Quarterly report pursuant to Section 13 or 15(d)

Contract assets and liabilities

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Contract assets and liabilities
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Contract assets and liabilities

Note 9. Contract assets and liabilities

 

At March 31, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:

 

Contract assets   March 31,
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     43,173       43,173  
Total contract assets   $ 120,297     $ 120,297  

 

Contract liabilities   March 31,
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     43,173       43,173  
Total contract liabilities   $ 120,297     $ 120,297