Construction Backlog

12 Months Ended

Dec. 31, 2023

Construction Backlog [Abstract]

Construction Backlog

14. Construction Backlog

The following represents the backlog of signed construction and engineering contracts in existence at December 31, 2023 and 2022, which represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress and from contractual agreements in effect at December 31, 2023 and December 31, 2022, respectively, on which work has not yet begun:

	2023			2022
Balance - beginning of year	$	6,810,762		$	3,217,909
New contracts and change orders during the year		11,614,650			13,803,733
Adjustments and cancellations, net		—			1,086,301
Subtotal		18,425,412			18,107,943
Less: contract revenue earned during the year		(16,523,080	)		(11,297,181	)
Balance - end of year	$	1,902,332		$	6,810,762

During 2022, the Company entered into a contract with ATCO Structures & Logistics (USA) Inc. for $5,771,200 that is reflected in the December 31, 2022 backlog. This amount was fully recognized during the year ended  December 31, 2023. 

The Company’s remaining backlog as of December 31, 2023 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options. 

The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of December 31, 2023 over the following period:  

	2023
Within 1 year	$	1,902,332
Total Backlog	$	1,902,332

Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost and project deferrals, as appropriate.