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Revenue, Contract Assets and Contract Liabilities
 3 Months Ended
Mar. 31, 2023
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized $894 thousand of revenues and $788 thousand of cost of goods sold during the three months ended March 31, 2023. The revenue and cost of goods sold relate predominately to the Company’s process burner product line, where the Company successfully completed a burner performance customer witness test, which represented a contractual performance obligation per ASC 606.

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The Company did not recognize revenue or cost of goods sold for the three months ended March 31, 2022.

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The Company had contract assets of $4 thousand and $20 thousand at March 31, 2023 and December 31, 2022, respectively. The Company had contract liabilities of $639 thousand and $247 thousand at March 31, 2023 and December 31, 2022, respectively.