ACCOUNTS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2021

Accounts receivable consist of:

	June 30, 2021			December 31, 2020
Accounts receivable - contracts in progress	$	4,042,435		$	6,206,760
Accounts receivable - retainage		99,154			93,197
		4,141,589			6,299,957
Allowance for doubtful accounts		(84,000	)		(84,000	)
Total	$	4,057,589		$	6,215,957

Contract Assets and Liabilities

Contract assets represent revenue recognized in excess of amounts billed, unbilled receivables, and retainage. Unbilled receivables represent an unconditional right to payment subject only to the passage of time, which are reclassified to accounts receivable when they are billed under the terms of the contract. Contract assets were as follows at June 30, 2021 and 2020:

	June 30, 2021		December 31, 2020
Costs in excess of billings	$	1,875,411	$	216,261
Unbilled receivables, included in costs in excess of billings		736,301		1,138,341
		2,611,712		1,354,602
Retainage		99,154		93,197
Total	$	2,710,866	$	1,447,799

Contract liabilities were as follows at June 30, 2021 and December 31, 2020:

	June 30, 2021				December 31, 2020
Billings in excess of costs		$	573,653			$	1,140,125