| SCHEDULE OF CONTRACT ASSETS AND LIABILITIES |
The
following is a summary of the Company’s uncompleted contracts:
SCHEDULE
OF CONTRACT ASSETS AND LIABILITIES
| | |
June 30, 2025 | | |
September 30, 2024 | |
| Costs incurred on uncompleted contracts | |
$ | 19,409,856 | | |
$ | 12,724,334 | |
| Estimated gross profit | |
| 8,409,145 | | |
| 3,006,692 | |
| | |
| 27,819,001 | | |
| 15,731,026 | |
| Applicable billings to date | |
| (29,930,440 | ) | |
| (16,000,023 | ) |
| Net earnings in excess of billings / (billing in excess of costs) | |
$ | (2,111,439 | ) | |
$ | (268,997 | ) |
|
| SCHEDULE OF CONTRACT ASSETS AND CONTACT LIABILITIES |
The
following table summarizes the net activity of the contract assets and contract liabilities for the three and nine months ended June
30, 2025, and 2024.
SCHEDULE
OF CONTRACT ASSETS AND CONTACT LIABILITIES
| | |
| | |
| | |
| | |
| |
| | |
For the three months ended | | |
For nine months ended | |
| | |
June 30, 2025 | | |
June 30, 2024 | | |
June 30, 2025 | | |
June 30, 2024 | |
| Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | |
| | |
| | |
| | |
| |
| Contract asset, beginning balance | |
$ | 1,156,620 | | |
$ | 1,979,679 | | |
$ | 985,207 | | |
$ | 1,739,201 | |
| Changes in revenue billed, contract price or cost estimates | |
| (558,469 | ) | |
| (864,619 | ) | |
| (387,056 | ) | |
| (624,141 | ) |
| Contract asset, net, ending balance | |
$ | 598,151 | | |
$ | 1,115,060 | | |
$ | 598,151 | | |
$ | 1,115,060 | |
| Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts | |
| | | |
| | | |
| | | |
| | |
| Contract liability, beginning balance | |
| (1,924,425 | ) | |
$ | (1,899,409 | ) | |
| (1,254,204 | ) | |
$ | (980,319 | ) |
| Changes in revenue billed, contract price or cost estimates | |
| (785,165 | ) | |
| (2,197 | ) | |
| (1,455,386 | ) | |
| (921,287 | ) |
| Contract liability, ending balance | |
$ | (2,709,590 | ) | |
$ | (1,901,606 | ) | |
$ | (2,709,590 | ) | |
$ | (1,901,606 | ) |
| Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts | |
| | | |
| | | |
| | | |
| | |
| Net billings in excess of costs, beginning balance | |
$ | (767,805 | ) | |
$ | 80,270 | | |
$ | (268,997 | ) | |
$ | 758,882 | |
| Changes in revenue billed, contract price or cost estimates | |
| (1,343,634 | ) | |
| (866,816 | ) | |
$ | (1,842,442 | ) | |
| (1,545,428 | ) |
| Net billings in excess of costs, ending balance | |
$ | (2,111,439 | ) | |
$ | (786,546 | ) | |
$ | (2,111,439 | ) | |
$ | (786,546 | ) |
|