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CONTRACTS IN PROCESS
 3 Months Ended
Mar. 31, 2025
CONTRACTS IN PROCESS  
CONTRACTS IN PROCESS

 NOTE 12 – CONTRACTS IN PROCESS

 

The net unbilled accounts receivables (deferred revenues) position for contracts in process, related to the website design and implementation services, consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Costs on uncompleted contracts

 

$744,338

 

 

$624,865

 

Estimated earnings

 

 

694,897

 

 

 

712,658

 

Total costs and estimated profits on uncompleted contracts

 

 

1,439,235

 

 

 

1,337,523

 

Add: unbilled amounts on completed contracts

 

 

20,000

 

 

 

7,000

 

Less: Progress billings

 

 

(1,928,766 )

 

 

(1,703,630 )

Unbilled accounts receivables (deferred revenues), net

 

$(469,531 )

 

$(359,107 )

 

The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows:

 

 

 

March 31,

2025

 

 

December 31,

2024

 

Unbilled accounts receivable costs and estimated earnings in excess of billings on uncompleted contracts

 

$33,789

 

 

$92,576

 

Deferred revenues - Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

(503,320 )

 

 

(451,683 )

Unbilled accounts receivables (deferred revenues), net

 

$(469,531 )

 

$(359,107 )