Ascent Industries Co. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenues

Revenues

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we are to receive in exchange for those goods or services.

The following table presents the Company's revenues, disaggregated by product group. Substantially all of the Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time.



	Three Months Ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Storage tank and vessel	$	5,552,192	$	9,016,796	$	25,628,225	$	23,864,217
Seamless carbon steel pipe and tube	7,962,459		7,887,027		23,251,744		24,722,928
Stainless steel pipe	40,980,757		37,656,273		128,286,087		107,839,677
Galvanized pipe	5,625,737		6,464,277		18,561,542		6,464,277
Specialty chemicals	13,518,766		16,768,505		41,494,121		45,276,144
Total revenues	$	73,639,911	$	77,792,878	$	237,221,719	$	208,167,243

Arrangements with Multiple Performance Obligations

Our contracts with customers may include multiple performance obligations. For such arrangements, revenue for each performance obligation is based on its stand-alone selling price and revenue is recognized as each performance obligation is satisfied. The Company generally determines stand-alone selling prices based on the prices charged to customers using the adjusted market assessment approach or expected cost plus margin.

Deferred Revenues

Deferred revenues are recorded when cash payments are received in advance of satisfying the performance obligation, including amounts which are refundable. The deferred revenue balance decreased $23,725 during the first nine months of 2019 to $153,793 as of September 30, 2019 due to receiving $1,861,612 in advance of satisfying our performance obligations during the period, offset by $1,885,337 of revenue that was recognized during the period after satisfying the performance obligations that were included in the beginning deferred revenue balance or entered into during the current period. Deferred revenues are included in "Accrued expenses and other current liabilities" on the accompanying Condensed Consolidated Balance Sheets.

Our payment terms vary by the financial strength or location of our customer and the products offered. The length of time between invoicing and when payment is due is not significant. For certain customers, payment is required before the products or services are delivered to the customer.