REVENUE FROM CONTRACTS WITH CUSTOMERS
|6 Months Ended|
Sep. 30, 2019
|Revenue from Contract with Customer [Abstract]|
|REVENUE FROM CONTRACTS WITH CUSTOMERS||
NOTE 9 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue from Contracts with Customers
Oil and Gas Contracts
The following table disaggregates revenue by significant product type for the three and six months ended September 30, 2019 and 2018:
Construction and Service Contracts
For the contracts entered into, there is a similar number of performance obligations, and in most cases, the Company has determined that the method of revenue recognition for these contracts is the same as the Company previously utilized considering different elements, such as variable consideration, when evaluating their transaction prices. The Company ultimately determined that over time revenue recognition was appropriate via the percentage-of-completion method, based on time incurred, or as units are produced, in accordance with ASC 606-10-25-27 as the Company satisfies its performance obligations over time.
Contract cost and recognized income not yet billed on uncompleted contracts arise when recorded revenues for a contract exceed the amounts billed under the terms of the contracts. Contract billings in excess of cost and recognized income arise when billed amounts exceed revenues recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract.
As of September 30, 2019, the Company had approximately $2.9 million in unsatisfied performance obligations under its executed fixed price service contracts in progress. The Company expects to satisfy these performance obligations within the next 12 months.
Contract cost and recognized income not yet billed and related amounts billed as of September 30, 2019 were as follows:
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef