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Construction Backlog | 6 Months Ended
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Jun. 30, 2019
Construction Backlog [Abstract] |
Construction Backlog |
8. | Construction Backlog
The following represents the backlog of signed construction and engineering contracts in existence at June 30, 2019 and December 31, 2018, 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 June 30, 2019 and December 31, 2018, respectively, on which work has not yet begun:
|  |  | June 30, 2019 |  |  | December 31, 2018 |
| Balance - beginning of period |  | $ | 97,657,379 |  |  | $ | 76,659,029 |
| New contracts and change orders during the period, net |  |  | 145,745 |  |  |  | 58,805,877 |
| Adjustments and cancellations, net |  |  | (24,571,359 | ) |  |  | (29,616,815 | )
| Subtotal |  |  | 73,231,765 |  |  |  | 105,848,091 |
| Less: contract revenue earned during the period |  |  | (2,463,032 | ) |  |  | (8,190,712 | )
| Balance - end of period |  | $ | 70,768,733 |  |  | $ | 97,657,379 |
Backlog at June 30, 2019 included two large contracts entered into by the Company during the third quarter of 2017 in the amounts of approximately $55 million and $15 million, respectively. The Company expects that all of this revenue will be realized by June 30, 2022. During the fourth quarter of 2018, the Company moved a contract of $27.5 million out of backlog and into its pipeline until the customer completes a highest and best use analysis of the land. During the second quarter of 2019, the Company moved a $25.0 million contract out of backlog after receiving a cancellation notice from the customer. The customer has requested arbitration to resolve contractual issues related to pricing and scope of work performed on the contract. The Company’s remaining backlog as of June 30, 2019 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options. As of June 30, 2019, the aggregate amount of the transaction price allocated to backlog was $70,768,733. The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of June 30, 2019 over the following period:
|  |  | 2019 |
| Within 1 year |  | $ | 14,324,626 |
| 1 to 2 years |  |  | 34,500,000 |
| Thereafter |  |  | 21,944,107 |
| Total Backlog |  | $ | 70,768,733 |
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.

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