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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2018
Contract Assets And Contract Liabilities  
Schedule of net contract assets (liabilities)

Net contract assets (liabilities) consist of the following:

 

   December 31, 2018 
   U.S. Government   Commercial   Total 
Contract assets  $48,358,481   $64,975,010   $113,333,491 
Contract liabilities   (3,780,866)   (24,240)   (3,805,106)
Net contract assets (liabilities)  $44,577,615   $64,950,770   $109,528,385 

 

   December 31, 2017 (1) 
   U.S. Government   Commercial   Total 
Contract assets  $54,591,601   $56,566,950   $111,158,551 
Contract liabilities   (224,339)   (21,991)   (246,330)
Net contract assets (liabilities)  $54,367,262   $56,544,959   $110,912,221 

 

(1) On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts and contract losses to contract liabilities.