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NET SALES
6 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
NET SALES

NOTE 3. NET SALES

 

The following table presents the disaggregation of net sales by revenue recognition model (in thousands):

 

                    
   Three Months Ended
December 31,
   Six Months Ended
December 31,
 
   2023   2022   2023   2022 
Net Sales:                    
Over-time revenue recognition   $338   $483   $528   $1,391 
Point-in-time revenue recognition    12,250    10,799    23,998    20,978 
Total net sales   $12,588   $11,282   $24,526   $22,369 

The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to the evaluation, design or customization of a medical device and is typically recognized over time utilizing an input measure of progress based on costs incurred compared to the estimated total costs upon completion. During the three and six months ended December 31, 2023, we did not record any revenue that had been included in deferred revenue in the prior year. During the three and six months ended December 31, 2022, we recorded $312,000 and $862,000, respectively, of revenue that had been included in deferred revenue in the prior year. The revenue recognized from the contract liabilities consisted of satisfying our performance obligations during the normal course of business. As of December 31, 2023, we do not have any deferred revenue.

The following tables summarize our contract assets and liability balances (in thousands):

                    
  

As of and for the

Three Months Ended
December 31,

  

As of and for the

Six Months Ended
December 31,

 
   2023   2022   2023   2022 
Contract assets beginning balance   $591   $591   $494   $714 
     Expenses incurred during the year    107   $412   $326   $746 
     Amounts reclassified to cost of sales    (277)   (117)   (382)   (566)
     Amounts allocated to discounts for standalone selling price    (9)   (9)   (26)   (17)
Contract assets ending balance   $412   $877   $412   $877 

 

  

As of and for the

Three Months Ended
December 31,

  

As of and for the

Six Months Ended
December 31,

 
   2023   2022   2023   2022 
Contract liabilities beginning balance   $     $851   $     $1,013 
     Payments received from customers         $312   $43   $700 
     Amounts reclassified to revenue          (312)   (43)   (862)
Contract liabilities ending balance   $     $851   $     $851