Construction Backlog

12 Months Ended

Dec. 31, 2018

Construction Backlog [Abstract]

Construction Backlog

10. Construction Backlog

The following represents the backlog of signed construction and engineering contracts in existence at December 31, 2018 and 2017, which represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress and from contractual agreements in effect at December 31, 2018 and December 31, 2017, respectively, on which work has not yet begun:

	2018			2017
Balance - beginning of period	$	76,659,029		$	541,291
New contracts and change orders during the period		29,189,062			81,179,323
Subtotal		105,848,091			81,720,614
Less: contract revenue earned during the period		(8,190,712	)		(5,061,585	)
Balance - end of period	$	97,657,379		$	76,659,029

Backlog at December 31, 2018 included two large contracts entered into by the Company during the third quarter of 2017 and one contract during the last quarter of 2018 in the amounts of approximately $55 million, $15 million and $25 million, respectively. During the fourth quarter of 2018, the Company moved contract of $27.5 million out of our backlog and moved it into our pipeline until the customer completes a highest and best use analysis of the land. The Company expects that all of this revenue will be realized by June 30, 2021.

The Company’s remaining backlog as of December 31, 2018 represent the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options.  As of December 31, 2018, the aggregate amount of the transaction price allocated to backlog was $97,657,379.

The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of December 31, 2018 over the following period:

	2018
Within 1 year	$	22,563,674
1 to 2 years		54,639,417
Thereafter		20,454,288
Total Backlog	$	97,657,379

Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost and project deferrals, as appropriate.