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REVENUE
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 7. REVENUE

The Company’s primary revenue-generating activity involves sales of high-powered lasers and related installation services. The Company has sales to customers throughout the U.S., Europe, and Asia. All sales are settled in U.S. dollars.

The following table presents revenue disaggregated by geography:

​

​

Three Months Ended
September 30,

 

​

Nine Months Ended
September 30,

 

​

 

2024

 

 

2023

 

 

2024

 

 

2023

 

United States

​

$

—

 

​

$

186,743

 

​

$

15,000

 

 

$

1,423,809

 

Asia

 

 

—

 

​

—

 

 

 

9,112

 

 

 

116,485

 

Europe

​

 

—

 

​

—

 

​

 

118,715

 

 

 

170,500

 

Total

​

$

—

 

​

$

186,743

 

​

$

142,827

 

 

$

1,710,794

 

Revenue from contracts with customers are disaggregated as follows:

​

​

Three Months Ended
September 30,

 

​

Nine months ended September 30,

 

​

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue recognized at a point in time

​

$

—

 

​

$

186,743

 

​

$

123,827

 

​

$

1,705,794

 

Revenue recognized over time

​

 

—

 

​

 

—

 

​

 

19,000

 

​

 

5,000

 

Total

​

$

—

 

​

$

186,743

 

​

$

142,827

 

​

$

1,710,794

 

Contract liabilities consist of customer deposits that are applied to invoices as the performance obligation is performed. Accounts receivable and contract liabilities as of the periods presented were as follows:

 

​

Accounts Receivable

 

​

Contract Liabilities

 

January 1, 2023

​

$

327,200

 

​

$

178,750

 

December 31, 2023

 

 

482,279

 

 

 

30,400

 

September 30, 2024

​

 

54,600

 

​

 

24,000

 

During the three months ended September 30, 2024 and 2023 the Company recognized no revenues that was included in the contract liabilities balance at the beginning of the period. During the nine months ended September 30, 2024 and 2023, the Company recognized $30,400 and $32,500 of revenue that was included in the contract liabilities balance at the beginning of the reporting period, respectively.