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Contracts in progress (Tables)
12 Months Ended
Dec. 31, 2024
Contracts in progress  
Summary of information relative to revenue recognized and amounts billed on contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

December 31, 

    

2024

    

2023

Revenue recognized to date on contracts in progress

$

114,590,991

    

$

108,952,682

Amounts billed to date on contracts in progress

 

(121,833,354)

 

(101,724,459)

Retainage

2,585,952

8,087,823

Net contract asset /(liability)

$

(4,656,411)

$

15,316,046

The above net balances are reflected in the accompanying consolidated balance sheet as follows:

December 31,

2024

2023

Contract assets

$

4,470,243

    

$

21,553,057

Contract liabilities

 

(9,126,654)

 

(6,237,011)

Net contract asset /(liability)

$

(4,656,411)

$

15,316,046