|
At
September 30, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
| Contract assets |
|
September 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 |
|
|
50,204 |
|
|
|
43,173 |
|
| Total contract assets |
|
$ |
127,328 |
|
|
$ |
120,297 |
|
| Contract liabilities |
|
September 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 |
|
|
50,204 |
|
|
|
43,173 |
|
| Total contract liabilities |
|
$ |
127,328 |
|
|
$ |
120,297 |
|
|