Contracts in progress

12 Months Ended

Dec. 31, 2019

Contracts in progress

Contracts in progress

7. Contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

	December 31,
	2019		2018
Revenues recognized to date on contracts in process	$	24,041,993	$	6,377,657
Amounts billed to date on contracts in process		(22,980,598)		(5,651,928)
	$	1,061,395	$	725,729

The above net balances are reflected in the accompanying consolidated balance sheet as follows:

	December 31,
	2019		2018
Costs and estimated earnings in excess of billings	$	1,675,781	$	835,669
Billings in excess of costs and estimated earnings		(614,386)		(109,940)
	$	1,061,395	$	725,729