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Note 6 - Contract Assets and Contract Liabilities
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 is as follows:

 

  

September 30,

  

December 31,

 
  

2024

  

2023

 

Cost incurred

 $3,152,907  $3,225,728 

Unbilled project deliveries

  257,706   582,557 

VAT

  151,028   329,980 

Other receivables

  17,243   92,619 

Prepayments

  (1,216,651)  (1,688,427)

Deferred Revenue

  (22,524)  (33,360)
  $2,339,710  $2,509,097 
         

Distributed as follows:

        

Contract assets

 $2,533,287  $2,891,744 

Contract liabilities

  (193,577)  (382,647)
  $2,339,710  $2,509,097