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Revenue, Contract Assets and Contract Liabilities
 6 Months Ended
Jun. 30, 2024
Revenue, Contract Assets and Contract Liabilities  
Revenue, Contract Assets and Contract Liabilities

Note 5 – Revenue, Contract Assets and Contract Liabilities

The Company recognized $45 thousand of revenues and $3 thousand of cost of goods sold during the three months ended June 30, 2024. The revenue and cost of goods sold relate to the successful completion of engineering studies for a repeat customer. These products and services constitute performance obligations per Accounting Standards Codification (“ASC”) 606.

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The Company recognized $1,147 thousand of revenues and $668 thousand of cost of goods sold during the six months ended June 30, 2024. The revenue and cost of goods sold relate predominantly to the Company’s process burner product line. The Company delivered multiple burners in connection with a single customer order; successfully completed engineering studies and a Computational Fluid Dynamic analysis; and fulfilled multiple spare parts orders. These products and services constitute performance obligations per ASC 606.

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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.

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 predominantly 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 had contract assets of $5 and $188 thousand at June 30, 2024 and December 31, 2023, respectively. The Company had contract liabilities of $825 thousand and $1,116 thousand at June 30, 2024 and December 31, 2023, respectively. Of the $1,116 thousand contract liability balance at December 31, 2023, the Company recognized revenue of zero and $253 thousand during the three and six months ended June 30, 2024, respectively.