|
Note
9. Contract assets and liabilities
As
of June 30, 2025 and December 31, 2024, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
| Contract assets |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Revenue recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset) that are subject to restrictions on invoicing, excluding retainage |
|
$ |
993,504 |
|
|
$ |
1,331,194 |
|
| Retainage included in contract assets due to being conditional on something other than solely passage of time |
|
|
- |
|
|
|
16,192 |
|
| Retainage included in contract assets due to being conditional on something other than solely passage of time – related party |
|
|
107,013 |
|
|
|
46,953 |
|
| Total contract assets |
|
$ |
1,100,517 |
|
|
$ |
1,394,339 |
|
| Contract liabilities |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| 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 |
|
$ |
- |
|
|
$ |
16,192 |
|
| Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party |
|
|
107,013 |
|
|
|
46,953 |
|
| Total contract liabilities |
|
$ |
107,013 |
|
|
$ |
63,145 |
|
|