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Sales, Contract Assets and Contract Liabilities
 9 Months Ended
Sep. 30, 2020
Sales, Contract Assets and Contract Liabilities  
Sales, Contract Assets and Contract Liabilities

Note 5 – Sales, Contract Assets and Contract Liabilities

The Company recognized no revenue during the nine months ended September 30, 2020 and 2019. During the three months ended September 30, 2020, the Company recognized cost of goods sold of $180,000 from a project that the Company anticipates will show a loss on the sale when completed and from a second project the balance of which has been deemed as potentially uncollectable. During the nine months ended September 30, 2020, the recognized cost of goods sold was offset by recorded adjustments totaling $153,000 related to the reversal of accruals for product warranties that expired on six completed projects from the years 2016 and 2017. The Company recorded an adjustment of $1,000 for the nine months ended September 30, 2019 related to additional warranty costs incurred for previously completed contracts. The Company had contract assets of $237,000 and $39,000 and contract liabilities of $48,000 and $50,000 at September 30, 2020 and December 31, 2019, respectively.