Quarterly report pursuant to Section 13 or 15(d)

Costs and Estimated Earnings on Uncompleted Contracts

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Costs and Estimated Earnings on Uncompleted Contracts
9 Months Ended
Sep. 30, 2017
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts
5. Costs and Estimated Earnings on Uncompleted Contracts

 

Costs and estimated earnings on uncompleted contracts consist of the following at September 30, 2017 and December 31, 2016:

 

   

September 30,

2017

   

December 31,

2016

 
Costs incurred on uncompleted contracts   $ 1,979,931     $ 316,722  
Provision for loss on uncompleted contracts     -       -  
Estimated earnings to date on uncompleted contracts     135,876       40,488  
      2,115,807       357,210  
Less: billings to date     (2,859,498 )     (372,339 )
    $ (743,691 )   $ (15,129 )

 

The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at September 30, 2017 and December 31, 2016.

 

   

September 30,

2017

   

December 31,

2016

 
Costs and estimated earnings in excess of billings on uncompleted contracts   $ 59,224     $ 33,349  
Billings in excess of costs and estimated earnings on uncompleted contracts     (802,915 )     (48,478 )
    $ (743,691 )     (15,129 )

 

Although management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion. The Company periodically evaluates and revises its estimates and makes adjustments when they are considered necessary.