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Contract Liabilities
 9 Months Ended
Sep. 30, 2019
Contract Liability [Abstract]  
Contract Liabilities

8. CONTRACT LIABILITIES

Progress payment balances in excess of revenue recognized, as well as advance payments received from customers, are classified as contract liabilities on the consolidated balance sheet in the financial statement line item titled “Deferred revenue.”

Contract liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Contract Liabilities: Customer Deposits and Deferred Revenue

 

 

 

 

 

 

 

 

Asset Management - Deferred revenue

 

 

—

 

 

 

1,875

 

Total Contract Liabilities

 

$

—

 

 

$

1,875

 

 

Asset Management – Deferred revenue relate to the AMA executed on March 30, 2018 and effective January 2, 2018. See Note 16 – Related Party Transactions for details regarding this transaction and details regarding the amendment executed in April 2019.