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PERSONS SERVICES CORP. <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br />19 <br />NOTE G — CONTRACTS IN PROGRESS (Continued) <br />The following is included in the accompanying balance sheet as of December 31, 2022 under the captions <br />shown: <br />2022 <br />10,272,650$ <br />(3,829,153) <br />6,443,497$ <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts <br />Costs and estimated earnings in excess of <br />billings on uncompleted contracts <br />As of December 31, 2022, the Company’s balance sheet reflects deferred contract costs of $3,791,102. The <br />remaining balance represents performance bonds on jobs that had not started at December 31, 2022, as well as <br />cost incurred on the startup of job for which we have not yet earned revenue. These costs are anticipated to be <br />fully recoverable. <br />NOTE H - BACKLOG <br />The following schedule shows a reconciliation of backlog representing revenue expected to be realized from <br />work to be performed on uncompleted contracts. <br />67,475,761$ <br />123,466,130 <br />190,941,891 <br />110,067,153 <br />80,874,738$ <br />Balance at December 31, 2022 <br />New contracts and change orders through December 31, 2022 <br />Less contract revenue earned through December 31, 2022 <br />Balance at December 31, 2022 <br />The Company has entered into new contracts with estimated revenues of $44,357,503 between January 1, 2022 <br />and June 30, 2022.