| Summary of Contract Assets and Liabilities |
Contract assets and liabilities consisted of the following amounts as of each period end:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Contract assets: |
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|
|
|
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
|
$ |
41,029,017 |
|
|
$ |
27,949,597 |
|
Conditional retainage |
|
|
44,209,224 |
|
|
|
26,944,663 |
|
Total contract assets |
|
$ |
85,238,241 |
|
|
$ |
54,894,260 |
|
Contract liabilities: |
|
|
|
|
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
$ |
16,733,562 |
|
|
$ |
18,792,435 |
|
Less: Conditional retainage |
|
|
(7,085,151 |
) |
|
|
(8,096,518 |
) |
Provision for contract losses |
|
|
20,961 |
|
|
|
135,647 |
|
Total contract liabilities |
|
$ |
9,669,372 |
|
|
$ |
10,831,564 |
|
Net contract assets (liabilities) |
|
$ |
75,568,869 |
|
|
$ |
44,062,696 |
|
|
| Reconciliation of Provision for Contract Losses |
The following table presents a reconciliation of the beginning and ending balances of the Company's Provision for contract losses:
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|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31, 2025 |
|
Opening balance January 1 within Contract liabilities |
|
$ |
135,647 |
|
|
$ |
4,039,488 |
|
Additions - new loss provisions within Cost of revenues |
|
|
3,683 |
|
|
|
9,798 |
|
Utilization - losses realized within Cost of revenues |
|
|
(118,369 |
) |
|
|
(3,913,639 |
) |
Ending balance within Contract liabilities |
|
$ |
20,961 |
|
|
$ |
135,647 |
|
|