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Contract Assets and Contract Liabilities | 9 Months Ended
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Sep. 30, 2019
Contract Assets and Contract Liabilities [Abstract] |
Contract Assets and Contract Liabilities |
5. | Contract Assets and Contract Liabilities
Costs and estimated earnings on uncompleted contracts consisted of the following at September 30, 2019 and December 31, 2018:
|  |  | September 30, 2019 |  |  | December 31, 2018 |
| Costs incurred on uncompleted contracts |  | $ | 228,461 |  |  | $ | 11,307,975 |
| Estimated earnings to date on uncompleted contracts |  |  | 79,852 |  |  |  | 838,615 |
| Gross contract assets |  |  | 308,313 |  |  |  | 12,146,590 |
| Less: billings to date |  |  | (540,715 | ) |  |  | (13,221,152 | )
| Net contract assets (liabilities) |  | $ | (232,402 | ) |  | $ | (1,074,562 | )
The above amounts are included in the accompanying consolidated balance sheets under the following captions at September 30, 2019 and 2018:
|  |  | September 30, 2019 |  |  | December 31, 2018 |
| Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 8,689 |  |  | $ | 260,325 |
| Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | (241,091 | ) |  |  | (1,334,887 | )
| Net contract assets (liabilities) |  | $ | (232,402 | ) |  | $ | (1,074,562 | )
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 peri odically evaluates and revises its estimates and makes adjustments when they are considered necessary.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 + Details
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