Contracts in progress

12 Months Ended

Dec. 31, 2021

Contracts in progress

Contracts in progress

6. Contracts in progress

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

	December 31,
	2021		2020
Revenue recognized to date on contracts in progress	$	6,109,396	$	17,534,449
Amounts billed to date on contracts in progress		(6,370,855)		(17,791,928)
Retainage		237,542		312,130
Net contract asset (liability)	$	(23,917)	$	54,651

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

	December 31,
	2021		2020
Contract assets	$	489,961	$	516,521
Contract liabilities		(513,878)		(461,870)
Net contract asset (liability)	$	(23,917)	$	54,651

As of December 31, 2021, the Company had unsatisfied or partially unsatisfied performance obligations for contracts in progress representing approximately $5.7 million in aggregate transaction price for contracts with an original expected length of greater than one year. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $4.8 million during the year ending December 31, 2022 and $0.9 million thereafter.