Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2019

Contract Assets and Contract Liabilities [Abstract]

Contract Assets and Contract Liabilities

5. Contract Assets and Contract Liabilities 

Costs and estimated earnings on uncompleted contracts consisted of the following at June 30, 2019 and December 31, 2018:

	June 30,  2019			December 31, 2018
Costs incurred on uncompleted contracts	$	11,636,297		$	11,307,975
Estimated earnings to date on uncompleted contracts		1,299,731			838,615
Gross contract assets		12,936,028			12,146,590
Less: billings to date		(13,099,656	)		(13,221,152	)
Net contract assets (liabilities)	$	(163,628	)	$	(1,074,562	)

The above amounts are included in the accompanying consolidated balance sheets under the following captions at June 30, 2019 and 2018:

	June 30,  2019			December 31, 2018
Costs and estimated earnings in excess of billings on uncompleted contracts	$	20,801		$	260,325
Billings in excess of costs and estimated earnings on uncompleted contracts		(184,429	)		(1,334,887	)
Net contract assets (liabilities)	$	(163,628	)	$	(1,074,562	)

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.