REVENUE

6 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

NOTE 4 – REVENUE

The Company generates its revenues primarily from performance obligations completed under contracts with customers in three main market sectors: defense, energy and precision industrial. The period over which the Company performs is generally less than one year. The Company generally 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 estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer.

The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type sales only. The following table presents net sales on a disaggregated basis by market and contract type:

Net Sales by market	Defense		Energy		Industrial		Totals
Three months ended September 30, 2018	$	3,309,336	$	166,861	$	144,988	$	3,621,185
Six months ended September 30, 2018	$	7,118,423	$	428,291	$	173,294	$	7,720,008
Net Sales by contract type		Over-time		Point-in-time				Totals
Three months ended September 30, 2018	$	3,389,209	$	231,976			$	3,621,185
Six months ended September 30, 2018	$	7,228,136	$	491,872			$	7,720,008

As of September 30, 2018, the Company had $12.1 million of remaining performance obligations, of which $10.1 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue before the end of fiscal year 2020.

We have been dependent in 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 information as to net sales from customers who accounted for more than 10% of our net sales for the periods ended:

	Three months ended September 30, 2018					Three months ended September 30, 2017					Six months ended September 30, 2018					Six months ended September 30, 2017
Customer	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
A	$	1,516,399		42	%	$	2,061,276		45	%	$	3,109,839		40	%	$	4,950,432		48	%
B	$	585,873		16	%	$	*		*	%	$	1,601,021		21	%		*		*	%
C	$	619,094		17	%	$	746,877		16	%	$	993,048		13	%	$	2,330,088		22	%
D	$	*		*	%	$	*		*	%	$	*		*	%	$	1,079,832		10	%