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Contract Assets and Contract Liabilities

12 Months Ended

Dec. 31, 2020

Contract Assets and Contract Liabilities [Abstract]

Contract Assets and Contract Liabilities

5. Contract Assets and Contract Liabilities 

Costs and estimated earnings on uncompleted contracts, which represent contract assets and contract liabilities, consisted of the following at December 31, 2020 and 2019:

			2020				2019
	Costs incurred on uncompleted contracts		$	4,572,581			$	513,558
	Estimated earnings to date on uncompleted contracts			872,302				127,032
	Gross contract assets			5,444,883				640,590
	Less: billings to date			(5,916,487	)			(703,532	)
	Net contract assets (liabilities)		$	(471,604	)		$	(62,942	)

The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at December 31, 2020 and 2019.

			2020				2019
	Contract assets		$	1,303,136			$	106,015
	Contract liabilities			(1,774,740	)			(168,957	)
	Net contract assets (liabilities)		$	(471,604	)		$	(62,942	)

Although management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion. The Company periodically evaluates and revises its estimates and makes adjustments when they are considered necessary.

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- Definition

The entire disclosure for long-term contracts or programs.

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