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Construction Backlog

3 Months Ended

Mar. 31, 2023

11.	Construction Backlog

The following represents the backlog of signed construction and engineering contracts in existence at March 31, 2023 and December 31, 2022, which represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress and from contractual agreements in effect at March 31, 2023 and December 31, 2022, respectively, on which work has not yet begun:

	2023			2022
Balance - beginning of period	$	6,810,762		$	3,217,909
New contracts and change orders during the period		—			13,803,733
Adjustments and cancellations, net		22			1,086,301
Subtotal		6,810,784			18,107,943
Less: contract revenue earned during the period		(5,503,935	)		(11,297,181	)
Balance - end of period	$	1,306,849		$	6,810,762

The Company’s remaining backlog as of March 31, 2023 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options.

The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of March 31, 2023 over the following period:

	2023
Within 1 year	$	1,306,849
1 to 2 years		—
Total Backlog	$	1,306,849

Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost and project deferrals, as appropriate.