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Construction Backlog

12 Months Ended

Dec. 31, 2024

13.	Construction Backlog

The following represents the backlog of signed construction and engineering contracts in existence at December 31, 2024 and 2023, 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, 2024 and December 31, 2023, respectively, on which work has not yet begun:

	2024			2023
Balance - beginning of year	$	1,902,332		$	6,810,762
New contracts and change orders during the year		4,257,241			11,614,650
Subtotal		6,159,573			18,425,412
Less: contract revenue earned during the year		(4,976,618	)		(16,523,080	)
Balance - end of year	$	1,182,955		$	1,902,332

The Company’s remaining backlog as of December 31, 2024 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, 2024 over the following period:

	2024
Within 1 year	$	1,182,955
Total Backlog	$	1,182,955

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.