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Note 4 - Revenue Disaggregation
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
NOTE
4:
         REVENUE DISAGGREGATION
 
The following table represents a disaggregation of revenue for the
three
months ended
March 31, 2021
and
2020
(in thousands):
 
   
Three Month's Ending March 31, 2021
  
                         
   
Over time
    
Point in time
    
Total
  
Aerospace
   $
189
     $
526
     $
715
  
Industrial
   $
1,369
     $
675
     $
2,044
  
Research
   $
187
     $
420
     $
607
  
Total
   $
1,745
     $
1,621
     $
3,366
  
 
 
   
Three Month's Ending March 31, 2020
  
                         
   
Over time
    
Point in time
    
Total
  
Aerospace
   $
1,165
     $
2,185
     $
3,350
  
Industrial
   $
127
     $
861
     $
988
  
Research
   $
594
     $
1,104
     $
1,698
  
Total
   $
1,886
     $
4,150
     $
6,036
  
 
 
The Company has unrecognized contract revenue of approximately
$1.7
million at
March 31, 2021,
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.
 
During the
three
months ended
March 31, 2021
and
2020,
the increase in contract assets of approximately
$.5
million and
$1.2
million, respectively, was the result of work performed in excess of billings which are based upon project milestones.
 
Contract assets and contract liabilities on input method type contracts in progress are summarized as follows:
 
   
2021
  
Costs incurred on contracts in progress
   $
5,266,960
  
Estimated earnings
    
2,503,933
  
     
7,770,893
  
Billings to date
    
(6,867,896
 )
    $
902,997
  
Deferred revenue related to non-systems contracts
    
(609,216
 )
     
293,781
  
Included in accompanying balance sheets
        
Under the following captions:
        
Contract assets
   $
1,027,288
  
Contract liabilities
   $
(733,507
 )