Annual report pursuant to Section 13 and 15(d)

Contract assets and liabilities

v3.22.4
Contract assets and liabilities
12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Contract assets and liabilities

Note 9. Contract assets and liabilities

 

At December 31, 2022 and 2021, contract assets and contract liabilities consisted of the following:

Schedule of Contract Assets and Liabilities 

Contract assets   December 31,
2022
    December 31,
2021
 
             
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     60,932       -  
Retainage included in contract assets due to being conditional on something other than solely passage of time – related party     14,982          
Total contract assets   $ 75,914     $ -  

 

Contract liabilities   December 31,
2022
    December 31,
2021
 
             
Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage   $ -     $ 63,411  
Retainage included in contract liabilities due to being conditional on something other than solely passage of time     60,932       -  
Retainage included in contract liabilities due to being conditional on something other than solely passage of time – Related party     14,982          
Total contact liabilities   $ 75,914     $ 63,411