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| REVENUE | NOTE 4 – REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company fulfils its obligations can be between and . The Company invoices and receives related payments based upon performance progress not less frequently than monthly. Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on labor hours, materials, and other estimated costs to complete a contract to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio comprises fixed-price contracts and provides for product and service type revenue. The following table presents revenue on a disaggregated basis by market and contract type:
As of March 31, 2026, the Company had $52,198 of remaining performance obligations, of which $46,900 was less than 50% complete. The Company expects to recognize all its remaining performance obligations as revenue within the next . We are dependent each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenues from customers who accounted for more than 10% of our revenue for the fiscal years ended:
The following table depicts total revenue generated by the individual customers in the above table by segment that accounted for 10% or more of our revenue in fiscal years ended:
In our consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets consist of the following as of:
For the fiscal years ended March 31, 2026 and 2025, we recognized revenue of $1,040 and $2,104 related to our contract liabilities as of the opening balances on April 1, 2025 and 2024. Contract liabilities consist of the following as of:
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