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REVENUE | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | NOTE 3. REVENUE Revenue Recognition Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 72% and 73% of net sales for the three and nine months ended September 30, 2024, respectively and approximately 74% of net sales for both the three and nine months ended September 30, 2023, respectively. The following tables summarize our net sales by market for the three months ended September 30, 2024 and 2023, respectively: SCHEDULE OF NET SALES BY MARKET
|  | Three Months Ended September 30, 2024 |
|  | Product/ Service Transferred Over Time |  |  | Product Transferred at Point in Time |  |  | Noncash Consideration1 |  |  | Total Net Sales by Market |
Medical |  | $ | 12,711 |  |  | $ | 4,435 |  |  | $ | 901 |  |  | $ | 18,047 |
Industrial |  |  | 5,505 |  |  |  | 2,667 |  |  |  | 262 |  |  |  | 8,434 |
Aerospace and defense |  |  | 4,394 |  |  |  | 494 |  |  |  | 38 |  |  |  | 4,926 |
Total net sales |  | $ | 22,610 |  |  | $ | 7,596 |  |  | $ | 1,201 |  |  | $ | 31,407 |
|  | Three Months Ended September 30, 2023 |
|  | Product/ Service Transferred Over Time |  |  | Product Transferred at Point in Time |  |  | Noncash Consideration1 |  |  | Total Net Sales by Market |
Medical |  | $ | 12,029 |  |  | $ | 5,185 |  |  | $ | 621 |  |  | $ | 17,835 |
Industrial |  |  | 8,195 |  |  |  | 1,999 |  |  |  | 241 |  |  |  | 10,435 |
Aerospace and defense |  |  | 4,609 |  |  |  | 450 |  |  |  | 40 |  |  |  | 5,099 |
Total net sales |  | $ | 24,833 |  |  | $ | 7,634 |  |  | $ | 902 |  |  | $ | 33,369 |
1 | Noncash consideration represents material provided by the customer used in the build of the product.
The following tables summarize our net sales by market for the nine months ended September 30, 2024 and 2023, respectively:
|  | Nine Months Ended September 30, 2024 |
|  | Product/ Service Transferred Over Time |  |  | Product Transferred at Point in Time |  |  | Noncash Consideration1 |  |  | Total Net Sales by Market |
Medical |  | $ | 37,469 |  |  | $ | 14,112 |  |  | $ | 2,410 |  |  | $ | 53,991 |
Industrial |  |  | 18,847 |  |  |  | 7,682 |  |  |  | 1,114 |  |  |  | 27,643 |
Aerospace and defense |  |  | 16,494 |  |  |  | 1,231 |  |  |  | 154 |  |  |  | 17,879 |
Total net sales |  | $ | 72,810 |  |  | $ | 23,025 |  |  | $ | 3,678 |  |  | $ | 99,513 |
|  | Nine Months Ended September 30, 2023 |
|  | Product/ Service Transferred Over Time |  |  | Product Transferred at Point in Time |  |  | Noncash Consideration1 |  |  | Total Net Sales by Market |
Medical |  | $ | 42,324 |  |  | $ | 15,564 |  |  | $ | 1,926 |  |  | $ | 59,814 |
Industrial |  |  | 21,378 |  |  |  | 6,532 |  |  |  | 1,056 |  |  |  | 28,966 |
Aerospace and defense |  |  | 12,523 |  |  |  | 1,674 |  |  |  | 301 |  |  |  | 14,498 |
Total net sales |  | $ | 76,225 |  |  | $ | 23,770 |  |  | $ | 3,283 |  |  | $ | 103,278 |
1 | Noncash consideration represents material provided by the customer used in the build of the product.
Contract Assets Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the nine months ended September 30, 2024 were as follows: SCHEDULE OF CONTRACT ASSETS
Balances as of January 1, 2024 |  | $ | 14,481 |
Increase (decrease) attributed to: |  |  |  |
Amounts transferred over time to contract assets |  |  | 72,810 |
Allowance for current expected credit losses |  |  | (15 | )
Amounts invoiced during the period |  |  | (72,218 | )
Balance outstanding as of September 30, 2024 |  | $ | 15,058 |
We expect substantially all of the remaining performance obligations for the contract assets recorded as of September 30, 2024 to be transferred to accounts receivable within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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