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REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
SCHEDULE OF DISAGGREGATION OF REVENUE

The following table represents a disaggregation of revenue for the three and six months ended June 30, 2024, and 2023 (in thousands):

 

   Over time   Point in time   Total 
   Three months ended June 30, 2024 
   Over time   Point in time   Total 
Energy  $239   $12   $251 
Aerospace   2,694    179    2,873 
Industrial   1,542    300    1,842 
Research   1,174    205    1,379 
Total  $5,649   $696   $6,345 

 

   Over time   Point in time   Total 
   Three months ended June 30, 2023 
   Over time   Point in time   Total 
Energy  $760   $38   $798 
Aerospace   -    604    604 
Industrial   1,085    915    2,000 
Research   1,184    483    1,667 
Total  $3,029   $2,040   $5,069 

 

 

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

NOTE 4: REVENUE RECOGNITION (continued)

 

   Over time   Point in time   Total 
   Six months ended June 30, 2024 
   Over time   Point in time   Total 
Energy  $239   $30   $269 
Aerospace   4,496    494    4,990 
Industrial   2,801    774    3,575 
Research   2,035    398    2,433 
Total  $9,571   $1,696   $11,267 

 

   Over time   Point in time   Total 
   Six months ended June 30, 2023 
   Over time   Point in time   Total 
Energy  $3,276   $52   $3,328 
Aerospace   264    855    1,119 
Industrial   4,756    1,127    5,883 
Research   2,456    978    3,434 
Total  $10,752   $3,012   $13,764 
SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS

Contract assets and contract liabilities on input method type contracts in progress are summarized as follows as of June 30, 2024 (in thousands):

 

      
Costs incurred on contracts in progress  $11,009 
Estimated earnings   5,609 
Costs and estimated earnings on uncompleted contracts   16,618 
Billings to date   (19,589)
Net cost in excess of billings   (2,971)
      
Deferred revenue related to non-system contracts   (573)
 Contract liability in excess of contract assets   $(3,544)

Included in accompanying condensed consolidated

balance sheet as of June 30, 2024 under the following captions (in thousands):

     
Contract assets  $1,554 
Contract liabilities  $5,098 

 

Of the contract liability balances at December 31, 2023 and 2022 of $4.6 million and $4.1 million, respectively, $2.7 million and $2.6 million was recognized as revenue during the six months ended June 30, 2024 and 2023, respectively.