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Note 4 - Revenue Disaggregation | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
NOTE 4: | REVENUE RECOGNITION
The following table represents a disaggregation of revenue for the three and nine months ended September 30, 2022 and 2021 (in thousands):
|  | Three months ended September 30, 2022 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | - |  |  | $ | 154 |  |  | $ | 154 |
Energy, storage and transmission |  |  | 3,791 |  |  |  | 25 |  |  |  | 3,816 |
Industrial |  |  | 1,653 |  |  |  | 1,153 |  |  |  | 2,806 |
Research |  |  | 827 |  |  |  | 516 |  |  |  | 1,343 |
Total |  | $ | 6,271 |  |  | $ | 1,848 |  |  | $ | 8,119 |
|  | Three months ended September 30, 2021 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | - |  |  | $ | 574 |  |  | $ | 574 |
Energy, storage and transmission |  |  | - |  |  |  | - |  |  |  | - |
Industrial |  |  | 1,551 |  |  |  | 1,205 |  |  |  | 2,756 |
Research |  |  | 612 |  |  |  | 388 |  |  |  | 1,000 |
Total |  | $ | 2,163 |  |  | $ | 2,167 |  |  | $ | 4,330 |
|  | Nine months ended September 30, 2022 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | - |  |  | $ | 1,375 |  |  | $ | 1,375 |
Energy, storage and transmission |  |  | 6,714 |  |  |  | 49 |  |  |  | 6,763 |
Industrial |  |  | 4,099 |  |  |  | 3,197 |  |  |  | 7,296 |
Research |  |  | 1,832 |  |  |  | 1,313 |  |  |  | 3,145 |
Total |  | $ | 12,645 |  |  | $ | 5,934 |  |  | $ | 18,579 |
|  | Nine months ended September 30, 2021 |
|  | Over time |  |  | Point in time |  |  | Total |
Aerospace |  | $ | 386 |  |  | $ | 1,677 |  |  | $ | 2,063 |
Energy, storage and transmission |  |  | - |  |  |  | - |  |  |  | - |
Industrial |  |  | 4,147 |  |  |  | 3,173 |  |  |  | 7,320 |
Research |  |  | 1,164 |  |  |  | 1,183 |  |  |  | 2,347 |
Total |  | $ | 5,697 |  |  | $ | 6,033 |  |  | $ | 11,730 |
The Company has unrecognized contract revenue of approximately $9.8 million at September 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 may 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 nine months ended September 30, 2022 and 2021, the increase in contract assets of approximately $.6 million and $1.1 million, respectively, was the result of work performed in excess of billings which are based upon contract milestones. Contract assets and contract liabilities on input method type contracts in progress are summarized as follows:
|  | 2022 |
Costs incurred on contracts in progress |  | $ | 11,921,048 |
Estimated earnings |  |  | 8,530,639 |
|  |  | 20,451,687 |
Billings to date |  |  | (18,548,776 | )
|  |  | 1,902,911 |
Deferred revenue related to non-system contracts |  |  | (228,336 | )
|  | $ | 1,674,575 |
Included in accompanying condensed consolidated balance sheets under the following captions: |  |  |  |
Contract assets |  | $ | 3,152,469 |
Contract liabilities |  | $ | (1,477,894 | )

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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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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