Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Contract Liabilities (Tables)

v3.19.1
Contract Assets and Contract Liabilities (Tables)
3 Months Ended
Mar. 31, 2019
Contract Assets and Contract Liabilities [Abstract]  
Summary of costs and estimated earnings on uncompleted contracts

 

 

 

March 31, 

2019

 

 

December 31,

2018

 

 

Costs incurred on uncompleted contracts

 

$

11,175,706

 

 

$

11,307,975

 

 

Estimated earnings to date on uncompleted contracts

 

 

1,032,413

 

 

 

838,615

 

 

Gross contract assets

 

 

12,208,119

 

 

 

12,146,590

 

 

Less: billings to date

 

 

(13,776,176

)

 

 

(13,221,152

)

 

    Net contract assets (liabilities)

 

$

(1,568,057

)

 

$

(1,074,562

)

Summary of costs included in condensed consolidated balance sheets

   



March 31, 

2019



December 31,

2018

 

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

12,424

 

 

$

260,325

 

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

(1,580,481

)

 

 

(1,334,887

)

 

    Net contract assets (liabilities)

 

$

(1,568,057

)

 

$

(1,074,562

)