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Contract Assets and Contract Liabilities
 3 Months Ended
Mar. 31, 2024
Contract Assets and Contract Liabilities [Abstract]  
Contract Assets and Contract Liabilities

6.

Contract Assets and Contract Liabilities


Costs and estimated earnings on uncompleted contracts, which represent contract assets and contract liabilities, consisted of the following at March 31, 2024 and December 31, 2023:

 

 

 

2024

 

 

2023

 

 

Costs incurred on uncompleted contracts

 

$

9,190,823

 

 

$

20,213,733

 


Provision for loss on uncompleted contracts

—


—

Estimated earnings to date on uncompleted contracts

 

 

(573,865

 )

 

 

(968,040

 )

Gross contract assets

 

 

8,616,958

 

 

 

19,245,693

 


Less: billings to date

 

 

(9,096,909

 )

 

 

(20,601,946

 )

    Net contract assets/(liabilities) on uncompleted contracts

 

$

(479,951

 )

 

$

(1,356,253

 )


The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at March 31, 2024 and December 31, 2023. 

 

 

2024

 

 

2023

 

 

Contract assets

 

$

10,745

 

 

$

10,745

 


Contract liabilities

 

 

(490,696

 )

 

 

(1,366,998

 )

 

    Net contract liabilities

 

$

(479,951

 )

 

$

(1,356,253

 )

 

Although management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion. The Company periodically evaluates and revises its estimates and makes adjustments when they are considered necessary.