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CONTRACT ASSETS AND LIABILITIES | 9 Months Ended
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Jun. 30, 2025
Contract Assets And Liabilities |
CONTRACT ASSETS AND LIABILITIES | NOTE 16 – CONTRACT ASSETS AND LIABILITIES 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 unaudited condensed consolidated 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 unaudited condensed consolidated 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
|  | June 30, 2025 |  |  | September 30, 2024 |
Costs incurred on uncompleted contracts |  | $ | 19,409,856 |  |  | $ | 12,724,334 |
Estimated gross profit |  |  | 8,409,145 |  |  |  | 3,006,692 |
|  |  | 27,819,001 |  |  |  | 15,731,026 |
Applicable billings to date |  |  | (29,930,440 | ) |  |  | (16,000,023 | )
Net earnings in excess of billings / (billing in excess of costs) |  | $ | (2,111,439 | ) |  | $ | (268,997 | )
For the three and nine months ended June 30, 2025 and 2024, the Company recognized revenue of $0 and $18,625, and $1,103,156 and $905,319, respectively, that was previously included in the beginning balance of contract liabilities. The following table summarizes the net activity of the contract assets and contract liabilities for the three and nine months ended June 30, 2025, and 2024. SCHEDULE OF CONTRACT ASSETS AND CONTACT LIABILITIES
|  | For the three months ended |  |  | For nine months ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts |  |  |  |  |  |  |  |  |  |  |  |
Contract asset, beginning balance |  | $ | 1,156,620 |  |  | $ | 1,979,679 |  |  | $ | 985,207 |  |  | $ | 1,739,201 |
Changes in revenue billed, contract price or cost estimates |  |  | (558,469 | ) |  |  | (864,619 | ) |  |  | (387,056 | ) |  |  | (624,141 | )
Contract asset, net, ending balance |  | $ | 598,151 |  |  | $ | 1,115,060 |  |  | $ | 598,151 |  |  | $ | 1,115,060 |
Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract liability, beginning balance |  |  | (1,924,425 | ) |  | $ | (1,899,409 | ) |  |  | (1,254,204 | ) |  | $ | (980,319 | )
Changes in revenue billed, contract price or cost estimates |  |  | (785,165 | ) |  |  | (2,197 | ) |  |  | (1,455,386 | ) |  |  | (921,287 | )
Contract liability, ending balance |  | $ | (2,709,590 | ) |  | $ | (1,901,606 | ) |  | $ | (2,709,590 | ) |  | $ | (1,901,606 | )
Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net billings in excess of costs, beginning balance |  | $ | (767,805 | ) |  | $ | 80,270 |  |  | $ | (268,997 | ) |  | $ | 758,882 |
Changes in revenue billed, contract price or cost estimates |  |  | (1,343,634 | ) |  |  | (866,816 | ) |  | $ | (1,842,442 | ) |  |  | (1,545,428 | )
Net billings in excess of costs, ending balance |  | $ | (2,111,439 | ) |  | $ | (786,546 | ) |  | $ | (2,111,439 | ) |  | $ | (786,546 | )

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