)

Contract Receivables, Contract Assets and Contract Liabilities

The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Condensed Consolidated Balance Sheets.

	February 29, 2020		November 30, 2019
Receivables	$	998,000	$	115,000
Assets		513,000		727,000
Liabilities	$	519,000	$	89,000

The amount of revenue recognized in the

first

three

months of fiscal

2020

that was included in a contract liability at

November 30, 2019

was approximately

$89,000

compared to

$185,000

in the same period of fiscal

2019.

The significant change in contract receivables reflected above is due to a large milestone invoice from the Modular Buildings Segment. This invoice also affected contract liabilities by increasing billings in excess of costs and estimated gross profit at

February

29,

2020.

Swings in contract assets from

November 30, 2019

are due to changes in costs and estimated gross profit in excess of billings from the Modular Buildings segment.

The Company utilizes the practical expedient exception for these contracts and will report only on performance obligations greater than

one

year. As of

February

29,

2020,

the Company has

performance obligations with an original expected duration greater than

one

year.