Revenue Recognition |
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| 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 for the years ended December 31, 2025 and 2024:
The following table disaggregates revenue based on the timing of satisfaction of the performance obligations for the years ended December 31, 2025 and 2024:
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. Retainage on commercial revenue contracts is included within accounts receivable and totaled $455,660 and $189,880 at December 31, 2025 and 2024, respectively. Contract assets were $658,177, $560,648 and $57,241 at December 31, 2025, 2024, and 2023, respectively. Contract liabilities were $2,737,151, $2,314,483 and $2,552,452 at December 31, 2025, 2024, and 2023, respectively. During 2024, $2,552,452 within contract liabilities as of December 31, 2023 was recognized within revenue. During 2025, $2,186,702 within contract liabilities as of December 31, 2024 has been recognized within revenue. |
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