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FERREIRA CONSTRUCTION COMPANY INC., AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 5 - Due From Related Parties: The Company has amounts due from related parties which have various repayment schedules and bear no interest. Future cash receipts are due as follows: Year Ending December 31, 2021 $ 2,876,297 2022 1,085,989 2023 734,355 2024 234,363 2025 547,552 Thereafter 1,319,665 $ 6,798,221 Note 6 - Contract Assets and Liabilities: Costs incurred on contracts in progress $ 698,743,974 Estimated gross profit 90,601,161 789,345,135 Less: Billings to date 785,155,662 $ 4,189,473 Included in the accompanying balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts Billings in excess of costs and estimated earnings on uncompleted contracts Net contract asset (liability) December 31, December 31, 2020 2019 17,629,038 $ 11,723,118 (13,439,565) (4,510,602) $ 4,189,473 $ 7,212,516 Costs and estimated earnings in excess of billings ("contract asset") represent the excess of contract revenue recognized under ASC 606 over amounts billed and are generally classified as a current asset. Billings in excess of costs and estimated earnings ("contract liability") represent the excess of contract billings to date over the amount of contract revenue recognized under ASC 606 to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Retainage receivable ("contract asset') in the amount of $18,630,932 and $13,975,992 as of December 31, 2020 and December 31, 2019 represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or 14