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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract] |
Schedule of Condensed Consolidated Balance Sheet | Impact to the condensed consolidated balance sheet as of June 30, 2024
|  | As reported |  |  | Adjustment |  |  | As restated |
Accounts receivable, net |  | $ | 7,207,854 |  |  | $ | 322,096 |  |  | $ | 7,529,950 |
Prepaid installation costs |  | $ | 865,327 |  |  | $ | 281,878 |  |  | $ | 1,147,205 |
Prepaid expenses and other current assets |  | $ | 4,043,640 |  |  | $ | (2,474,173 | ) |  | $ | 1,569,467 |
Total current assets |  | $ | 17,895,800 |  |  | $ | (1,870,199 | ) |  | $ | 16,025,601 |
Other assets |  | $ | 235,442 |  |  | $ | 89,388 |  |  | $ | 324,830 |
Property, equipment and other fixed assets, net |  | $ | 2,843,624 |  |  | $ | (554,018 | ) |  | $ | 2,289,606 |
Right of use financing lease assets |  | $ | - |  |  | $ | 515,248 |  |  | $ | 515,248 |
Total assets |  | $ | 49,071,069 |  |  | $ | (1,819,581 | ) |  | $ | 47,251,488 |
Current portion of long-term debt |  | $ | 420,745 |  |  | $ | (113,319 | ) |  | $ | 307,426 |
Current portion of obligations under financing leases |  | $ | - |  |  | $ | 124,293 |  |  | $ | 124,293 |
Contract liabilities |  | $ | 279,901 |  |  | $ | 155,588 |  |  | $ | 435,489 |
Total current liabilities |  | $ | 8,234,084 |  |  | $ | 166,562 |  |  | $ | 8,400,646 |
Obligations under financing leases, non-current |  | $ | - |  |  | $ | 415,619 |  |  | $ | 415,619 |
Long-term debt |  | $ | 1,175,047 |  |  | $ | (489,418 | ) |  | $ | 685,629 |
Total liabilities |  | $ | 12,205,927 |  |  | $ | 92,763 |  |  | $ | 12,298,690 |
Additional paid in capital |  | $ | 2,033,500 |  |  | $ | 384,388 |  |  | $ | 2,417,888 |
Accumulated deficit |  | $ | (53,155,439 | ) |  | $ | (2,296,732 | ) |  | $ | (55,452,171 | )
Total stockholders’ deficit |  | $ | (51,117,913 | ) |  | $ | (1,912,344 | ) |  | $ | (53,030,257 | )
Total liabilities, redeemable noncontrolling interests and stockholders’ equity |  | $ | 49,071,069 |  |  | $ | (1,819,581 | ) |  | $ | 47,251,488 |
Schedule of Condensed Consolidated Statement of Operations | Impact to the condensed consolidated statement of operations for the three months ended June 30, 2024
|  | As reported |  |  | Adjustment |  |  | As restated |
Revenue, net of financing fees |  | $ | 7,714,200 |  |  | $ | 84,446 |  |  | $ | 7,798,646 |
Total revenue |  | $ | 14,711,826 |  |  | $ | 84,446 |  |  | $ | 14,796,272 |
Cost of goods sold (exclusive of depreciation and amortization shown below) |  | $ | 10,325,979 |  |  | $ | (3,266,140 | ) |  | $ | 7,059,839 |
Depreciation and amortization |  | $ | 456,841 |  |  | $ | (3,172 | ) |  | $ | 453,669 |
Sales and marketing |  | $ | 215,192 |  |  | $ | 4,206,871 |  |  | $ | 4,422,063 |
General and administrative |  | $ | 5,909,385 |  |  | $ | (385,814 | ) |  | $ | 5,523,571 |
Total operating expenses |  | $ | 16,907,397 |  |  | $ | 551,745 |  |  | $ | 17,459,142 |
Loss from operations |  | $ | (2,195,571 | ) |  | $ | (467,299 | ) |  | $ | (2,662,870 | )
Interest expense |  | $ | (34,233 | ) |  | $ | (15,575 | ) |  | $ | (49,808 | )
Total other income (expense), net |  | $ | 844,588 |  |  | $ | (15,575 | ) |  | $ | 829,013 |
Net loss before taxes |  | $ | (1,350,983 | ) |  | $ | (482,874 | ) |  | $ | (1,833,857 | )
Income tax benefit |  | $ | 61,185 |  |  | $ | 15,353 |  |  | $ | 76,538 |
Net loss |  | $ | (1,289,798 | ) |  | $ | (467,521 | ) |  | $ | (1,757,319 | )
Net loss subsequent to the Business Combination |  | $ | (1,289,798 | ) |  | $ | (467,521 | ) |  | $ | (1,757,319 | )
Less: Net (loss) attributable to redeemable noncontrolling interests |  | $ | (1,457,036 | ) |  | $ | (22,493 | ) |  | $ | (1,479,529 | )
Net loss attributable to Class A common stock |  | $ | 167,238 |  |  | $ | (445,028 | ) |  | $ | (277,790 | )
Basic and diluted net loss per common unit |  | $ | 0.03 |  |  | $ | (0.09 | ) |  | $ | (0.06 | )
Impact to the condensed consolidated statement of operations for the three months ended June 30, 2023
|  | As reported |  |  | Adjustment |  |  | As restated |
Cost of goods sold (exclusive of depreciation and amortization shown below) |  | $ | 24,444,491 |  |  | $ | (6,362,492 | ) |  | $ | 18,081,999 |
Depreciation and amortization |  | $ | 489,566 |  |  | $ | (6,215 | ) |  | $ | 483,351 |
Sales and marketing |  | $ | 490,875 |  |  | $ | 6,419,138 |  |  | $ | 6,910,013 |
General and administrative |  | $ | 3,826,017 |  |  | $ | (90,383 | ) |  | $ | 3,735,634 |
Total operating expenses |  | $ | 29,250,949 |  |  | $ | (39,952 | ) |  | $ | 29,210,997 |
Income from operations |  | $ | 828,416 |  |  | $ | 39,952 |  |  | $ | 868,368 |
Interest expense |  | $ | (23,999 | ) |  | $ | (8,144 | ) |  | $ | (32,143 | )
Total other income (expense), net |  | $ | (31,168 | ) |  | $ | (8,144 | ) |  | $ | (39,312 | )
Net income before taxes |  | $ | 797,248 |  |  | $ | 31,808 |  |  | $ | 829,056 |
Net income |  | $ | 797,248 |  |  | $ | 31,808 |  |  | $ | 829,056 |
Less: Net income attributable to Sunergy Renewables LLC prior to the Business Combination |  | $ | - |  |  | $ | 829,056 |  |  | $ | 829,056 |
Impact to the condensed consolidated statement of operations for the six months ended June 30, 2024
|  | As reported |  |  | Adjustment |  |  | As restated |
Revenue, net of financing fees |  | $ | 18,765,221 |  |  | $ | 362,812 |  |  | $ | 19,128,033 |
Total revenue |  | $ | 34,575,616 |  |  | $ | 362,812 |  |  | $ | 34,938,428 |
Cost of goods sold (exclusive of depreciation and amortization shown below) |  | $ | 27,689,680 |  |  | $ | (6,671,875 | ) |  | $ | 21,017,805 |
Depreciation and amortization |  | $ | 919,542 |  |  | $ | (6,344 | ) |  | $ | 913,198 |
Sales and marketing |  | $ | 334,175 |  |  | $ | 10,641,675 |  |  | $ | 10,975,850 |
General and administrative |  | $ | 9,585,444 |  |  | $ | (842,451 | ) |  | $ | 8,742,993 |
Total operating expenses |  | $ | 38,528,841 |  |  | $ | 3,121,005 |  |  | $ | 41,649,846 |
Income from operations |  | $ | (3,953,225 | ) |  | $ | (2,758,193 | ) |  | $ | (6,711,418 | )
Interest expense |  | $ | (71,287 | ) |  | $ | (13,743 | ) |  | $ | (85,030 | )
Total other income (expense), net |  | $ | 669,534 |  |  | $ | (13,743 | ) |  | $ | 655,791 |
Net loss before taxes |  | $ | (3,283,691 | ) |  | $ | (2,771,936 | ) |  | $ | (6,055,627 | )
Income tax benefit |  | $ | 101,818 |  |  | $ | 89,388 |  |  | $ | 191,206 |
Net loss |  | $ | (3,181,873 | ) |  | $ | (2,682,548 | ) |  | $ | (5,864,421 | )
Net loss subsequent to the Business Combination |  | $ | (2,658,192 | ) |  | $ | (2,682,548 | ) |  | $ | (5,340,740 | )
Less: Net loss attributable to redeemable noncontrolling interests |  | $ | (1,581,239 | ) |  |  | (1,950,220 | ) |  |  | (3,531,459 | )
Net loss attributable to Class A common stock |  | $ | (1,076,953 | ) |  | $ | (732,328 | ) |  | $ | (1,809,281 | )
Basic and diluted net loss per common unit |  | $ | (0.36 | ) |  | $ | (0.24 | ) |  | $ | (0.60 | )
Impact to the condensed consolidated statement of operations for the six months ended June 30, 2023
|  | As reported |  |  | Adjustment |  |  | As restated |
Cost of goods sold (exclusive of depreciation and amortization shown below) |  | $ | 39,253,706 |  |  | $ | (10,481,072 | ) |  | $ | 28,772,634 |
Depreciation and amortization |  | $ | 922,165 |  |  | $ | (11,972 | ) |  | $ | 910,193 |
Sales and marketing |  | $ | 1,040,480 |  |  | $ | 10,177,854 |  |  | $ | 11,218,334 |
General and administrative |  | $ | 5,152,604 |  |  | $ | 260,601 |  |  | $ | 5,413,205 |
Total operating expenses |  | $ | 46,368,955 |  |  | $ | (54,589 | ) |  | $ | 46,314,366 |
Income from operations |  | $ | 2,441,899 |  |  | $ | 54,589 |  |  | $ | 2,496,488 |
Interest expense |  | $ | (39,543 | ) |  | $ | (12,981 | ) |  | $ | (52,524 | )
Total other income (expense), net |  | $ | (41,712 | ) |  | $ | (12,981 | ) |  | $ | (54,693 | )
Net income before taxes |  | $ | 2,400,187 |  |  | $ | 41,608 |  |  | $ | 2,441,795 |
Net income |  | $ | 2,400,187 |  |  | $ | 41,608 |  |  | $ | 2,441,795 |
Less: Net income attributable to Sunergy Renewables LLC prior to the Business Combination |  | $ | - |  |  | $ | 2,441,795 |  |  | $ | 2,441,795 |
Schedule of Condensed Consolidated Statement of Stockholders’ Equity | Impact to the condensed consolidated statement of changes in redeemable noncontrolling interests and stockholders’ equity for the three and six months ended June 30, 2024
|  | As reported |  |  | Adjustment |  |  | As restated |
Class B units |  |  |  |  |  |  |  |  |
For the three months ended March 31, 2024: |  |  |  |  |  |  |  |  |
Establishment of redeemable noncontrolling interests |  | $ | 26,089,174 |  |  | $ | 27,374 |  |  | $ | 26,116,548 |
Subsequent measurement of redeemable noncontrolling interests |  | $ | 174,520,120 |  |  | $ | 1,900,353 |  |  | $ | 176,420,473 |
Net loss |  | $ | (8,348,294 | ) |  | $ | (1,927,727 | ) |  | $ | (10,276,021 | )
For the three months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Subsequent measurement of redeemable noncontrolling interests |  | $ | (118,284,464 | ) |  | $ | 406,881 |  |  | $ | (117,877,583 | )
Net income (loss) |  | $ | (1,457,036 | ) |  | $ | (406,881 | ) |  | $ | (1,863,917 | )
Class A Common Stock - Shares |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Class A Shares to third party advisors |  |  | 553,207 |  |  |  | (375,000 | ) |  |  | 178,207 |
Stock-based compensation |  |  | - |  |  |  | 375,000 |  |  |  | 375,000 |
Class A Common Stock - Amount |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Class A Shares to third party advisors |  | $ | 55 |  |  | $ | (37 | ) |  | $ | 18 |
Stock-based compensation |  | $ | - |  |  | $ | 37 |  |  | $ | 37 |
Additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |
For the three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Class A Shares to third party advisors |  | $ | 2,765,980 |  |  | $ | (1,874,963 | ) |  | $ | 891,017 |
Establishment on noncontrolling interests |  | $ | (26,089,174 | ) |  | $ | (27,374 | ) |  | $ | (26,116,548 | )
Stock-based compensation |  |  | 504,834 |  |  |  | 2,613,713 |  |  |  | 3,118,547 |
Subsequent measurement of redeemable noncontrolling interests |  | $ | (5,335,650 | ) |  | $ | (711,376 | ) |  | $ | (6,047,026 | )
For the three months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (384,388 | ) |  | $ | 384,388 |  |  | $ | - |
Balance, June 30, 2024 |  | $ | 2,033,500 |  |  | $ | 384,388 |  |  | $ | 2,417,888 |
Accumulated deficit |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2023 |  | $ | (564,799 | ) |  | $ | 31,454 |  |  | $ | (533,345 | )
Subsequent measurement of redeemable noncontrolling interests |  | $ | (169,184,470 | ) |  | $ | (1,188,977 | ) |  | $ | (170,373,447 | )
Net loss |  | $ | (1,244,191 | ) |  | $ | (287,300 | ) |  | $ | (1,531,491 | )
Balance, March 31, 2024 |  | $ | (171,607,141 | ) |  | $ | (1,444,823 | ) |  | $ | (173,051,964 | )
Subsequent measurement of redeemable noncontrolling interests |  | $ | 118,284,464 |  |  | $ | (406,881 | ) |  | $ | 117,877,583 |
Net income (loss) |  | $ | 167,238 |  |  | $ | (445,028 | ) |  | $ | (277,790 | )
Balance, June 30, 2024 |  | $ | (53,155,439 | ) |  | $ | (2,296,732 | ) |  | $ | (55,452,171 | )
Total Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2023 |  | $ | 30,591,065 |  |  |  | 31,454 |  |  |  | 30,622,519 |
Issuance of Class A Shares to third party advisors |  | $ | 2,766,035 |  |  | $ | (1,875,000 | ) |  | $ | 891,035 |
Establishment of redeemable noncontrolling interests |  | $ | (26,089,174 | ) |  | $ | (27,374 | ) |  | $ | (26,116,548 | )
Stock-based compensation |  |  | 504,834 |  |  |  | 2,613,750 |  |  |  | 3,118,584 |
Subsequent measurement of redeemable noncontrolling interests |  | $ | (174,520,120 | ) |  | $ | (1,900,353 | ) |  | $ | (176,420,473 | )
Net loss |  | $ | (1,244,191 | ) |  | $ | (287,300 | ) |  | $ | (1,531,491 | )
Balance, March 31, 2024 |  | $ | (171,603,115 | ) |  | $ | (1,444,823 | ) |  | $ | (173,047,938 | )
Subsequent measurement of redeemable noncontrolling interests |  | $ | 118,284,464 |  |  | $ | (406,881 | ) |  | $ | 117,877,583 |
Net income |  | $ | (217,150 | ) |  | $ | (60,640 | ) |  | $ | (277,790 | )
Balance, June 30, 2024 |  | $ | (51,117,913 | ) |  | $ | (1,912,344 | ) |  | $ | (53,030,257 | )
|  | As reported |  |  | Adjustment |  |  | As restated |
Class B units |  |  |  |  |  |  |  |  |
Net income prior to the business combination |  | $ | 1,602,939 |  |  | $ | (1,602,939 | ) |  | $ | - |
Balance, March 31, 2023 |  | $ | 1,602,939 |  |  | $ | (1,602,939 | ) |  | $ | - |
Net income prior to the business combination |  | $ | 797,249 |  |  | $ | (797,249 | ) |  | $ | - |
Balance, June 30, 2023 |  | $ | 2,400,188 |  |  | $ | (2,400,188 | ) |  | $ | - |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |
Net income prior to the business combination |  | $ | - |  |  | $ | 1,612,737 |  |  |  | 1,612,737 |
Balance, March 31, 2023 |  | $ | (46,341 | ) |  | $ | 1,612,737 |  |  | $ | 1,566,396 |
Net income prior to the business combination |  | $ | - |  |  | $ | 829,058 |  |  | $ | 829,058 |
Balance, June 30, 2023 |  | $ | (407,660 | ) |  | $ | 2,441,795 |  |  | $ | 2,034,135 |
Total Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Net income prior to the business combination |  | $ | - |  |  | $ | 1,612,737 |  |  | $ | 1,612,737 |
Balance, March 31, 2023 |  | $ | 31,109,523 |  |  | $ | 1,612,737 |  |  | $ | 32,722,260 |
Net income prior to the business combination |  | $ | - |  |  | $ | 829,058 |  |  | $ | 829,058 |
Balance, June 30, 2023 |  | $ | 30,748,204 |  |  | $ | 2,441,795 |  |  | $ | 33,189,999 |
Schedule of Condensed Consolidated Statement of Cash Flows | Impact to the condensed consolidated statement of cash flows for the six months ended June 30, 2024
|  | As reported |  |  | Adjustment |  |  | As restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (3,181,873 | ) |  | $ | (2,682,548 | ) |  | $ | (5,864,421 | )
Adjustment to reconcile net loss to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 919,542 |  |  | $ | (74,580 | ) |  | $ | 844,962 |
Non-cash finance lease expense |  | $ | - |  |  | $ | 68,236 |  |  | $ | 68,236 |
Stock based compensation expense |  | $ | 2,922,722 |  |  |  | 2,675,967 |  |  |  | 5,598,689 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | (1,859,808 | ) |  | $ | (2,592,213 | ) |  | $ | (4,452,021 | )
Accounts receivable due from related parties |  | $ | (2,692,841 | ) |  | $ | 2,270,117 |  |  | $ | (422,724 | )
Accrued expenses and other current liabilities |  | $ | (829,506 | ) |  | $ | (517,521 | ) |  | $ | (1,347,027 | )
Accrued expenses and other current liabilities due to related parties |  | $ | (2,148,960 | ) |  | $ | 517,521 |  |  | $ | (1,631,439 | )
Prepaid installation costs |  | $ | 4,049,737 |  |  | $ | (281,878 | ) |  | $ | 3,767,859 |
Prepaids and other current assets |  | $ | (1,459,636 | ) |  | $ | 536,957 |  |  |  | (922,679 | )
Other assets |  | $ | (111,993 | ) |  | $ | (89,388 | ) |  | $ | (201,381 | )
Contract liabilities |  | $ | (3,889,354 | ) |  | $ | 252,273 |  |  | $ | (3,637,081 | )
Contract liabilities due to related parties |  | $ | (1,054,263 | ) |  | $ | (96,685 | ) |  | $ | (1,150,948 | )
Net cash used in operating activities |  | $ | (12,338,008 | ) |  | $ | (13,742 | ) |  | $ | (12,351,750 | )
Cash flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | $ | (198,624 | ) |  | $ | 71,517 |  |  | $ | (127,107 | )
Repayments of finance lease |  | $ | - |  |  | $ | (57,775 | ) |  | $ | (57,775 | )
Net cash provided by financing activities |  | $ | 9,988,651 |  |  | $ | 13,742 |  |  | $ | 10,002,393 |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 70,284 |  |  | $ | (10,046 | ) |  | $ | 60,238 |
Non-cash transactions |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Class A common stock to vendors |  | $ | 2,478,480 |  |  | $ | (1,587,445 | ) |  | $ | 891,035 |
Preferred dividends |  | $ | 8,224,091 |  |  | $ | 384,388 |  |  | $ | 8,608,479 |
Impact to the condensed consolidated statement of cash flows for the six months ended June 30, 2023
|  | As reported |  |  | Adjustment |  |  | As restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,400,187 |  |  | $ | 41,608 |  |  | $ | 2,441,795 |
Adjustment to reconcile net income to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 922,165 |  |  | $ | (42,616 | ) |  | $ | 879,549 |
Non-cash operating lease expense |  | $ | - |  |  | $ | 250,618 |  |  | $ | 250,618 |
Non-cash finance lease expense |  | $ | - |  |  | $ | 30,644 |  |  | $ | 30,644 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 2,083,766 |  |  | $ | (15,898 | ) |  | $ | 2,067,868 |
Contract liabilities |  | $ | - |  |  | $ | (1,046,093 | ) |  | $ | (1,046,093 | )
Operating lease payments |  | $ | (1,046,093 | ) |  | $ | 811,372 |  |  | $ | (234,721 | )
Net cash provided by operating activities |  | $ | 1,849,251 |  |  |  | 29,635 |  |  |  | 1,878,886 |
Cash flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, equipment and other fixed assets |  | $ | (784,209 | ) |  | $ | 745,792 |  |  | $ | (38,417 | )
Net cash used in investing activities |  | $ | (784,209 | ) |  |  | 745,792 |  |  |  | (38,417 | )
Cash flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the issuance of debt |  | $ | 745,975 |  |  | $ | (745,975 | ) |  | $ | - |
Repayments of debt |  | $ | (138,347 | ) |  |  | 184 |  |  |  | (138,163 | )
Repayments of finance lease |  |  | - |  |  | $ | (29,636 | ) |  | $ | (29,636 | )
Net cash provided by (used in) financing activities |  | $ | 79,986 |  |  | $ | (775,427 | ) |  | $ | (695,441 | )
Supplemental Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 37,851 |  |  | $ | 311 |  |  | $ | 38,162 |
Non-cash transactions |  |  |  |  |  |  |  |  |  |  |  |
Recording of operating right-of-use assets and lease liability |  | $ | - |  |  | $ | 653,663 |  |  | $ | 653,663 |
Recording of finance right-of-use assets and lease liability |  | $ | - |  |  | $ | 682,365 |  |  | $ | 682,365 |
Schedule of Revenue Recognition | Thus, revenue recognition is in turn matched with the installation equipment costs and expense associated with the completion of each project.
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Solar Systems Installations, gross |  | $ | 18,848,214 |  |  | $ | 40,936,775 |  |  | $ | 45,829,566 |  |  | $ | 64,309,392 |
Financing Fees |  |  | (4,790,013 | ) |  |  | (12,533,767 | ) |  |  | (12,727,590 | ) |  |  | (18,784,295 | )
Solar Systems Installations, net |  |  | 14,058,201 |  |  |  | 28,403,008 |  |  |  | 33,101,976 |  |  |  | 45,525,097 |
Roofing Installations |  |  | 738,071 |  |  |  | 1,676,357 |  |  |  | 1,836,452 |  |  |  | 3,285,757 |
Total net revenues |  | $ | 14,796,272 |  |  | $ | 30,079,365 |  |  | $ | 34,938,428 |  |  | $ | 48,810,854 |
Schedule of Change in Contract Liabilities | The following table summarizes the change in contract liabilities:
|  | June 30, 2024 |  |  | December 31, 2023 |
Contract liabilities, beginning of the period |  | $ | 5,223,518 |  |  | $ | 1,149,047 |
Revenue recognized from amounts included in contract liabilities at the beginning of the period |  |  | (5,223,518 | ) |  |  | (1,149,047 | )
Cash received prior to completion of performance obligation |  |  | 435,489 |  |  |  | 5,223,518 |
Contract liabilities, as of the end of the period |  | $ | 435,489 |  |  | $ | 5,223,518 |

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