NOTE 3—REVENUE

Disaggregation of Revenue

The following tables summarize revenue from contracts with customers for the fiscal years ended April 30 of each year:



	2020		2019
Markets
Commercial Aerospace	$	10,208,000	$	7,690,000
Defense		15,140,000		11,849,000
Industrial		785,000		1,016,000
Total consolidated net sales	$	26,133,000	$	20,555,000



	2020		2019
Product Line
Magnetic components	$	14,090,000	$	10,600,000
Potted coil assembly		5,655,000		5,751,000
Electro-mechanical assemblies		6,388,000		3,920,000
Large transformers		—		284,000
Total consolidated net sales	$	26,133,000	$	20,555,000



	2020		2019
Geography
Domestic	$	25,082,000	$	18,472,000
Foreign		1,051,000		2,083,000
Total consolidated net sales	$	26,133,000	$	20,555,000

Torotel currently has a primary base of approximately 10 customers that historically provide nearly 95% of its annual sales volume. Sales to two major customers as a percentage of consolidated net sales for the fiscal year ended April 30, 2020 was 31% and 28% respectively. Sales to two major customers as a percentage of consolidated net sales for the fiscal year ended April 30, 2019 was 30% and 21% respectively. Trade receivables from three major customers as a percentage of consolidated net trade receivables for the fiscal year ended April 30, 2020 was 48%. Trade receivables from one major customer as a percentage of consolidated net trade receivables for the fiscal year ended April 30, 2019 was 15%.

Contract balances

All receivable balances relate to customer contracts entered into during the fiscal year 2020. We have no contract liabilities other than customer deposits which represent prepaid consideration for contracts with customers (see Note 13). There have been no significant adjustments to contract asset balances related to contract modifications. In fiscal year 2020 and 2019, we had certain customers totaling revenue of $7,973,000 and $4,301,000, respectively, with variable payment terms related to discounts in the amount of $59,000 and $32,000, respectively.

Remaining performance obligation

As of April 30, 2020, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $10,726,000. The balance of unsatisfied performance obligations excludes contracts with original maturities of one year or less. We expect to recognize revenue as we satisfy our remaining performance obligations. Total remaining performance obligation to be recognized in fiscal year 2021 is expected to be $4,659,000. Total remaining performance obligation to be recognized in fiscal year 2022 is expected to be $6,067,000.

As of April 30, 2019, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $4,591,000. The balance of unsatisfied performance obligations excludes contracts with original maturities of one year or less. We expect to recognize revenue as we satisfy our remaining performance obligations. Total remaining performance obligation to be recognized in fiscal year 2020 is expected to be $4,571,000. Total remaining performance obligation to be recognized in fiscal year 2021 is expected to be $20,000.