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Costs and Estimated Earnings on Uncompleted Contracts
 9 Months Ended
Sep. 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 September 30, 2014 and December 31, 2013:

 

  2014  2013 
Costs incurred on uncompleted contracts $47,083  $228,643 
Provision for loss on uncompleted contracts  -   9,896 
Estimated income (loss)  4,685   (47,932)
   51,768   190,607 
Less:  billings to date  (56,650)  (214,956)
         
  $(4,882) $(24,349)

 

The above amounts are included in the accompanying condensed consolidated balance sheets under the following captions at September 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  (4,882)  (24,349)
  $(4,882)  (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 December 31, 2013, the Company has accrued anticipated losses on uncompleted contracts in the amount of $9,896. This amount is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets.