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CONTRACT ASSETS AND LIABILITES | 12 Months Ended
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Sep. 30, 2024
Contract Assets And Liabilites |
CONTRACT ASSETS AND LIABILITES | NOTE 14 - CONTRACT ASSETS AND LIABILITES Project contracts typically provide for a schedule of billings on percentage of completion of specific tasks inherent in the fulfillment of the Company’s performance obligation(s). The schedules for such billings usually do not precisely match the schedule on which costs are incurred. As a result, contract revenue recognized in the statements of operations can and usually does differ from amounts that can be billed to the customer at any point during the contract. Amounts by which cumulative contract revenue recognized on a contract as of a given date exceeds cumulative billings and unbilled receivables to the customer under the contract are reflected as a current asset in the balance sheets under the caption “Contract assets.” Amounts by which cumulative billings to the customer under a contract as of a given date exceed cumulative contract revenue recognized are reflected as a current liability in the balance sheets under the caption “Contract liabilities.” Conditional retainage represents the portion of the contract price withheld until the work is substantially complete for assurance of the Company’s obligations to complete the job. The following is a summary of the Company’s uncompleted contracts. SCHEDULE OF CONTRACT ASSETS AND LIABILITIES
|  | September 30, 2024 |  |  | September 30, 2023 |
Costs incurred on uncompleted contracts |  | $ | 12,724,334 |  |  | $ | 12,523,552 |
Estimated gross profit |  |  | 3,006,692 |  |  |  | 3,085,350 |
|  |  | 15,731,026 |  |  |  | 15,608,902 |
Applicable billings to date |  |  | (16,000,023 | ) |  |  | (14,850,020 | )
Net (billings in excess of costs)/earnings in excess of billings, Ending balance |  | $ | (268,997 | ) |  | $ | 758,882 |
For the years ended September 30, 2024, and 2023, the Company recognized revenue of $905,319 and $369,835, respectively, that was previously included in the beginning balance of contract liabilities. SUMMARY OF CONTRACT ASSETS AND CONTACT LIABILITIES
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | For the year ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts |  |  |  |  |  |  |  |
Contract asset, beginning balance |  | $ | 1,739,201 |  |  | $ | 781,819 |
Changes in revenue billed, contract price or cost estimates |  |  | (753,994 | ) |  |  | 957,382 |
Contract asset, net, ending balance |  | $ | 985,207 |  |  | $ | 1,739,201 |
Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts |  |  |  |  |  |  |  |
Contract liability, beginning balance |  |  | (980,319 | ) |  | $ | (369,890 | )
Changes in revenue billed, contract price or cost estimates |  |  | (273,885 | ) |  |  | (610,429 | )
Contract liability, ending balance |  | $ | (1,254,204 | ) |  | $ | (980,319 | )
Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts |  |  |  |  |  |  |  |
Net billings in excess of costs, beginning balance |  | $ | 758,882 |  |  | $ | 411,929 |
Changes in revenue billed, contract price or cost estimates |  | $ | (1,027,879 | ) |  |  | 346,953 |
Net billings in excess of costs, ending balance |  | $ | (268,997 | ) |  | $ | 758,882 |

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