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Note 4 - Revenue Disaggregation
 6 Months Ended
Jun. 30, 2022
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 and six months ended June 30, 2022 and 2021 (in thousands):

 

 

  

Three Month's Ending June 30, 2022

 
             
  

Over time

  

Point in time

  

Total

 

Aerospace

 $-  $520  $520 

Energy, storage and transmission

  2,024   219   2,243 

Industrial

  1,450   725   2,175 

Research

  299   572   871 

Total

 $3,773  $2,036  $5,809 

 

  

Three Month's Ending June 30, 2021

 
             
  

Over time

  

Point in time

  

Total

 

Aerospace

 $197  $577  $774 

Energy, storage and transmission

  -   -   - 

Industrial

  1,226   1,293   2,519 

Research

  365   376   741 

Total

 $1,788  $2,246  $4,034 

 

 

  

Six Month's Ending June 30, 2022

 
             
  

Over time

  

Point in time

  

Total

 

Aerospace

 $-  $1,221  $1,221 

Energy, storage and transmission

  2,923   226   3,149 

Industrial

  2,446   1,597   4,043 

Research

  1,005   1,043   2,048 

Total

 $6,374  $4,087  $10,461 

 

 

  

Six Month's Ending June 30, 2021

 
             
  

Over time

  

Point in time

  

Total

 

Aerospace

 $386  $1,102  $1,488 

Energy, storage and transmission

  -   -   - 

Industrial

  2,595   1,969   4,564 

Research

  552   796   1,348 

Total

 $3,533  $3,867  $7,400 

 

 

The Company has unrecognized contract revenue of approximately $12.8 million at June 30, 2022, which it expects to substantially 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

 

During the six months ended June 30, 2022 and 2021, the increase in contract assets of approximately $1.7 million and $.6 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:

 

  

2022

 

Costs incurred on contracts in progress

 $8,822,284 

Estimated earnings

  6,151,767 
   14,974,051 

Billings to date

  (13,683,261)
  $1,290,790 

Deferred revenue related to non-systems contracts

  (331,452)
   959,338 

Included in accompanying balance sheets

    

Under the following captions:

    

Contract assets

 $4,255,400 

Contract liabilities

 $(3,296,062)