Quarterly report pursuant to Section 13 or 15(d)

Contract assets and liabilities

v3.23.3
Contract assets and liabilities
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Contract assets and liabilities

Note 10. Contract assets and liabilities

 

At September 30, 2023 and December 31, 2022, contract assets and contract liabilities consisted of the following:

 

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