Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and December 31, 2016:

	2017			2016
Costs incurred on uncompleted contracts	$	1,084,120		$	316,722
Provision for loss on uncompleted contracts		-			-
Estimated income		160,208			40,488
		1,244,328			357,210
Less: billings to date		(1,425,370	)		(372,339	)
	$	(181,042	)	$	(15,129	)

The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at June 30, 2017 and December 31, 2016.

	2017			2016
Costs and estimated earnings in excess of billings on uncompleted contracts	$	258,149		$	33,349
Billings in excess of cost and estimated earnings on uncompleted contracts		(439,191	)		(48,478	)
	$	(181,042	)		(15,129	)

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.