Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Contract Liabilities (Tables)

v3.20.2
Contract Assets and Contract Liabilities (Tables)
6 Months Ended
Jun. 30, 2020
Contract Assets and Contract Liabilities [Abstract]  
Summary of costs and estimated earnings on uncompleted contracts

 

 

 

2020

 

 

2019

 

 

Costs incurred on uncompleted contracts 

 

$

622,745

 

 

$

513,558

 

 

Estimated earnings to date on uncompleted contracts

 

 

178,553

 

 

 

127,032

 

 

Gross contract assets

 

 

801,298

 

 

 

640,590

 

 

Less: billings to date

 

 

(938,319

)

 

 

(703,532

)

 

    Net contract liabilities 

 

$

(137,021

)

 

$

(62,942

)

Summary of costs included in condensed consolidated balance sheets

   

 

 

2020

 

 

2019

 

 

Contract assets 

 

$

11,830

 

 

$

106,015

 

 

Contract liabilities

 

 

(148,851

)

 

 

(168,957

)

 

    Net contract liabilities

 

$

(137,021

)

 

$

(62,942

)