CONTRACT BALANCES

12 Months Ended

Dec. 31, 2019

NOTE 12 – CONTRACT BALANCES

Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration. The consideration received remains a contract liability until goods or services have been provided to the customer.

The following table provides information about contract liabilities from contracts with customers:


	December 31,
	2019		2018
Customer deposits	$	3,131,916	$	283,869
Customer deposits – related parties		3,358,897		4,800,384
	$	6,490,813	$	5,084,253