Annual report pursuant to Section 13 and 15(d)

CONTRACT ACCOUNTING (Tables)

v3.20.1
CONTRACT ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2019
Contractors [Abstract]  
Schedule of contract billings

At December 31, 2019 and 2018, contract assets on uncompleted contracts consisted of the following:

 

 

 

2019

 

 

2018

 

Costs and estimated earnings recognized

 

$

3,700,124

 

 

$

4,273,057

 

Less: Billings or cash received

 

 

(2,324,204

)

 

 

(3,064,453

)

Contract Assets

 

$

1,375,920

 

 

$

1,208,604

 

 

At December 31, 2019 and 2018, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2019

 

 

2018

 

Billings and/or cash receipts on uncompleted contracts

 

$

35,665

 

 

$

8,563,241

 

Less: Costs and estimated earnings recognized

 

 

(27,004

)

 

 

(6,314,412

)

Contract Liabilities

 

$

8,661

 

 

$

2,248,829