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REVENUE RECOGNITION | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | NOTE 4: REVENUE RECOGNITION The following table represents a disaggregation of revenue for the three and nine months ended September 30, 2023 and 2022 (in thousands): SCHEDULE OF DISAGGREGATION OF REVENUE
|  |  | Over time |  |  |  | Point in time |  |  |  | Total |
|  | Three months ended September 30, 2023 |
|  |  | Over time |  |  |  | Point in time |  |  |  | Total |
Energy |  | $ | 970 |  |  | $ | 136 |  |  | $ | 1,106 |
Aerospace |  |  | 2,511 |  |  |  | 371 |  |  |  | 2,882 |
Industrial |  |  | 695 |  |  |  | 739 |  |  |  | 1,434 |
Research |  |  | 504 |  |  |  | 308 |  |  |  | 812 |
Total |  | $ | 4,680 |  |  | $ | 1,554 |  |  | $ | 6,234 |
|  |  | Over time |  |  |  | Point in time |  |  |  | Total |
|  | Three months ended September 30, 2022 |
|  | Over time |  |  | Point in time |  |  | Total |
Energy |  | $ | 3,791 |  |  | $ | 25 |  |  | $ | 3,816 |
Aerospace |  |  | - |  |  |  | 154 |  |  |  | 154 |
Industrial |  |  | 1,653 |  |  |  | 1,153 |  |  |  | 2,806 |
Research |  |  | 827 |  |  |  | 516 |  |  |  | 1,343 |
Total |  | $ | 6,271 |  |  | $ | 1,848 |  |  | $ | 8,119 |
|  |  | Over time |  |  |  | Point in time |  |  |  | Total |
|  | Nine months ended September 30, 2023 |
|  | Over time |  |  | Point in time |  |  | Total |
Energy |  | $ | 4,246 |  |  | $ | 189 |  |  | $ | 4,435 |
Aerospace |  |  | 2,774 |  |  |  | 1,226 |  |  |  | 4,000 |
Industrial |  |  | 5,450 |  |  |  | 1,866 |  |  |  | 7,316 |
Research |  |  | 2,960 |  |  |  | 1,287 |  |  |  | 4,247 |
Total |  | $ | 15,430 |  |  | $ | 4,568 |  |  | $ | 19,998 |
|  |  | Over time |  |  |  | Point in time |  |  |  | Total |
|  | Nine months ended September 30, 2022 |
|  | Over time |  |  | Point in time |  |  | Total |
Energy |  | $ | 6,714 |  |  | $ | 49 |  |  | $ | 6,763 |
Aerospace |  |  | - |  |  |  | 1,375 |  |  |  | 1,375 |
Industrial |  |  | 4,099 |  |  |  | 3,197 |  |  |  | 7,296 |
Research |  |  | 1,832 |  |  |  | 1,313 |  |  |  | 3,145 |
Total |  | $ | 12,645 |  |  | $ | 5,934 |  |  | $ | 18,579 |
NOTE 4: REVENUE RECOGNITION (continued) The energy market includes customers involved in the manufacture of silicon carbide wafers and batteries. Aerospace market includes customers that manufacture aircraft engines. Industrial end market consists of various end customers in diverse industries. Research market principally represents customers that are universities and other research institutions. The Company has unrecognized contract revenue of approximately $15.5 million at September 30, 2023, which it expects to substantially recognize as revenue within the next twelve months based on over time revenue recognition. The Company also has orders of approximately $1.1 million for contracts that it expects to recognize with the next twelve months based on point in time revenue recognition. 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 condensed consolidated statements of operations. Contract assets and liabilities Contract assets and contract liabilities on input method type contracts in progress are summarized as follows as of September 30, 2023 (in thousands): SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS
Costs incurred on contracts in progress |  | $ | 16,762 |
Estimated earnings |  |  | 11,756 |
Costs and estimated earnings on uncompleted contracts |  |  | 28,518 |
Billings to date |  |  | (30,163 | )
Net cost in excess of billings |  |  | (1,645 | )
Deferred revenue related to non-system contracts |  |  | (318 | )
Contract liability in excess of contract assets |  | $ | (1,963 | )
Included in accompanying condensed consolidated balance sheet as of September 30, 2023 under the following captions (in thousands): |  |  |  |
Contract assets |  | $ | 2,895 |
Contract liabilities |  | $ | (4,858 | )
NOTE 4: REVENUE RECOGNITION (continued) Of the contract liability balances at December 31, 2022 and 2021 of $4.0 million and $1.7 million, respectively, $3.7 million and $1.6 million was recognized as revenue during the nine months ended September 30, 2023 and 2022, respectively.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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