Contract Assets and Contract Liabilities

12 Months Ended

Dec. 31, 2018

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 December 31, 2018 and 2017:

	2018			2017
Costs incurred on uncompleted contracts	$	11,307,975		$	3,681,965
Estimated earnings to date on uncompleted contracts		838,615			328,273
Gross contract assets		12,146,590			4,010,238
Less: billings to date		(13,221,152	)		(5,622,111	)
Net contract assets (liabilities)	$	(1,074,562	)	$	(1,611,873	)

The above amounts are included in the accompanying consolidated balance sheets under the following captions at December 31, 2018 and 2017.

	2018			2017
Costs and estimated earnings in excess of billings on uncompleted contracts	$	260,325		$	61,175
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,334,887	)		(1,673,048	)
Net contract assets (liabilities)	$	(1,074,562	)	$	(1,611,873	)

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.