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Note 3 - Revenue | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | Note 3 – Revenue The following table represents a disaggregation of revenue from contracts for the years ended December 31, 2020 and December 31, 2019:
|  | Year Ending December 31, 2020 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | 1,607 |  |  | $ | 6,013 |  |  | $ | 7,620 |
Industrial |  | $ | 1,849 |  |  | $ | 3,565 |  |  | $ | 5,414 |
Research |  | $ | 3,208 |  |  | $ | 678 |  |  | $ | 3,886 |
Total |  | $ | 6,664 |  |  | $ | 10,256 |  |  | $ | 16,920 |
|  | Year ending December 31, 2019 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | 3,224 |  |  | $ | 5,948 |  |  | $ | 9,172 |
Industrial |  | $ | 3,199 |  |  | $ | 3,994 |  |  | $ | 7,193 |
Research |  | $ | 2,609 |  |  | $ | 673 |  |  | $ | 3,282 |
Total |  | $ | 9,032 |  |  | $ | 10,615 |  |  | $ | 19,647 |
The Company has unrecognized contract revenue of approximately $2.1 million at December 31, 2020, which it expects to recognize as revenue within the next twelve months. Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Changes in estimates for sales of systems occur for a variety of reasons, including but not limited to (i) build accelerations or delays, (ii) product cost forecast changes, (iii) cost related change orders or add-ons, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect on the Company's consolidated statements of operations. 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. As of December 31, 2020, 2019 and January 1 2019, contract assets were $.5 million, $.5 million and $1.4 million, respectively. At December 31, 2020, 2019 and January 1, 2019, contract liabilities were $.2 million, $.8 million and $.5 million, respectively, and the ending balance of the contract liabilities are generally recognized as income in the following year. Contract assets and contract liabilities on input method type contracts in progress are summarized as follows:
|  | 2020 |  |  | 2019 |
Costs incurred on contracts in progress |  | $ | 4,464,471 |  |  | $ | 6,943,066 |
Estimated earnings |  |  | 2,087,396 |  |  |  | 3,370,032 |
|  |  | 6,551,867 |  |  |  | 10,313,098 |
Billings to date |  |  | (6,212,229 | ) |  |  | (10,645,800 | )
|  | $ | 339,638 |  |  | $ | (332,702 | )
Deferred revenue related to non-systems contracts |  |  | (632,014 | ) |  |  | (1,429,582 | )
|  |  | (292,376 | ) |  | $ | (1,762,284 | )
Included in accompanying balance sheets |  |  |  |  |  |  |  |
Under the following captions: |  |  |  |  |  |  |  |
Contract assets |  | $ | 494,281 |  |  | $ | 512,952 |
Contract liabilities |  | $ | (786,657 | ) |  | $ | (2,275,236 | )

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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