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Construction Backlog | 12 Months Ended
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Dec. 31, 2023
Construction Backlog [Abstract] |
Construction Backlog |
14. | Construction Backlog
The following represents the backlog of signed construction and engineering contracts in existence at December 31, 2023 and 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 December 31, 2023 and December 31, 2022, respectively, on which work has not yet begun:
|  |  | 2023 |  |  | 2022 |
| Balance - beginning of year |  | $ | 6,810,762 |  |  | $ | 3,217,909 |
| New contracts and change orders during the year |  |  | 11,614,650 |  |  |  | 13,803,733 |
| Adjustments and cancellations, net |  |  | — |  |  |  | 1,086,301 |
| Subtotal |  |  | 18,425,412 |  |  |  | 18,107,943 |
| Less: contract revenue earned during the year |  |  | (16,523,080 | ) |  |  | (11,297,181 | )
| Balance - end of year |  | $ | 1,902,332 |  |  | $ | 6,810,762 |
During 2022, the Company entered into a contract with ATCO Structures & Logistics (USA) Inc. for $5,771,200 that is reflected in the December 31, 2022 backlog. This amount was fully recognized during the year ended December 31, 2023. The Company’s remaining backlog as of December 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 December 31, 2023 over the following period:
|  |  | 2023 |
| Within 1 year |  | $ | 1,902,332 |
| Total Backlog |  | $ | 1,902,332 |
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.

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