Contracts in progress (Tables)

12 Months Ended

Dec. 31, 2022

Contracts in progress

Summary of information relative to revenue recognized and amounts billed on contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

	December 31,
	2022		2021
Revenue recognized to date on contracts in progress	$	25,469,014	$	6,109,396
Amounts billed to date on contracts in progress		(33,407,182)		(6,370,855)
Retainage		2,047,969		237,542
Net contract liability	$	(5,890,199)	$	(23,917)

The above net balances are reflected in the accompanying consolidated balance sheet as follows:

	December 31,
	2022		2021
Contract assets	$	2,913,722	$	489,961
Contract liabilities		(8,803,921)		(513,878)
Net contract liability	$	(5,890,199)	$	(23,917)