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Revenue, Contract Assets and Contract Liabilities
 9 Months Ended
Sep. 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 $324 thousand of revenues and $201 thousand of cost of goods sold during the three and nine months ended September 30, 2022. The revenue and cost of goods sold are mostly in connection with the completion of a technology validation project.

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The Company recognized $190 thousand of revenue during the three months ended September 30, 2021 and $553 thousand during the nine months ended September 30, 2021. Revenues were generated from the completion and delivery of our process burner products to a global supermajor oil company and domestic infrastructure company.

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During the three and nine months ended September 30, 2021, the Company recognized cost of goods sold of $278 thousand and $1,008 thousand, respectively. Cost of goods sold during the three months ended September 30, 2021 consisted of $182 thousand in estimated losses on a contract that the Company anticipated would show losses upon completion and $96 thousand related to the delivery and sale of a process burner product.

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Cost of goods sold during the nine months ended September 30, 2021 consisted of $390 thousand recorded upon completion of a process burner contract and $712 thousand in anticipated contract losses upon completion of the contract. These amounts were offset by adjustments totaling $86 thousand related to the reversals of accruals for product warranties that expired and $8 thousand of accrual adjustments.

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The Company had contract assets of $284 thousand and $39 thousand at September 30, 2022 and December 31, 2021, respectively. The Company had contract liabilities of $61 thousand and $84 thousand at September 30, 2022 and December 31, 2021.