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Sales, Contract Assets and Contract Liabilities
 3 Months Ended
Mar. 31, 2021
Sales, Contract Assets and Contract Liabilities  
Sales, Contract Assets and Contract Liabilities

Note 5 – Sales, Contract Assets and Contract Liabilities

The Company recognized revenue of $363,000 during the three months ended March 31, 2021 from the completion and delivery of a burner under a product contract with an infrastructure company during the quarter and no revenue during the three months ended March 31, 2020.

 

During the three months ended March 31, 2021, the Company recognized cost of goods sold of $250,000 from the burner contract. Additionally, the Company recognized $18,000 in cost of goods sold on a contract that the Company anticipates will show a loss upon completion and $8,000 in residual costs associated with a contract that was completed during 2020. The recognized cost of goods sold was offset by adjustments totaling $51,000 related to the reversal of accrual for product warranties that expired on three completed projects from the year 2018.

 

The Company did not record any cost of goods sold for the three months ended March 31, 2020.

 

The Company had contract assets of $339,000 and $92,000 and contract liabilities of $48,000 and $94,000 at March 31, 2021 and December 31, 2020, respectively.