What does this expression where are you at with sth mean?

AnonymousI don't know where we're at with it.

It is very informal, and many teachers would frown on the grammar.

But it is most likely in the context of a project: We don't know where we are in terms of progress (at the beginning, middle, or near the end?)
Or, it could be: We don't know where we stand (on this subject.)

Where're you at with something?
This is a casual, idiomatic way of asking
'What is the situation?'
'What is the status?'

Thank you both.