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Revenue, Contract Assets and Contract Liabilities
 3 Months Ended
Mar. 31, 2022
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized no revenues during the three months ended March 31, 2022 and $363 thousand of revenue during the three months ended March 31, 2021 from the completion and delivery of a burner under a product contract with an infrastructure company.

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The Company did not record any cost of goods sold for the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company recognized cost of goods sold of $250 thousand from the burner contract. Additionally, the Company recognized $18 thousand in cost of goods sold on a contract that the Company estimated would show a loss upon completion, and $8 thousand in residual costs associated with a contract that was completed during 2020. The recognized cost of goods sold was offset by adjustments totaling $51 thousand related to the reversal of accrual for product warranties that expired on three completed projects from the year 2018.

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The Company had contract assets of $244 thousand and $39 thousand at March 31, 2022 and December 31, 2021, respectively. The Company had contract liabilities of $84 thousand at March 31, 2022 and December 31, 2021.