Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 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 December 31, 2016 and 2015:

	Successor 2016			Predecessor 2015
Costs incurred on uncompleted contracts	$	316,722		$	18,363
Provision for loss on uncompleted contracts		-			-
Estimated earnings (losses)		40,488			6,786
		357,210			25,149
Less: billings to date		(372,339	)		(53,173	)
	$	(15,129	)	$	(28,024	)

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

	Successor 2016			Predecessor 2015
Costs and estimated earnings in excess of billings on uncompleted contracts	$	33,349		$	-
Billings in excess of cost and estimated earnings on uncompleted contracts		(48,478	)		(28,024	)
	$	(15,129	)	$	(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.