Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
SCHEDULE OF CONTRACT ASSETS AND LIABILITIES

The following table provides information about contract assets and contract liabilities from contracts with customers as of September 30, 2022:

 

 

         
Contract assets        
Revenue recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts (contract asset), excluding retainage   $ 1,009,760  
         
Retainage included in contract assets due to being conditional on something other than solely passage of time     261,142  
Total contract assets   $ 1,270,902  
         
Contract liabilities        
Payments received or receivable (contract receivables) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage   $ 2,095,432
         
Retainage included in contract liabilities due to being conditional on something other than solely passage of time     (69,271 )
Total contract liabilities   $ 2,026,161