Quarterly report pursuant to Section 13 or 15(d)

Contract assets and liabilities

v3.22.1
Contract assets and liabilities
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Contract assets and liabilities

Note 8. Contract assets and liabilities

 

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

 

Contract assets   March 31,     December 31,  
    2022     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       -  
Total contract assets   $ 60,932     $ -  

 

 

Contract liabilities   March 31,     December 31,  
    2022     2021  
             
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       -  
Total contact liabilities   $ 60,932     $ -