4. Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

May 31, 2024

Notes

4. Costs and Estimated Earnings on Uncompleted Contracts:

4.  Costs and Estimated Earnings on Uncompleted Contracts:

	2024		2023
Costs incurred on uncompleted contracts	$ 10,576,401		$ 5,349,111
Estimated earnings	10,459,240		4,850,889
	21,035,641		10,200,000
Less billings to date	22,280,350		8,068,288
	$ (1,244,709	)	$ 2,131,712

Amounts are included in the accompanying balance sheets under the following captions:

	2024		2023
Costs and estimated earnings in excess of billings	$  4,356,565		$ 4,124,182
Billings in excess of costs and estimated earnings	5,601,274		1,992,470
	$ (1,244,709	)	$ 2,131,712

The following summarizes the status of Projects in progress as of May 31, 2024 and 2023:

	2024	2023
Number of Projects in progress	19	22
Aggregate percent complete	53%	33%
Aggregate amount remaining	$17,405,603	$18,061,484
Percentage of total value invoiced to customer	56%	29%

The Company expects to recognize the majority of remaining revenue on all open projects during the May 31, 2025 fiscal year.

Revenue recognized during the years ended May 31, 2024 and 2023 for amounts included in billings in excess of costs and estimated earnings as of the beginning of the year amounted to $1,992,000, and $1,123,000.