 1,078,000 |  |  |  | 7% |  |  |  | 1,819,000 |  |  |  | 16% |
Other |  |  | 980,000 |  |  |  | 17% |  |  |  | 1,145,000 |  |  |  | 32% |  |  |  | 3,124,000 |  |  |  | 21% |  |  |  | 2,873,000 |  |  |  | 25% |
TOTAL |  | $ | 5,690,000 |  |  |  |  |  |  | $ | 3,586,000 |  |  |  |  |  |  | $ | 14,932,000 |  |  |  |  |  |  | $ | 11,401,000 |  |  |  |  |

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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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