Annual report pursuant to Section 13 and 15(d)

CONTRACT ACCOUNTING (Tables)

v3.21.1
CONTRACT ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2020
Contractors [Abstract]  
Schedule of contract billings

At December 31, 2020 and 2019, contract assets on uncompleted contracts consisted of the following:

 

 

 

2020

 

 

2019

 

Costs and estimated earnings recognized

 

$

4,152,850

 

 

$

3,700,124

 

Less: Billings or cash received

 

 

(4,050,392

)

 

 

(2,324,204

)

Contract Assets

 

$

102,458

 

 

$

1,375,920

 

 

At December 31, 2020 and 2019, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2020

 

 

2019

 

Billings and/or cash receipts on uncompleted contracts

 

$

2,978,007

 

 

$

35,665

 

Less: Costs and estimated earnings recognized

 

 

(2,268,454

)

 

 

(27,004

)

Contract Liabilities

 

$

709,553

 

 

$

8,661