Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 28,520 $ 33,221
Restricted cash, current 1,197 1,603
Short-term investments 14,989 9,905
Contract receivables and retainage, net 43,545 29,427
Contract assets [1],[2] 5,538 4,839
Prepaid expenses and other assets 5,917 6,475
Inventory 2,543 1,599
Total current assets 102,249 87,069
Property, plant and equipment, net 30,501 31,154
Goodwill 2,217 2,217
Other intangibles, net 806 842
Other noncurrent assets 13,277 13,584
Total assets 149,050 134,866
Current liabilities:    
Accounts payable 26,547 8,310
Contract liabilities [3],[4],[5] 4,388 8,196
Accrued expenses and other liabilities 13,896 14,283
Total current liabilities 44,831 30,789
Other noncurrent liabilities 1,258 1,453
Total liabilities 46,089 32,242
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, 16,055 shares issued and outstanding at March 31, 2023 and 15,973 at December 31, 2022 11,624 11,591
Additional paid-in capital 107,667 107,372
Accumulated deficit (16,330) (16,339)
Total shareholders’ equity 102,961 102,624
Total liabilities and shareholders’ equity $ 149,050 $ 134,866
[1] Contract assets at March 31, 2023 and December 31, 2022, excluded $3.6 million and $3.6 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.
[2] The increase in contract assets compared to December 31, 2022, was primarily due to increased unbilled positions on various projects for our Fabrication Division, offset partially by, decreased unbilled positions for our forty-vehicle ferry projects for our Shipyard Division.
[3] Contract liabilities at March 31, 2023 and December 31, 2022, includes accrued contract losses of $1.0 million and $1.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during the three months ended March 31, 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021 was $6.0 million and $2.1 million, respectively.
[5] The decrease in contract liabilities compared to December 31, 2022, was primarily due to a decrease in advance billings on our offshore jackets project for our Fabrication Division and accrued contract losses on our forty-vehicle ferry projects for our Shipyard Division.