Note 11 - Revenue Recognition

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

11.

     REVENUE RECOGNITION

Revenues are generated from the sale of products.  Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment.  When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery.  Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue.  Customers, including distributors, do

not

have a general right of return.  For products shipped under vendor managed inventory arrangements, revenue is recognized and billed when the product is consumed by the customer, at which point control has transferred and there are

no

further obligations by the Company. 

Revenues recognized from prior period performance obligations for the

three

-month periods ended

March 31, 2020

and

2019

were

not

material.  Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of

March 31, 2020

and

December 31, 2019

were

not

material.  As of

March 31, 2020

and

December 31, 2019,

the Company had

no

unsatisfied performance obligations for contracts with an original expected duration of greater than

one

year. Pursuant to Topic

606,

we have applied the practical expedient with respect to disclosure of the deferral and future expected timing of revenue recognition for transaction price allocated to remaining performance obligations.