| SCHEDULE OF CONTRACT ASSETS AND LIABILITIES |
The
following is a summary of the Company’s uncompleted contracts:
SCHEDULE OF CONTRACT ASSETS AND LIABILITIES
| | |
March
31, 2025 | | |
September
30, 2025 | |
| Costs incurred on uncompleted contracts | |
$ | 21,695,817 | | |
$ | 10,344,923 | |
| Estimated gross profit | |
| 6,457,872 | | |
| 4,025,531 | |
| | |
| 28,153,689 | | |
| 14,370,454 | |
| Applicable billings to
date | |
| (28,293,504 | ) | |
| (15,045,345 | ) |
| Net earnings in excess
of billings/(billing in excess of costs) | |
$ | (139,815 | ) | |
$ | (674,891 | ) |
|
| SUMMARY OF CONTRACT ASSETS AND CONTACT LIABILITIES |
SUMMARY OF CONTRACT ASSETS AND CONTACT LIABILITIES
| | |
March
31, 2026 | | |
March
31, 2025 | | |
March
31, 2026 | | |
March
31, 2025 | |
| | |
For the three months
ended | | |
For the six months
ended | |
| | |
March
31, 2026 | | |
March
31, 2025 | | |
March
31, 2026 | | |
March
31, 2025 | |
| Costs
and Estimated Earnings in Excess of Billings on Uncompleted Contracts | |
| | | |
| | | |
| | | |
| | |
| Contract asset,
beginning balance | |
$ | 1,697,691 | | |
$ | 1,541,241 | | |
$ | 980,164 | | |
$ | 985,207 | |
| Changes in revenue billed,
contract price or cost estimates | |
| (151,007 | ) | |
| (384,621 | ) | |
| 566,520 | | |
| 171,413 | |
| Contract assets acquired
in acquisition | |
| 661,885 | | |
| - | | |
| 661,885 | | |
| - | |
| Contract asset, net, ending
balance | |
$ | 2,208,569 | | |
$ | 1,156,620 | | |
$ | 2,208,569 | | |
$ | 1,156,620 | |
| Billings
in Excess of Costs and Estimated Earnings on Uncompleted Contracts | |
| | | |
| | | |
| | | |
| | |
| Contract liability, beginning
balance | |
| (1,542,262 | ) | |
$ | (1,279,187 | ) | |
| (1,655,055 | ) | |
$ | (1,254,204 | ) |
| Changes in revenue billed,
contract price or cost estimates | |
| (273,585 | ) | |
| (645,238 | ) | |
| (160,792 | ) | |
| (670,221 | ) |
| Contract liabilities acquired
in acquisition | |
| (532,537 | ) | |
| - | | |
| (532,537 | ) | |
| - | |
| Contract liability, ending
balance | |
$ | (2,348,384 | ) | |
$ | (1,924,425 | ) | |
$ | (2,348,384 | ) | |
$ | (1,924,425 | ) |
| Net
Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts | |
| | | |
| | | |
| | | |
| | |
| Net billings in excess
of costs, beginning balance | |
$ | 155,429 | | |
$ | 262,054 | | |
$ | (674,891 | ) | |
$ | (268,997 | ) |
| Changes in revenue billed,
contract price or cost estimates | |
| (424,592 | ) | |
| (1,029,859 | ) | |
| 405,728 | | |
| (498,808 | ) |
| Net billings in excess
of costs acquired in acquisition | |
| 129,348 | | |
| - | | |
| 129,348 | | |
| - | |
| Net (earnings in excess
of billings)/costs in excess of billings, ending balance | |
$ | (139,815 | ) | |
$ | (767,805 | ) | |
$ | (139,815 | ) | |
$ | (767,805 | ) |
|