v3.25.2
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, and Contract Liabilities (Tables)
6 Months Ended
Sep. 30, 2024
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, and Contract Liabilities [Abstract]  
Schedule of Revenue Disaggregated

The Company derives revenue from the sale of products and delivery of services. Revenue disaggregated by type for the three and six months ended September 30, 2024 and September 30, 2023 is as follows:

 

   Three Months
Ended
September 2024,
$000
   Three Months
Ended
September 2023,
$000
   Six Months
Ended
September 2024,
$000
   Six Months
Ended
September 2023,
$000
 
Products   166        725     
Services   1,692    1,165    2,937    2,354 
Total   1,858    1,165    3,662    2,354 
Schedule of Service Revenue

Service revenue by type for the three and six months ended September 30, 2024 and September 30, 2023 is as follows:

 

   Three Months
Ended
September 2024,
$000
   Three Months
Ended
September 2023,
$000
   Six Months
Ended
September 2024,
$000
   Six Months
Ended
September 2023,
$000
 
Specific services provided to marine scrubber systems   842    932    1,378    1,980 
BESS CMA and MSA   727        1,436     
Design and engineering services for CSP   123    233    123    374 
    1,692    1,165    2,937    2,354 
Schedule of Changes in Company’s Accrued Revenue, Prepaid Manufacturing Costs, and Contract Liabilities

Changes in the Company’s accrued revenue, prepaid manufacturing costs, and contract liabilities for the period are noted as below:

 

   Accrued
Revenue
$000
   Prepaid
Manufacturing
Costs
$000
   Sales
(Cost of
Goods Sold)
$000
   Contract
Liabilities
$000
 
                 
Balance, March 31, 2023   505    464         (8,751)
                     
Customer receipts and receivables   
    
    
    (861)
Scrubber sales recognized in revenue   
    
    
    
 
Payments and accruals under contracts   (197)   877    
    
 
Cost of goods sold recognized in earnings   
    (444)   (444)   
 
Balance, September 30, 2023   308    897         (9,612)
                     
Balance, March 31, 2024   588    673         (4,700)
                     
Customer receipts and receivables   
    
    
    (2,224)
Scrubber and FOWE sales recognized in revenue   
    
    725    725 
BESS CMA and MSA recognized in revenue   
    
    1,436    1,436 
Payments and accruals under contracts   (74)   328    
    
 
Scrubber and FOWE cost of goods sold recognized in earnings   
    (681)   (681)   
 
BESS CMA and MSA cost of sales recognized in earnings   
    
    (1,080)   
 
Balance, September 30, 2024   514    320         (4,763)
Schedule of Cost of Goods Sold

Cost of goods sold for the six months ended September 30, 2024 and September 30, 2023 is comprised as follows:

 

   Three Months
Ended
September 2024,
$000
   Three Months
Ended
September 2023,
$000
   Six Months
Ended
September 2024,
$000
   Six Months
Ended
September 2023,
$000
 
BESS CMA and MSA – cost of sales   546    438    1,080    438 
Specific services provided to marine scrubber systems   738    669    1,092    1,519 
Scrubber costs recognized / (accrual reduction)   33        346    (90)
Amortization of intangibles   42    237    83    489 
FOWE cost of goods sold   128        257     
Salaries and Wages   162    143    282    264 
Design and engineering services for CSP   296    110    328    169 
Commission type costs   18    3    29    29 
Total   1,963    1,600    3,497    2,818