Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 13

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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ivable 
    $245,013  
    $91,166 
  
    Less: provision for credit losses 
     –  
     – 
  
    Total 
    $245,013  
    $91,166 

For the six months ended June 30, 2025 and 2024,
the Company recorded no provision for credit losses for accounts receivable. 

    NOTE 5
    CONTRACT ASSETS INCLUDING RETAINAGE, NET

Contract assets including retainage, net consisted
of the following as of June 30, 2025 and December 31, 2024: 

    Schedule of contract assets 

    June 30, 2025  
    December 31, 2024 
  
    Contract assets (Note 6) 
    $193,404  
    $193,404 
  
    Retainage 
     108,098  
     108,098 
  
    Less: provision for credit losses 
     –  
     – 
  
    Contract assets including retainage, net 
    $301,502  
    $301,502 

Retainage receivables have been billed and the
Company has an unconditional right to receive payment, but are not due until satisfactory contract completion and acceptance by the customer.

    NOTE 6
    CONTRACT ASSETS AND LIABILITIES

Costs and estimated earnings compared to billings
on uncompleted contracts as of June 30, 2025 and December 31, 2024 consisted of the following:

Costs and estimated earnings in excess of billings
on uncompleted contracts: 

    Schedule of costs and estimated earnings 

    June 30, 2025  
    December 31, 2024 
  
    Contract costs incurred plus estimated earnings 
    $4,323,927  
    $4,323,927 
  
    Less: Progress billings 
     (4,130,523) 
     (4,130,523)
  
    Contract assets 
    $193,404  
    $193,404 

Billings in excess of costs and estimated earnings
on uncompleted contracts: 

    Schedule of billings in excess of costs 

    June 30, 2025  
    December 31, 2024 
  
    Contract costs incurred plus estimated earnings 
    $550,034  
    $273,505