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Contract assets/(liabilities
 6 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract assets/(liabilities

Note 4 – Contract assets/(liabilities)

 

The Company’s contract assets are divided into two parts, including retainage receivables and revenue recognized in excess of amounts billed.

 

Contract liabilities represent payment received from customers in excess of revenue. Contract liabilities increase as the Company advanced payments from customers on certain contracts. Contract liabilities decrease as the Company recognizes revenue from the satisfaction of the related performance obligation. The changes in contract liabilities relate to fluctuations in the timing of customer payment and completion of performance obligations.

 

The amounts as included in contract assets/(liabilities) consisted of the following:

 

               
    March 31,
2025		   September 30, 2024
    (Unaudited)    
Contract assets:                
Retainage receivables   $ 1,746,874     $ 1,727,841  
Revenue recognized in excess of amounts billed     4,019,808       2,560,872  
Total contract assets     5,766,682       4,288,713  
                 
Less: allowance for credit losses     (67,237 )     (17,414 )
Total contract assets, net     5,699,445       4,271,299  
Contract assets, current     4,686,136       3,270,627  
Contract assets, non-current   $ 1,013,309     $ 1,000,672  
                 
Contract liabilities:                
Payment received from customers in excess of revenue
recognized		   $ (76,674 )   $ (512,171 )

 

WF INTERNATIONAL LIMITED AND SUBSIDIARIES

Information about revenue recognized that was included in contract liabilities as of October 1, 2024 and 2023:

 

       
    For the Six Months ended March 31
    2025   2024
    (Unaudited)   (Unaudited)
Payment received from customers in excess of revenue recognized   $ (486,554 )   $ (20,378 )