Quarterly report pursuant to Section 13 or 15(d)

Contract assets and liabilities (Tables)

v3.23.1
Contract assets and liabilities (Tables)
3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities

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

 

Contract assets  

March 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     60,932       60,932  
Retainage included in contract assets due to being conditional on something other than solely passage of time – related party     21,859       14,982  
Total contract assets   $ 82,791     $ 75,914  

 

Contract liabilities  

March 31,

2022

   

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     60,932       60,932  
Retainage included in contract liabilities due to being conditional on something other than solely passage of time – Related party     21,859       14,982  
Total contact liabilities   $ 82,791     $ 75,914