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 | |
|