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CONTRACT ASSETS AND LIABILITIES | 12 Months Ended
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Dec. 31, 2023
Contract Assets And Liabilities |
CONTRACT ASSETS AND LIABILITIES |
| 3. | CONTRACT ASSETS AND LIABILITIES
Contract assets represent revenue recognized on contracts in excess of amounts invoiced to the customer and the Company’s right to consideration is conditional on something other than the passage of time. Amounts may not exceed their net realizable value. Under the typical payment terms of our government contracts, the customer retains a portion of the contract price until completion of the contract, as a measure of protection for the customer. Our government contracts therefore typically result in revenue recognized in excess of billings, which we present as contract assets. Contract assets are classified as current assets. The Company’s contract liabilities represent customer payments received or due from the customer in excess of revenue recognized. Contract liabilities are classified as current liabilities. Schedule of contract assets and liabilities
|  | December 31, 2023 |  |  | December 31, 2022 |  | December 31, 2021 |
Contract assets |  | $ | 35,312,068 |  |  | $ | 27,384,540 |  | 24,459,339 |
Contract liabilities |  |  | 5,937,629 |  |  |  | 6,001,726 |  | 5,122,766 |
Contract assets at December 31, 2023 increased $7,927,528 from December 31, 2022 due to the recognition of revenue during 2023 upon the satisfaction or partial satisfaction of performance obligations for which we had not yet billed our customers as of December 31, 2023, primarily on our T-38 Pacer Classic program, our Lockheed Martin F-16 Rudder Island program and our NGC E-2D Advanced Hawkeye OWP program. Contract liabilities decreased $64,097 during 2023, primarily due to revenue recognized on these performance obligations in excess of payments received. Revenue recognized for the year ended December 31, 2023, that was included in the contract liabilities balances as of January 1, 2023 was $3,816,336. Revenue recognized for the year ended December 31, 2022, that was included in the contract liabilities balances as of January 1, 2022 was $3,598,601.

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