|
At
June 30, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
| Contract
assets |
|
June
30,
2024 |
|
|
December
31,
2023 |
|
| |
|
|
|
|
|
|
| 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 |
|
|
|
77,124 |
|
| Retainage
included in contract assets due to being conditional on something other than solely passage of time – related party |
|
|
46,000 |
|
|
|
43,173 |
|
| Total
contract assets |
|
$ |
123,124 |
|
|
$ |
120,297 |
|
| Contract
liabilities |
|
June
30,
2024 |
|
|
December
31,
2023 |
|
| |
|
|
|
|
|
|
| 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 |
|
|
|
77,124 |
|
| Retainage
included in contract liabilities due to being conditional on something other than solely passage of time – related party |
|
|
46,000 |
|
|
|
43,173 |
|
| Total
contract liabilities |
|
$ |
123,124 |
|
|
$ |
120,297 |
|
|