|
At
September 30, 2023 and December 31, 2022, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
| Contract
assets |
|
September
30,
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 |
|
|
30,938 |
|
|
|
14,982 |
|
| Total
contract assets |
|
$ |
108,062 |
|
|
$ |
75,914 |
|
| Contract
liabilities |
|
September
30,
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 |
|
|
30,938 |
|
|
|
14,982 |
|
| Total
contract liabilities |
|
$ |
108,062 |
|
|
$ |
75,914 |
|
|