Quarterly report pursuant to Section 13 or 15(d)

Construction Backlog

v3.21.2
Construction Backlog
6 Months Ended
Jun. 30, 2021
Construction Backlog [Abstract]  
Construction Backlog

12.

Construction Backlog

 

The following represents the backlog of signed construction and engineering contracts in existence at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, respectively, on which work has not yet begun:



 

 

 

2021

 

 

2020

 

 

Balance - beginning of period

 

$

25,117,461

 

 

$

17,634,261

 

 

New contracts and change orders during the period

 

 

1,247,242

 

 

 

13,816,785

 


Adjustments and cancellations, net



(27,370 )

 

Subtotal  

 

 

26,364,703

 

 

 

31,423,676

 

 

Less: contract revenue earned during the period

 

 

(5,328,872

)

 

 

(6,306,215

)

 

Balance - end of period

 

$

21,035,831

 

 

$

25,117,461

 

 

Backlog at June 30, 2021 included two contracts entered into during the third quarter of 2020 in the amount of approximately $4 million and approximately $2.95 million along with three contracts during the fourth quarter of 2020 in the amount of approximately $2.7 million, $0.80 million, and $0.70 million. In addition, the Company executed one large contract in the first quarter of 2021 in the amount of approximately $1.3 million. The Company expects that all of this revenue will be realized by June 30, 2023. As previously discussed in Note 3, the ELA was terminated and in connection with the termination a Settlement and Mutual Release Agreement was executed. The Company is receiving an assignment of CPF's right to a $1.25 million redemption distribution for one such project.  The Company does not expect to receive any royalties from the terminated ELA and Backlog does not include the redemption distribution fee. 

   

The Company’s remaining backlog as of June 30, 2021 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 June 30, 2021 over the following period:





2021

Within 1 year
$ 8,179,581

1 to 2 years


12,856,250

Total Backlog
$ 21,035,831


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.