Quarterly report pursuant to Section 13 or 15(d)

REVENUES (Tables)

v3.19.3
REVENUES (Tables)
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Contracts
The aggregate impact of adjustments in contract estimates to net income (loss) is presented below:
 
Nine months ended September 30,
 
2019
 
2018
 
Training and Simulation Division
 
Power Systems Division
 
Training and Simulation Division
 
Power Systems Division
Net income (loss)
$
974,067

 
$
723,271

 
$
449,580

 
$
77,403

 
Three months ended September 30,
 
2019
 
2018
 
Training and Simulation Division
 
Power Systems Division
 
Training and Simulation Division
 
Power Systems Division
Net income (loss)
$
283,691

 
$
489,321

 
$
(139,016
)
 
$
320,269

 
September 30, 2019
 
December 31, 2018
 
Training and Simulation Division
 
Power Systems Division
 
Total
 
Training and Simulation Division
 
Power Systems Division
 
Total
Contract Assets - Current
$
16,259,646

 
$
8,711,293

 
$
24,970,939

 
$
10,358,679

 
$
7,509,217

 
$
17,867,896

Contract Liabilities - Current
(7,222,968
)
 
(281,997
)
 
(7,504,965
)
 
(6,697,522
)
 
(357,257
)
 
(7,054,779
)
Net Contract Assets and Liabilities:
$
9,036,678

 
$
8,429,296

 
$
17,465,974

 
$
3,661,157

 
$
7,151,960

 
$
10,813,117

Disaggregation of Revenue
Revenue by major product line was as follows:
 
Nine months ended September 30,
 
Three months ended September 30,
 
2019
 
2018
 
2019
 
2018
Product Revenue
 
 
 
 
 
 
 
Air Warfare Simulation
$
10,528,294

 
$
13,324,429

 
$
3,421,823

 
$
3,667,058

Vehicle Simulation
21,770,017

 
17,040,554

 
6,922,146

 
6,040,922

Use-of-Force
8,776,417

 
10,677,612

 
3,379,033

 
4,132,059

Service Revenue
 
 
 
 
 
 
 
Warranty
3,177,873

 
2,533,558

 
1,170,809

 
825,863

Total Training and Simulation Division
$
44,252,601

 
$
43,576,153

 
$
14,893,811

 
$
14,665,902

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract Manufacturing
$
11,026,100

 
$
10,130,597

 
$
4,181,902

 
$
3,100,586

Power Distribution and Generation
691,063

 
5,695,039

 
360,278

 
1,413,117

Batteries
6,677,842

 
9,767,890

 
2,144,104

 
3,118,375

Engineering Services and Other
4,971,328

 
3,797,917

 
1,993,636

 
1,546,497

Total Power Division
$
23,366,333

 
$
29,391,443

 
$
8,679,920

 
$
9,178,575

The table below details the percentage of total recognized revenue by type of arrangement for the nine and three months ended September 30, 2019 and 2018:
 
Nine months ended September 30,
 
Three months ended September 30,
Type of Revenue
2019
 
2018
 
2019
 
2018
Sale of products
92.3
%
 
95.0
%
 
92.3
%
 
94.5
%
Maintenance and support agreements
4.7
%
 
3.5
%
 
5.0
%
 
3.5
%
Long term research and development contracts
3.0
%
 
1.5
%
 
2.7
%
 
2.0
%
Total
100
%
 
100
%
 
100
%
 
100
%
Revenue by contract type was as follows:
 
Training and
Simulation
Division
 
Power Systems
Division
Nine months ended September 30, 2019
 
 
 
Fixed Price
$
35,442,918

 
$
22,346,111

Cost Reimbursement (Cost Plus)
4,773,406

 
478,957

Time and Materials
4,036,277

 
541,265

Total
$
44,252,601

 
$
23,366,333

Nine months ended September 30, 2018
 
 
 
Fixed Price
$
35,975,495

 
$
26,807,005

Cost Reimbursement (Cost Plus)
4,120,987

 
1,822,659

Time and Materials
3,479,671

 
761,779

Total
$
43,576,153

 
$
29,391,443

Three months ended September 30, 2019
 
 
 
Fixed Price
$
11,888,617

 
$
8,455,355

Cost Reimbursement (Cost Plus)
1,996,293

 
45,376

Time and Materials
1,008,901

 
179,189

Total
$
14,893,811

 
$
8,679,920

Three months ended September 30, 2018
 
 
 
Fixed Price
$
11,948,500

 
$
8,372,521

Cost Reimbursement (Cost Plus)
1,511,711

 
567,767

Time and Materials
1,205,691

 
238,287

Total
$
14,665,902

 
$
9,178,575

Revenue by customer was as follows:
 
Training and
Simulation
Division
 
Power Systems
Division
Nine months ended September 30, 2019
 
 
 
U.S. Government
 
 
 
Department of Defense (DoD)
$
13,364,239

 
$
818,070

Non-DoD
10,146,377

 

Foreign Military Sales (FMS)
2,531,338

 

Total U.S. Government
$
26,041,954

 
$
818,070

 
 
 
 
U.S. Commercial
$
15,574,732

 
$
11,443,706

Non-U.S. Government
613,356

 
728,931

Non-U.S. Commercial
2,022,559

 
10,375,626

Total Revenue
$
44,252,601

 
$
23,366,333

Nine months ended September 30, 2018
 
 
 
U.S. Government
 
 
 
Department of Defense (DoD)
$
12,399,861

 
$
2,115,108

Non-DoD
7,655,130

 

Foreign Military Sales (FMS)
2,055,333

 

Total U.S. Government
22,110,324

 
2,115,108

 
 
 
 
U.S. Commercial
$
16,546,210

 
$
16,159,067

Non-U.S. Government
1,786,538

 
2,003,417

Non-U.S. Commercial
3,133,081

 
9,113,851

Total Revenue
$
43,576,153

 
$
29,391,443

Three months ended September 30, 2019
 
 
 
U.S. Government
 
 
 
Department of Defense (DoD)
$
3,749,868

 
$
338,076

Non-DoD
3,758,068

 

Foreign Military Sales (FMS)
950,843

 

Total U.S. Government
$
8,458,779

 
$
338,076

 
 
 
 
U.S. Commercial
$
5,565,858

 
$
4,461,350

Non-U.S. Government
145,368

 
270,957

Non-U.S. Commercial
723,806

 
3,609,537

Total Revenue
$
14,893,811

 
$
8,679,920

Three months ended September 30, 2018
 
 
 
U.S. Government
 
 
 
Department of Defense (DoD)
$
4,753,006

 
$
772,751

Non-DoD
3,272,251

 

Foreign Military Sales (FMS)
341,933

 

Total U.S. Government
$
8,367,190

 
$
772,751

 
 
 
 
U.S. Commercial
$
4,744,148

 
$
4,669,493

Non-U.S. Government
394,091

 
180,253

Non-U.S. Commercial
1,160,473

 
3,556,078

Total Revenue
$
14,665,902

 
$
9,178,575