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Sales, Contract Assets and Contract Liabilities | 6 Months Ended
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Jun. 30, 2021
Sales, Contract Assets and Contract Liabilities |
Sales, Contract Assets and Contract Liabilities | Note 5 – Sales, Contract Assets and Contract Liabilities The Company recognized no revenue during the three months ended June 30, 2021 and $363,000 during the six months ended June 30, 2021 from the completion and delivery of a multi burner product contract with an infrastructure company. There was no revenue during the three and six months ended June 30, 2020. ​ During the three and six months ended June 30, 2021, the Company recognized cost of goods sold of $505,000 and $730,000 respectively. Cost of sales during the three months ended June 30, 2021 consisted of $556,000 in estimated losses on two contracts that the Company anticipates will show losses upon completion. This was offset by adjustments totaling $35,000 related to the reversal of an accrual for product warranty that expired on a completed project from the year 2018 and $16,000 in adjustments for residual cost accruals. Cost of sales during the six months ended June 30, 2021 consisted of cost of goods sold of $250,000, including a $36,000 warranty accrual, recorded upon completion of the burner contract and $574,000 in estimated losses on two contracts that the Company anticipates will show losses upon completion. The recognized cost of goods sold was offset by adjustments totaling $86,000 related to the reversals of accruals for product warranties that expired on four completed projects from the year 2018 and $8,000 in adjustments for residual cost accruals. The Company recognized an adjustment to cost of goods sold totaling $153,000 during the three and six months ended June 30, 2020 representing the reversal of accruals for product warranties that expired on six completed projects from years 2016 and 2017. ​ The Company had contract assets of $108,000 and $92,000 and contract liabilities of $48,000 and $94,000 at June 30, 2021 and December 31, 2020, respectively.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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