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CONTRACT ASSETS AND LIABILITIES | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  |  | December 31, 2023 |  | December 31, 2022 |
Contract assets |  | $ | 32,832,290 |  |  | $ | 35,312,068 |  | 27,384,540 |
Contract liabilities |  |  | 2,430,663 |  |  |  | 5,937,629 |  | 6,001,726 |
Contract assets at December 31, 2024 decreased $2,479,778 from December 31, 2023 due to the timing of billings as compared to the recognition of revenue during 2024 upon the satisfaction or partial satisfaction of performance obligations. Contract liabilities decreased $3,506,966 during 2024, primarily due to revenue recognized on these performance obligations in excess of payments received. Revenue recognized for the year ended December 31, 2024, that was included in the contract liabilities balances as of January 1, 2024 was $5,635,629. 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.

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