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Costs and Estimated Earnings on Uncompleted Contracts | 6 Months Ended
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Jun. 30, 2014
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 June 30, 2014 and December 31, 2013:
|  | 2014 |  |  | 2013 |
Costs incurred on uncompleted contracts |  | $ | 304,876 |  |  | $ | 228,643 |
Provision for loss on uncompleted contracts |  |  | 48 |  |  |  | 9,896 |
Estimated income (loss) |  |  | (51,196 | ) |  |  | (47,932 | )
|  |  | 253,728 |  |  |  | 190,607 |
Less: billings to date |  |  | (270,543 | ) |  |  | (214,956 | )
|  | $ | (16,815 | ) |  | $ | (24,349 | )
The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at June 30, 2014 and December 31, 2013.
|  | 2014 |  |  | 2013 |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | - |  |  | $ | - |
Billings in excess of cost and estimated earnings on uncompleted contracts |  |  | (16,815 | ) |  |  | (24,349 | )
|  | $ | (16,815 | ) |  |  | (24,349 | )
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. As of June 30, 2014 and December 31, 2013, the Company has accrued anticipated losses on uncompleted contracts in the amount of $48 and $9,896, respectively. For the three months and six ended June 30, 2014, $1,734 is included in cost of revenue on the accompanying condensed consolidated statements of operations and comprehensive loss. This amount is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -SubTopic 275 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6471736&loc=d3e54651-109401 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6407836&loc=d3e58033-111643 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(d)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -SubTopic 405 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6471944&loc=d3e56414-109416 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 6 -Article 5 + Details
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