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CONTRACT ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Jun. 30, 2024
Contract Assets And Liabilities  
SCHEDULE OF CONTRACT ASSETS AND LIABILITIES

The following is a summary of the Company’s uncompleted contracts:

 

   June 30, 2024   September 30, 2023 
         
Costs incurred on uncompleted contracts  $11,775,728   $12,523,552 
Estimated gross profit   2,549,303    3,085,350 
    14,325,031    15,608,902 
Applicable billings to date   (15,111,577)   (14,850,020)
Net (billings in excess of costs)/earnings in excess of billings, Ending balance  $(786,546)  $758,882 
SUMMARY OF CONTRACT ASSETS AND CONTACT LIABILITIES

The following table summarizes the net activity of the contract assets and contract liabilities for the three- and six-month periods ended June 30, 2024 and 2023.

 

   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
   For the three months ended   For the nine months ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts                    
Contract asset, beginning balance  $1,979,679   $794,416   $1,739,201   $781,819 
Changes in revenue billed, contract price or cost estimates   (864,619)   (227,901)   (624,141)   (215,304)
Contract asset, net, ending balance  $1,115,060   $566,515   $1,115,060   $566,515 
Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts                    
Contract liability, beginning balance   (1,899,409)  $(924,856)   (980,319)  $(369,890)
Changes in revenue billed, contract price or cost estimates   (2,197)   185,894    (921,287)   (369,072)
Contract liability, ending balance  $(1,901,606)  $(738,962)  $(1,901,606)  $(738,962)
Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts                    
Net billings in excess of costs, beginning balance  $80,270   $(130,440)  $758,882   $411,929 
Changes in revenue billed, contract price or cost estimates   (866,816)   (42,007)  $(1,545,428)   (584,376)
Net billings in excess of costs, ending balance  $(786,546)  $(172,447)  $(786,546)  $(172,447)