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Costs and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 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 December 31, 2014 and 2013:

 

   2014  2013 
 Costs incurred on uncompleted contracts $-  $228,643 
 Provision for loss on uncompleted contracts  -   9,896 
 Estimated earnings (losses)  -   (47,932)
    -   190,607 
 Less:  billings to date  (3,500)  (214,956)
   $(3,500) $(24,349)

 

The above amounts are included in the accompanying consolidated balance sheets under the following captions at December 31, 2014 and 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  (3,500)  (24,349)
   $(3,500) $(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.

 

There were no accrued anticipated losses on uncompleted contracts as of December 31, 2014. As of December 31, 2013, the Company has accrued anticipated losses on uncompleted contracts in the amount $9,896. This amount is included in cost of revenue on the accompanying consolidated statements of operations and comprehensive loss and is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets.