CONTRACT BALANCES

9 Months Ended

Jun. 30, 2022

CONTRACT BALANCES

CONTRACT BALANCES

5.  CONTRACT BALANCES

The Company’s accounts receivable consists of amounts that have been billed to customers. Collateral is generally not required. The Company’s contracts have billing terms including daily, weekly, monthly, and at project completion depending on the customer and contract agreement. Payment terms are generally within 30 to 45 days after invoices have been issued. The timing of billings to customers may generate contract assets or contract liabilities.

During the three and nine months ended June 30, 2022, the Company recognized revenue of $328,000 and $2.6 million, respectively, that was included in the contract liability balance at September 30, 2021.

Accounts receivable-trade, net of allowance for doubtful accounts, retentions receivable, contract assets and contract liabilities consisted of the following:

	June 30, 2022		September 30, 2021		Change
Accounts receivable-trade, net of allowance for doubtful accounts	$	24,108,401	$	21,022,207	$	3,086,194
Contract assets
Cost and estimated earnings in excess of billings	$	11,937,080	$	8,730,402	$	3,206,678
Contract liabilities
Billings in excess of cost and estimated earnings	$	6,014,875	$	3,153,290	$	2,861,585