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Contract Assets and Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Contract Assets and Contract Liabilities  
Summary of costs and estimated earnings on uncompleted contracts


 

 

2024

 

 

2023

 

 

Costs incurred on uncompleted contracts 

 

$

3,161,295

 

 

$

20,213,733

 


Provision for loss on uncompleted contracts

—


—


Estimated earnings (losses) to date on uncompleted contracts

 

 

(687,903

 )

 

 

(968,040

 )


Gross contract assets

 

 

2,473,392

 

 

 

19,245,693

 


Less: billings to date

 

 

(3,066,938

 )

 

 

(20,601,946

)


Net contract liabilities on uncompleted contracts

 

$

(593,546

 )

 

$

(1,356,253

)

Summary of costs included in condensed consolidated balance sheets


 

 

2024

 

 

2023

 

 

Contract assets

 

$

2,536

 

 

$

10,745

 


Contract liabilities

 

 

(596,082

 )

 

 

(1,366,998

 )


Net contract liabilities

 

$

(593,546

 )

 

$

(1,356,253

 )