Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue Recognition [Abstract]  
Revenue Recognition NOTE 3 – REVENUE RECOGNITION

Disaggregation of revenue

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that best reflects the consideration we expect to receive in exchange for those goods or services.

The following table disaggregates revenue based on type:

Revenue by Type

Three Months Ended September 30

Nine Months Ended September 30

2024

2023

2024

2023

Residential contracts

$

10,600,999

$

15,300,411

$

34,501,450

$

48,635,741

Commercial contracts

3,618,023

2,201,888

5,107,418

8,789,930

Service revenue

499,364

764,063

1,878,135

2,429,433

Software revenue

—

22,335

—

323,815

Other

—

—

—

11,494

$

14,718,386

$

18,288,697

$

41,487,003

$

60,190,413

The following table disaggregates revenue based on the timing of satisfaction of the performance obligations:

Three Months Ended September 30

Nine Months Ended September 30

2024

2023

2024

2023

Performance obligations satisfied at a point in time

$

11,100,363

$

16,086,809

$

36,379,585

$

51,400,483

Performance obligations satisfied over time

3,618,023

2,201,888

5,107,418

8,789,930

$

14,718,386

$

18,288,697

$

41,487,003

$

60,190,413

Contract Balances

Contract assets represent costs and earnings in excess of amounts billed and direct costs, including commissions, financing and permitting fees paid prior to recording revenue. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date and billings in excess of costs and earnings. Contract assets were $384,020 and $57,241 at September 30, 2024 and December 31, 2023, respectively. Contract liabilities were $2,306,429 and $2,552,452 at September 30, 2024 and December 31, 2023, respectively. Due to the shorter-term nature of our contracts, the balances within contract assets and liabilities as of December 31, 2023 has been recognized within cash and revenue, respectively, during the nine months ended September 30, 2024.