Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Contract Liabilities (Tables)

v3.21.1
Contract Assets and Contract Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
Contract Assets and Contract Liabilities [Abstract]  
Summary of costs and estimated earnings on uncompleted contracts

 

 

 

2021

 

 

2020

 

 

Costs incurred on uncompleted contracts 

 

$

6,280,201

 

 

$

4,572,581

 

 

Estimated earnings to date on uncompleted contracts

 

 

(350,587

)  

 

 

872,302

 

 

Gross contract assets

 

 

5,929,614

 

 

 

5,444,883

 

 

Less: billings to date

 

 

(5,160,365

)

 

 

(5,916,487

)

 

    Net contract assets (liabilities), on uncompleted contracts

 

$

769,249

 

$

(471,604

)

             
Summary of condensed consolidated balance sheets

   

 

 

2021

 

 

2020

 

 

Contract assets 

 

$

1,902,577

 

 

$

1,303,136

 

 

Contract liabilities

 

 

(1,133,328

)

 

 

(1,774,740

)

 

    Net contract assets (liabilities)

 

$

769,249

 

$

(471,604

)