Annual report pursuant to Section 13 and 15(d)

CONTRACT ACCOUNTING (Tables)

v3.22.1
CONTRACT ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2021
Contractors [Abstract]  
Schedule of contract billings
               
    2021     2020  
Costs and estimated earnings recognized   $ 5,266,930     $ 4,152,850  
Less: Billings or cash received     (5,263,481 )     (4,050,392 )
Contract Assets   $ 3,449     $ 102,458  

 

Contract Liabilities

 

Contract liabilities on uncompleted contracts represent billings and/or cash received that exceed accumulated revenues recognized on uncompleted contracts accounted for under the percentage of completion contract method.

 

At December 31, 2021 and 2020, contract liabilities on uncompleted contracts consisted of the following:

 

    2021     2020  
Billings and/or cash receipts on uncompleted contracts   $ 4,473,726     $ 2,978,007  
Less: Costs and estimated earnings recognized     (3,041,088 )     (2,268,454 )
Contract Liabilities   $ 1,232,638     $ 709,553