XML 27 R9.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 3 - Contracts in Progress | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | Note 3 – Contracts in Progress The following table represents a disaggregation of revenue from contracts for the years ended December 31, 2019 and December 31, 2018:
(In thousands) |  | 201 9 |  |  | 201 8 |
Category |  |  |  |  |  |  |  |
Aerospace |  | $ | 4,937 |  |  | $ | 8,115 |
Industrial |  |  | 4,933 |  |  |  | 7,043 |
Research |  |  | 3,114 |  |  |  | 4,114 |
Point in time |  |  | 6,663 |  |  |  | 5,062 |
Total revenue |  | $ | 19,647 |  |  | $ | 24,334 |
Contract Assets and Liabilities Contract assets consist of (i) retainage which represent the earned, but unbilled, portion for which payment is deferred by the customer until certain contractual milestones are met; and (ii) unbilled receivables which represent revenue that has been recognized in advance of billing the customer, which is common for long-term contracts. Contract liabilities consist of customer advances and billings in excess of revenue recognized. For the year ended December 31, 2019, the decrease in contract assets of approximately $.8 million was primarily driven by additional billed receivables during the period, for those projects that certain milestones had been reached. During the year ended December 31, 2019, the increase in contract liabilities of $.3 million was primarily due to invoicing for those projects. Contract assets and contract liabilities on input method type contracts in progress are summarized as follows:
|  | 2019 |  |  | 2018 |
Costs incurred on contracts in progress |  | $ | 6,943,067 |  |  | $ | 24,913,254 |
Estimated earnings |  |  | 3,370,032 |  |  |  | 26,040,219 |
|  |  | 10,313,099 |  |  |  | 50,953,473 |
Billings to date |  |  | (10,645,800 | ) |  |  | (50,132,200 | )
|  | $ | (332,701 | ) |  | $ | 821,273 |
Included in accompanying balance sheets |  |  |  |  |  |  |  |
Under the following captions: |  |  |  |  |  |  |  |
Contract assets |  | $ | 512,952 |  |  | $ | 1,357,797 |
Contract liabilities |  | $ | (845,653 | ) |  | $ | (536,524 | )
The Company has unrecognized contract revenue of approximately $3.6 million at December 31, 2019, which it expects to recognized as revenue within the next twelve months.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration