Contract Assets and Liabilities, and Provision for Contract Losses |
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| Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract Assets and Liabilities, and Provision for Contract Losses | 4. Contract Assets and Liabilities, and Provision for Contract Losses Contract assets and liabilities consisted of the following amounts as of each period end:
Conditional retainage is a type of contract asset, but is reported in the table above and on the condensed consolidated balance sheets within “Contract assets” and “Contract liabilities” on a contract-by-contract basis. The Company's total conditional retainage receivable balance was $51,294,375 at March 31, 2026 and $35,041,181 at December 31, 2025. Total contract assets increased at March 31, 2026 by $30,343,981 compared to December 31, 2025 due to (1) an increase in unbilled revenue on in-process contracts due to the timing of advance billings and work progression, (2) an increase in conditional retainage from increased billings and the timing of retainage receipts, and (3) an increase of $15,908,607 of acquired contract assets from the ALGC business combination in 2026 (Note 3). Total contract liabilities decreased at March 31, 2026 by $1,162,192 compared to December 31, 2025 due to a decrease in the timing of advance billings and work progression, and a lower magnitude and fewer anticipated losses on customer contracts within the provision for contract losses. These decreases were partially offset by lower conditional retainage related to advanced billing contracts, as well an increase of $1,162,664 of acquired contract liabilities from the ALGC business combination in 2026 (Note 3). Revenue recognized during the quarters ended March 31, 2026 and 2025 that were included in the opening balance of billings in excess of costs and estimated earnings (a component of Contract liabilities) was $17,049,269, and $19,826,852, respectively. At March 31, 2026, the Provision for contract losses included 8 contracts, with individual contract losses ranging from less than $1,000 to $5,000. At March 31, 2025, the Provision for contract losses included 9 contracts, with individual contract losses ranging from $1,000 to $70,000. The following table presents a reconciliation of the beginning and ending balances of the Company's Provision for contract losses:
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