Quarterly report pursuant to Section 13 or 15(d)

Construction Backlog

v3.19.1
Construction Backlog
3 Months Ended
Mar. 31, 2019
Construction Backlog [Abstract]  
Construction Backlog

8.

Construction Backlog

 

The following represents the backlog of signed construction and engineering contracts in existence at March 31, 2019 and December 31, 2018, 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, 2019 and December 31, 2018, respectively, on which work has not yet begun:





March 31,

2019



December 31,

2018


 

Balance - beginning of period

 

$

97,657,379

 

 

$

76,659,029

 

 

New contracts and change orders during the period

 

 

(82,415

)

 

 

29,189,062

 

 

Subtotal  

 

 

97,574,964

 

 

 

105,848,091

 

 

Less: contract revenue earned during the period

 

 

(1,735,124

)

 

 

(8,190,712

)

 

Balance - end of period

 

$

95,839,840

 

 

$

97,657,379

 

 

Backlog at March 31, 2019 included two large contracts entered into by the Company during the third quarter of 2017 and one contract during the last quarter of 2018 in the amounts of approximately $55 million, $15 million and $25 million, respectively. The Company expects that all of this revenue will be realized by June 30, 2021. During the fourth quarter of 2018, the Company moved a contract of $27.5 million out of backlog and into its pipeline until the customer completes a highest and best use analysis of the land. 


The Company’s remaining backlog as of March 31, 2019 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options.  As of March 31, 2019, the aggregate amount of the transaction price allocated to backlog was $95,839,840.


The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of March 31, 2019 over the following period:





2019

Within 1 year
$ 20,847,051

1 to 2 years


54,546,876

Thereafter


20,445,913


Total Backlog
$ 95,839,840


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.