Contracts in progress (Tables)

12 Months Ended

Dec. 31, 2021

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,
	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