)

Contract Receivables, Contract Assets and Contract Liabilities

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

	August 31, 2020		November 30, 2019
Receivables	$	1,766,000	$	1,703,000
Assets	$	122,000	$	727,000
Liabilities	$	454,000	$	89,000

The amount of revenue recognized in the

first

nine

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 progress billings from open contracts in the Modular Buildings segment. Contract assets are down significantly from

November 30, 2019

as billings caught up to costs in the Modular Buildings segment over the course of the

nine

months. There are also a few contracts in the Modular Buildings segment that are currently overbilled, creating an increase in contract liabilities at

August 31, 2020

compared to

November 30, 2019.

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

one

year. As of

August 31, 2020,

the Company had

performance obligations with an original expected duration greater than

one

year.