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Note 6 - Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Contract with Customer, Contract Asset, Contract Liability [Text Block]

NOTE 6 – CONTRACT ASSETS AND CONTRACT LIABILITIES

The roll-forward of Contract assets and contract liabilities for the periods ended June 30, 2024 and December 31, 2023 is as follows:

		June 30, 2024				December 31, 2023
Cost incurred		$	3,028,377			$	3,225,728
Unbilled project deliveries			730,026				582,557
VAT			136,491				329,980
Other receivables			78,803				92,619
Prepayments			(1,407,098	)			(1,688,427	)
Deferred Revenue			(21,531	)			(33,360	)
		$	2,545,068			$	2,509,097

Distributed as follows:
Contract assets		$	2,878,573			$	2,891,744
Contract liabilities			(333,505	)			(382,647	)
		$	2,545,068			$	2,509,097