XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.23.4

Contract Assets and Contract Liabilities | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | Dec. 31, 2022
Contract Assets and Contract Liabilities [Abstract] |  |
Contract Assets and Contract Liabilities |
5. | Contract Assets and Contract Liabilities
Costs and estimated earnings on uncompleted contracts, which represent contract assets and contract liabilities, consisted of the following at September 30, 2023 and December 31, 2022:
|  | 2023 |  |  | 2022 |
Costs incurred on uncompleted contracts |  | $ | 17,242,167 |  |  | $ | 13,730,177 |
Provision for loss on uncompleted contracts |  |  | — |  |  |  | — |
Estimated earnings to date on uncompleted contracts |  |  | 103,251 |  |  |  | (2,160,085 | )
Gross contract assets |  |  | 17,345,418 |  |  |  | 11,570,092 |
Less: billings to date |  |  | (18,638,029 | ) |  |  | (11,970,979 | )
Net contract assets/(liabilities) on uncompleted contracts |  | $ | (1,292,611 | ) |  | $ | (400,887 | )
The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at September 30, 2023 and December 31, 2022.
|  | 2023 |  |  | 2022 |
Contract assets |  | $ | 18,391 |  |  | $ | 36,384 |
Contract liabilities |  |  | (1,311,002 | ) |  |  | (437,271 | )
Net contract assets (liabilities) |  | $ | (1,292,611 | ) |  | $ | (400,887 | )
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. |
5. | Contract Assets and Contract Liabilities
Costs and estimated earnings on uncompleted contracts, which represent contract assets and contract liabilities, consisted of the following at December 31:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Costs incurred on uncompleted contracts |  | $ | 13,730,177 |  |  | $ | 4,272,425 |  |  | $ | 4,572,581 |
Provision for loss on uncompleted contracts |  |  | — |  |  |  | 2,238,578 |  |  |  | — |
Estimated earnings (losses) to date on uncompleted contracts |  |  | (2,160,085 | ) |  |  | (3,156,377 | ) |  |  | 872,302 |
Gross contract assets |  |  | 11,570,092 |  |  |  | 3,354,626 |  |  |  | 5,444,883 |
Less: billings to date |  |  | (11,970,979 | ) |  |  | (4,750,289 | ) |  |  | (5,916,487 | )
Net contract liabilities on uncompleted contracts |  | $ | (400,887 | ) |  | $ | (1,395,663 | ) |  | $ | (471,604 | )
The above amounts are included in the accompanying consolidated balance sheets under the following captions at December 31:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Contract assets |  | $ | 36,384 |  |  | $ | 41,916 |  |  | $ | 1,303,136 |
Contract liabilities |  |  | (437,271 | ) |  |  | (1,437,579 | ) |  |  | (1,774,740 | )
Net contract liabilities |  | $ | (400,887 | ) |  | $ | (1,395,663 | ) |  | $ | (471,604 | )
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.

X
- References No definition available. + Details
Name: | us-gaap_ContractorsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -SubTopic 35 -Topic 605 -Publisher FASB -URI https://asc.fasb.org//605-35/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(c)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(d)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//912/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 275 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482094/912-275-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 275 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482094/912-275-50-3 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 275 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482094/912-275-50-4 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 275 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482094/912-275-50-5 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 275 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482094/912-275-50-6 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482283/912-310-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482283/912-310-50-4 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 405 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482379/912-405-45-4 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 405 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482363/912-405-50-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 405 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482363/912-405-50-3 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 910 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482332/910-20-50-1 Reference 16: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 910 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482546/910-10-50-4 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(c)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 18: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 910 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482546/910-10-50-5 + Details
Name: | us-gaap_LongTermContractsOrProgramsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration