Contracts in progress (Tables)

12 Months Ended

Dec. 31, 2020

Contracts in progress

Summary of information relative to revenue recognized and amounts billed on contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

	December 31,
	2020		2019
Revenue recognized to date on contracts in progress	$	17,534,449	$	16,054,699
Amounts billed to date on contracts in progress		(17,791,928)		(15,078,830)
Retainage		312,130		361,556
Net contract asset	$	54,651	$	1,337,425

The above net balances are reflected in the accompanying consolidated balance sheet as follows:

	December 31,
	2020		2019
Contract assets	$	516,521	$	1,677,041
Contract liabilities		(461,870)		(339,616)
Net contract asset	$	54,651	$	1,337,425