NOTE 4 - CONTRACT ASSETS AND LIABILITIES	12 Months Ended
Dec. 31, 2023
Notes
NOTE 4 - CONTRACT ASSETS AND LIABILITIES	NOTE 4 – CONTRACT ASSETS AND LIABILITIES Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) on the balance sheet. For Omnitek’s long-term contracts, amounts are generally billed as work progresses in accordance with agreed-upon contractual terms. As of December 31, 2023, the company had no long-term contract liabilities.

NOTE 4 - CONTRACT ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

NOTE 4 - CONTRACT ASSETS AND LIABILITIES

NOTE 4 – CONTRACT ASSETS AND LIABILITIES

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) on the balance sheet. For Omnitek’s long-term contracts, amounts are generally billed as work progresses in accordance with agreed-upon contractual terms. As of December 31, 2023, the company had no long-term contract liabilities.