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Revenue, Contract Assets and Contract Liabilities
 12 Months Ended
Dec. 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 $374 thousand of revenues and $258 thousand of cost of goods sold during the year ended December 31, 2022. The revenue and cost of goods sold are mostly in connection with the completion of a technology validation project. Cost of goods sold also includes $41 thousand in anticipated contract losses upon completion of a contract.

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The Company recognized $607 thousand of revenues and $1,059 thousand of cost of goods sold during the year ended December 31, 2021. Revenues were generated from the completion and delivery of our process burner products to a global supermajor oil company and domestic infrastructure company. Cost of goods sold consisted of $433 thousand recorded upon completion of process burner contracts and $712 thousand in anticipated contract losses upon completion of related contracts. These amounts were offset by adjustments totaling $86 thousand related to the reversals of accruals for product warranties that expired.

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The Company had contract assets of $20 thousand and $39 thousand and contract liabilities of $247 thousand and $84 thousand at December 31, 2022 and 2021, respectively.