Costs and Estimated Earnings on Uncompleted Contracts

9 Months Ended

Sep. 30, 2012

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, 2012 and December 31, 2011:

	2012		2011
Costs incurred on uncompleted contracts	$	27,504	$	424,477
Estimated earnings		19,282		41
		46,786		424,518
Less:  billings to date		(119,796)		(358,064)
	$	(73,010)	$	66,454

The above amounts are included in the accompanying balance sheets under the following captions at September 30, 2012 and December 31, 2011.

	2012		2011
Costs and estimated earnings in excess of billings on uncompleted contracts	$	8,107	$	66,454
Billings in excess of cost and estimated earnings on uncompleted contracts		(81,117)		-
	$	(73,010)	$	66,454

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.