Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015:

	2016			2015
Costs incurred on uncompleted contracts	$	21,187		$	18,363
Provision for loss on uncompleted contracts		-			-
Estimated income		7,872			6,786
		29,059			25,149
Less:  billings to date		(58,975	)		(53,173	)
	$	(29,916	)	$	(28,024	)

The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at March 31, 2016 and December 31, 2015.

	2016			2015
Costs and estimated earnings in excess of billings on uncompleted contracts	$	-		$	-
Billings in excess of cost and estimated earnings on uncompleted contracts		(29,916	)		(28,024	)
	$	(29,916	)		(28,024	)

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.