Costs and Estimated Earnings on Uncompleted Contracts

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016:

	September 30, 2017			December 31, 2016
Costs incurred on uncompleted contracts	$	1,979,931		$	316,722
Provision for loss on uncompleted contracts		-			-
Estimated earnings to date on uncompleted contracts		135,876			40,488
		2,115,807			357,210
Less: billings to date		(2,859,498	)		(372,339	)
	$	(743,691	)	$	(15,129	)

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

	September 30, 2017			December 31, 2016
Costs and estimated earnings in excess of billings on uncompleted contracts	$	59,224		$	33,349
Billings in excess of costs and estimated earnings on uncompleted contracts		(802,915	)		(48,478	)
	$	(743,691	)		(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.