Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 38,176 $ 33,221
Restricted cash 1,475 1,603
Short-term investments 8,233 9,905
Contract receivables and retainage, net 36,298 29,427
Contract assets [1],[2] 2,739 4,839
Prepaid expenses and other assets 6,994 6,475
Inventory 2,072 1,599
Assets held for sale 5,640  
Total current assets 101,627 87,069
Property, plant and equipment, net 23,145 31,154
Goodwill 2,217 2,217
Other intangibles, net 700 842
Other noncurrent assets 739 13,584
Total assets 128,428 134,866
Current liabilities:    
Accounts payable 8,466 8,310
Contract liabilities [3],[4],[5] 5,470 8,196
Accrued expenses and other liabilities 14,836 14,283
Long-term debt, current 1,075  
Total current liabilities 29,847 30,789
Long-term debt, noncurrent 18,925  
Other noncurrent liabilities 685 1,453
Total liabilities 49,457 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, 16,258 issued and outstanding at December 31, 2023 and 15,973 at December 31, 2022 11,729 11,591
Additional paid-in capital 108,615 107,372
Accumulated deficit (41,373) (16,339)
Total shareholders’ equity 78,971 102,624
Total liabilities and shareholders’ equity $ 128,428 $ 134,866
[1] Contract assets at December 31, 2023 and 2022, excluded $6.0 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. The increase from December 31, 2022 to December 31, 2023, was primarily due to a customer for our Services Division.
[2] The decrease in contract assets from December 31, 2022 to December 31, 2023, was primarily due to decreased unbilled positions on our forty-vehicle ferry projects for our Shipyard Division.
[3] Contract liabilities at December 31, 2023 and 2022, included accrued contract losses of $0.4 million and $1.6 million, respectively, primarily related to projects for our Shipyard Division. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021, was $6.6 million and $2.7 million, respectively.
[5] The decrease in contract liabilities from December 31, 2022 to December 31, 2023, was primarily due to a decrease in advance billings on our cancelled offshore jackets project for our Fabrication Division and accrued contract losses for our Shipyard Division, offset partially by an increase in advance billings on various other projects for our Fabrication Division.