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ERNEST ENERGY, INC. AND SUBSIDIARIES <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br />17 <br />Note 4 - Contract Receivables <br /> <br />Contract receivables, net are summarized as follows at December 31, 2023: <br /> <br />BILLED: <br />Completed contracts 19,818$ <br />Contracts in process 1,585,670 <br />Retainage receivables 23,478 <br />Service contracts 150,598 <br />Less: Allowance for credit losses (63,107) <br />1,716,457$ <br />The Company expects to collect all of the passage of time retainage within one year. <br /> <br />Note 5 - Contract Assets and Contract Liabilities <br /> <br />Information with respect to contract assets and contract liabilities on uncompleted contracts at <br />December 31, 2023, is as follows: <br /> <br />Contract costs incurred 2,347,417$ <br />Estimated earnings 1,144,558 <br />3,491,975 <br />Less: Billings to date 3,233,619 <br />258,356$ <br />Included in the accompanying consolidated balance sheet as contract assets and contract <br />liabilities: <br /> <br />Costs and estimated earnings in excess of billings <br />on uncompleted contracts 365,052$ <br />Conditional retainage 210,116 <br />Unbilled contract receivable 28,413 <br />Total Contract Assets 603,581$ <br />Billings in excess of costs and estimated earnings <br />on uncompleted contracts (106,696)$ <br />Conditional retainage 95,775 <br />Total Contract Liabilities (10,921)$ <br /> Included in contract assets and contract liabilities is conditional retainage of $305,891, all of <br />which is expected to be collected within one year.