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At
June 30, 2022 and December 31, 2021, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
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| Contract assets |
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June 30, 2022 |
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December 31, 2021 |
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|
|
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|
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| 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 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
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| Contract liabilities |
|
June 30, 2022 |
|
|
December 31, 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 |
|
|
$ |
- |
|
|