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Contract Assets and Liabilities

12 Months Ended

Dec. 25, 2021

4. Contract Assets and Liabilities

Net contract assets (liabilities) consisted of the following:

	December 25, 2021			December 26, 2020			$ Change			% Change
Contract assets and unbilled receivables	$	2,299,392		$	3,521,753		$	(1,222,361	)		(35	)%
Contract liabilities and billings in excess of revenue earned		(4,063,031	)		(1,493,847	)		(2,569,184	)		172	%
Contract liabilities, noncurrent		(20,664	)		(5,069	)		(15,595	)		308	%
Net contract assets	$	(1,784,303	)	$	2,022,837		$	(3,807,140	)		(188	)%

The $3.8 million decrease in the Company’s net contract assets from December 26, 2020 to December 25, 2021 was primarily due to changes in its fixed-price contracts with the U.S. government that resulted in billings in excess of revenue recognized and product revenue recognized over time for defense programs.

The Company recognized revenue of approximately $1.5 million and $0.6 million related to our contract liabilities at December 25, 2021 and December 26, 2020, respectively.

The Company did not recognize impairment losses on our contract assets during the years ended December 25, 2021 and December 26, 2020.