Annual report pursuant to Section 13 and 15(d)

Contract assets and liabilities

v3.24.1
Contract assets and liabilities
12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Contract assets and liabilities

Note 10. Contract assets and liabilities

 

At December 31, 2023 and 2022, contract assets and contract liabilities consisted of the following:

 

Contract assets   December 31,
2023
    December 31,
2022
 
             
Revenue recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset), excluding retainage   $ -     $ -  
Retainage included in contract assets due to being conditional on something other than solely passage of time     77,124       60,932  
Retainage included in contract assets due to being conditional on something other than solely passage of time – related party     43,173       14,982  
Total contract assets   $ 120,297     $ 75,914  

 

Contract liabilities   December 31,
2023
    December 31,
2022
 
             
Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage   $ -     $ -  
Retainage included in contract liabilities due to being conditional on something other than solely passage of time     77,124       60,932  
Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party     43,173       14,982  
Total contract liabilities   $ 120,297     $ 75,914