Contracts in progress (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Revenue recognized to date on contracts in progress	$	108,952,682	$	25,469,014
Amounts billed to date on contracts in progress		(101,724,459)		(33,407,182)
Retainage		8,087,823		2,047,969
Net contract asset/(liability)	$	15,316,046	$	(5,890,199)

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

	December 31,
	2023		2022
Contract assets	$	21,553,057	$	2,913,722
Contract liabilities		(6,237,011)		(8,803,921)
Net contract asset/(liability)	$	15,316,046	$	(5,890,199)