Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 33,221 $ 52,886
Restricted cash, current 1,603 1,297
Short-term investments 9,905  
Contract receivables and retainage, net 29,427 15,986
Contract assets [1],[2] 4,839 4,759
Prepaid expenses and other assets 6,475 6,971
Inventory 1,599 1,779
Total current assets 87,069 83,678
Restricted cash, noncurrent   406
Property, plant and equipment, net 31,154 34,666
Goodwill 2,217 2,217
Other intangibles, net 842 984
Other noncurrent assets 13,584 13,322
Total assets 134,866 135,273
Current liabilities:    
Accounts payable 8,310 9,280
Contract liabilities [3],[4],[5] 8,196 6,648
Accrued expenses and other liabilities 14,283 14,026
Total current liabilities 30,789 29,954
Other noncurrent liabilities 1,453 1,411
Total liabilities 32,242 31,365
Shareholders’ equity:    
Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding
Common stock, no par value, 30,000 shares authorized, 15,973 issued and outstanding at December 31, 2022 and 15,622 at December 31, 2021 11,591 11,384
Additional paid-in capital 107,372 105,511
Accumulated deficit (16,339) (12,987)
Total shareholders’ equity 102,624 103,908
Total liabilities and shareholders’ equity $ 134,866 $ 135,273
[1] Contract assets at December 31, 2022 and 2021, excluded $3.6 million and $2.3 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables. The increase compared to December 31, 2021, was primarily due to a customer for our Services Division.
[2] The increase in contract assets compared to December 31, 2021, was primarily due to increased unbilled positions on various projects for our Fabrication Division and our two forty-vehicle ferry projects for our Shipyard Division, offset partially by a decreased unbilled position on our seventy-vehicle ferry project for our Shipyard Division.
[3] Contract liabilities at December 31, 2022 and 2021, includes accrued contract losses of $1.6 million and $3.9 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.7 million and $3.7 million, respectively.
[5] The increase in contract liabilities compared to December 31, 2021, was primarily due to an increase in advance billings on our offshore jackets project for our Fabrication Division and seventy-vehicle ferry project for our Shipyard Division, offset partially by a decrease in accrued contract losses and the unwind of advance payments on our two forty-vehicle ferry projects for our Shipyard Division.