Quarterly report pursuant to Section 13 or 15(d)

Construction Backlog

v3.21.1
Construction Backlog
3 Months Ended
Mar. 31, 2021
Construction Backlog [Abstract]  
Construction Backlog

12.

Construction Backlog

 

The following represents the backlog of signed construction and engineering contracts in existence at March 31, 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 March 31, 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

 

 

1,047,324

 

 

 

13,816,785

 


Adjustments and cancellations, net



(27,370 )

 

Subtotal  

 

 

26,164,785

 

 

 

31,423,676

 

 

Less: contract revenue earned during the period

 

 

(3,293,305

)

 

 

(6,306,215

)

 

Balance - end of period

 

$

22,871,480

 

 

$

25,117,461

 

 

Backlog at March 31, 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 March 31, 2023. Under the ELA, the Company cannot guarantee, but expects to receive, approximately $2.4 million in royalties for one such project. The Company expects to receive these royalties for this one such project through September 30, 2022. Backlog does not include expected royalty fees to the Company under the ELA from projects to be delivered by our licensee. 

   

The Company’s remaining backlog as of March 31, 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 March 31, 2021 over the following period:





2021

Within 1 year
$ 10,015,230

1 to 2 years


12,856,250

Total Backlog
$ 22,871,480


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.