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Revenue, Contract Assets and Contract Liabilities
 6 Months Ended
Jun. 30, 2023
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized $150 thousand of revenues and $21 thousand of cost of goods sold during the three months ended June 30, 2023. The revenue and cost of goods sold relate to an engineering feasibility study and spare parts order.

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The Company recognized $1,044 thousand of revenues and $809 thousand of cost of goods sold during the six months ended June 30, 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 and six months ended June 30, 2022.

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The Company had contract assets of $3 thousand and $20 thousand at June 30, 2023 and December 31, 2022, respectively. The Company had contract liabilities of $2,105 thousand and $247 thousand at June 30, 2023 and

December 31, 2022, respectively. Of the $247 thousand contract liability balance at December 31, 2022, the Company recognized revenue of $120 thousand during the six months ended June 30, 2023.