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Contracts in progress
 12 Months Ended
Dec. 31, 2020
Contracts in progress  
Contracts in progress

6. Contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

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December 31, 

​

​

2020

​

2019

Revenue recognized to date on contracts in progress

​

$

17,534,449

    

$

16,054,699

Amounts billed to date on contracts in progress

​

 

(17,791,928)

​

 

(15,078,830)

Retainage

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​

312,130

​

​

361,556

Net contract asset

​

$

54,651

​

$

1,337,425

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The above net balances are reflected in the accompanying consolidated balance sheet as follows:

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December 31,

​

​

2020

​

2019

Contract assets

​

$

516,521

    

$

1,677,041

Contract liabilities

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(461,870)

​

 

(339,616)

Net contract asset

​

$

54,651

​

$

1,337,425

​

​

​

As of December 31, 2020, the Company had unsatisfied or partially unsatisfied performance obligations for contracts in progress representing approximately $2.0 million in aggregate transaction price for contracts with an original expected length of greater than one year. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $1.7 million during the year ending December 31, 2021 and $0.3 million thereafter.

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