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Revenue, Contract Assets and Contract Liabilities
 6 Months Ended
Jun. 30, 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 and cost of goods sold during the three and six months ended June 30, 2022.

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The Company recognized no revenue during the three months ended June 30, 2021. The Company recognized $363 thousand during the six months ended June 30, 2021 from the completion and delivery of a multi burner product contract with an infrastructure company.

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During the three and six months ended June 30, 2021, the Company recognized cost of goods sold of $505 thousand and $730 thousand, respectively. Cost of sales during the three months ended June 30, 2021 consisted of $556 thousand in estimated losses on two contracts that the Company anticipates will show losses upon completion. This was offset by adjustments totaling $35 thousand related to the reversal of an accrual for product warranty that expired on a completed project from the year 2018, and $16 thousand 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 thousand, including a $36 thousand warranty accrual, recorded upon completion of the burner contract, and $574 thousand 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 thousand related to the reversals of accruals for product warranties that expired on four completed projects from the year 2018, and $8 thousand in adjustments for residual cost accruals.

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The Company had contract assets of $486 thousand and $39 thousand at June 30, 2022 and December 31, 2021, respectively. The Company had contract liabilities of $84 thousand at June 30, 2022 and December 31, 2021.