4. Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

May 31, 2025

4. Costs and Estimated Earnings on Uncompleted Contracts:

4. Costs and Estimated Earnings on Uncompleted Contracts:

	2025		2024
Costs incurred on uncompleted contracts	`$12,499,313`		`$10,576,401`
Estimated earnings	`13,175,240`		`10,459,240`
	`25,674,553`		`21,035,641`
Less billings to date	`24,696,121`		`22,280,350`
	`$978,432`		`$(1,244,709)`

Amounts are included in the accompanying balance sheets under the following captions:

	2025		2024
Costs and estimated earnings in excess of billings	`$5,360,499`		`$4,356,565`
Billings in excess of costs and estimated earnings	`4,382,067`		`5,601,274`
	`$978,432`		`$(1,244,709)`

The following summarizes the status of Projects in progress as of May 31, 2025 and 2024:

	2025	2024
Number of Projects in progress	21	19
Aggregate percent complete	65%	53%
Aggregate amount remaining	$13,100,204	$18,650,312
Percentage of total value invoiced to customer	64%	56%

The Company expects to recognize the majority of remaining revenue on all open projects during the May 31, 2026 fiscal year.

Revenue recognized during the years ended May 31, 2025 and 2024 for amounts included in billings in excess of costs and estimated earnings as of the beginning of the year amounted to $5,601,000, and $1,992,000.