|
As
of June 30, 2026 and December 31, 2025, contract assets and contract liabilities consisted of the following:
Schedule of Contract Assets and Liabilities
| |
|
June 30, |
|
|
December 31, |
|
| Contract assets |
|
2026 |
|
|
2025 |
|
| |
|
|
|
|
|
|
| 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 |
|
$ |
55,606 |
|
|
$ |
322,773 |
|
| 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 – related party |
|
|
194,108 |
|
|
|
209,673 |
|
| Retainage included in contract assets due to being conditional on something other than solely passage of time – related party |
|
|
247,114 |
|
|
|
- |
|
| Total contract assets |
|
$ |
496,828 |
|
|
$ |
532,446 |
|
| |
|
June 30, |
|
|
December 31, |
|
| Contract liabilities |
|
2026 |
|
|
2025 |
|
| |
|
|
|
|
|
|
| Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage |
|
$ |
181,299 |
|
|
$ |
186,537 |
|
| Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage – related party |
|
$ |
28,292 |
|
|
$ |
- |
|
| Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party |
|
|
218,822 |
|
|
|
- |
|
| Total contract liabilities |
|
$ |
428,413 |
|
|
$ |
186,537 |
|
|