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Contract Assets and Liabilities
 12 Months Ended
Dec. 26, 2020
Contract Assets And Liabilities  
Contract Assets and Liabilities

4. Contract Assets and Liabilities

 

Net contract assets (liabilities) consisted of the following:

   December 26, 2020   December 28, 2019   $ Change   % Change 
Contract assets and unbilled receivables  $3,521,753   $921,082   $2,600,671    282%
Contract liabilities and billings in excess of revenue earned   (1,493,847)   (796,794)   (696,053)   87%
Contract liabilities, noncurrent   (5,069)   (6,557)   1,488    (23)%
Net contract assets  $2,022,837   $117,731   $1,905,106    1618%

 

The $1.9 million increase in the Company’s net contract assets from December 28, 2019 to December 26, 2020 was primarily due to change in its fixed-price contracts with the U.S. government that resulted in revenue recognized in excess of amounts billed and product revenue recognized over time for defense programs.

 

The Company recognized revenue of approximately $0.6 million and $0.8 million related to our contract liabilities at December 26, 2020 and December 28, 2019, respectively.

 

The Company did not recognize impairment losses on our contract assets during the years ended December 26, 2020 and December 28, 2019.