CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2018

Contract Assets And Contract Liabilities Tables

Schedule of net contract assets (liabilities)

Net Contract assets (liabilities) consist of the following:

	March 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	57,248,632		$	56,774,944		$	114,023,576
Contract liabilities		(226,712	)		(54,816	)		(281,528	)
Net contract assets (liabilities)	$	57,021,920		$	56,720,128		$	113,742,048

	12 /31/2017 (1)
	U.S. Government			Commercial			Total
Contract assets	$	54,591,601		$	56,566,950		$	111,158,551
Contract liabilities		(224,339	)		(21,991	)		(246,330	)
Net contract assets (liabilities)	$	54,367,262		$	56,544,959		$	110,912,221

(1) On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.