Annual report pursuant to Section 13 and 15(d)

NOTE 9 - CONTRACT ACCOUNTING (Tables)

v3.19.1
NOTE 9 - CONTRACT ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2018
Contractors [Abstract]  
Schedule of contract billings

At December 31, 2018 and 2017, contract assets on uncompleted contracts consisted of the following:

 

 

 

2018

 

 

2017

 

Costs and estimated earnings recognized

 

$

4,273,057

 

 

$

1,613,731

 

Less: Billings or cash received

 

 

(3,064,453

)

 

 

(1,189,938

)

Contract Assets

 

$

1,208,604

 

 

$

423,793

 


At December 31, 2018 and 2017, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2018

 

 

2017

 

Billings and/or cash receipts on uncompleted contracts

 

$

8,563,241

 

 

$

573,847

 

Less: Costs and estimated earnings recognized

 

 

(6,314,412

)

 

 

(373,437

)

Contract Liabilities

 

$

2,248,829

 

 

$

200,410