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G.E. MARSHALL, INC. & SUBSIDIARY <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />December 31, 2022 and 2021 <br />NOTE 9 - CONCENTRATIONS OF CREDIT RISK (CONTINUED) <br />At times, such amounts may be in excess of the FDIC insured limit. Insurance coverage is $250,000 per <br />depositor at each financial institution, and non -interest bearing cash balances may exceed federally insured <br />limits. <br />The Company routinely assesses the financial strength of its customers and, as a consequence, believes that <br />its contracts receivable credit risk exposure is limited. <br />NOTE 10 - PERFORMANCE OBLIGATIONS <br />As of December 31, 2022, the Company's remaining performance obligations, or backlog, were <br />approximately $8,168,000. The Company expects to recognize all remaining performance obligations as <br />revenue during 2023. This is based on signed contracts for which cancellation is not anticipated. <br />NOTE 11 - MAJOR CUSTOMERS <br />There was one customer that accounted for approximately 16% of contract revenues for the year ended <br />December 31, 2022, and three customers that accounted for approximately 35% of contract receivables as of <br />December 31, 2022. <br />Approximately 33% of the Company's contract revenues for the year ended December 31, 2021, were from <br />two customers, and two customers represented approximately 50% of contracts receivable at December 31, <br />2021. <br />NOTE 12 - PENDING AND SETTLED LITIGATION <br />The Company is subject to legal proceedings and claims which arise in the ordinary course of business. <br />Management of the Company believes the resolution of any pending or threatened actions will not have a <br />material effect on the Company's financial position or results of operations. <br />19 <br />