Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Contract liabilities consist of deferred revenues from marina and storage operations and customer deposits and are classified in customer deposits in the Company’s unaudited condensed consolidated balance sheets. Deposits received from customers are recorded as a liability until the related sales orders have been fulfilled by us and control of the vessel is transferred to the customer. The activity in customer deposits for the three and nine months ended June 30, 2020 is as follows:

($ in thousands)	Three Months Ended June 30, 2020			Nine Months Ended June 30, 2020
Beginning contract liability	$	13,471		$	4,880
Revenue recognized from contract liabilities included in the beginning balance		(10,578	)		(4,807	)
Increases due to cash received, net of amounts recognized in revenue during the period		9,958			12,778
Ending contract liability	$	12,851		$	12,851

Percentages on Timing of Revenue Recognition

In accordance with the new revenue standard requirements, the Company recorded a $0.6 million contract asset in prepaid expenses and other current assets as of June 30, 2020. Net income increased $0.3 million for each of the three and nine months ended June 30, 2020, basic EPS increased $0.05 per share and $0.06 per share for the three and nine months ended June 30, 2020, respectively, and diluted EPS increased $0.06 per share for each of the three and nine months ended June 30, 2020 in accordance with the adoption.

Contracts assets related to the repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer.

The following table sets forth percentages on the timing of revenue recognition for the three and nine months ended June 30, 2020.

	Three Months Ended June 30, 2020			Nine Months Ended June 30, 2020
Goods and services transferred at a point in time		98.0	%		97.1	%
Goods and services transferred over time		2.0	%		2.9	%
Total Revenue		100.0	%		100.0	%