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Contract Receivables, Contract Assets and Contract Liabilities

The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Condensed Consolidated Balance Sheets.

	May 31, 2021		November 30, 2020
Receivables	$	2,405,000	$	2,391,000
Assets		287,000		56,000
Liabilities		1,015,000		276,000

The amount of revenue recognized in the

first

six

months of fiscal

2021

that was included in a contract liability on

November 30, 2020

was approximately

$276,000

compared to

$89,000

in the same period of fiscal

2020.

Contract receivables remained comparable to the Company's fiscal year end on

May 31, 2021

due to steady demand and shipment of the Company's products through the

first

six

months of fiscal

2021.

Contract assets increased during the

six

months ended

May 31, 2021

as costs in contract exceeded billings on projects in progress in the Modular Buildings segment. Contract liabilities increased during the

six

months ended

May 31, 2021

as the Company completed progress on construction contracts in the Modular Buildings segment and received deposits on equipment in the Agricultural Products segment.

The Company utilizes the practical expedient exception for these contracts and will report only on performance obligations greater than

one

year. As of

May 31, 2021,

the Company has

performance obligations with an original expected duration greater than

one

year.