Quarterly report pursuant to Section 13 or 15(d)

CONTRACT ACCOUNTING (Tables)

v3.19.2
CONTRACT ACCOUNTING (Tables)
6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets on Uncompleted Contracts

At June 30, 2019 and December 31, 2018, contract assets on uncompleted contracts consisted of the following:


 

 

June 30,

2019

 

 

December 31. 2018

 

Costs and estimated earnings recognized

 

$

3,241,030

 

 

$

4,273,057

 

Less: Billings or cash received

 

 

(2,936,969

)

 

 

(3,064,453

)

Contract assets

 

$

304,061

 

 

$

1,208,604

Schedule of Contract Liabilities on Uncompleted Contracts

At June 30, 2019 and December 31, 2018, contract liabilities on uncompleted contracts consisted of the following:


 

 

June 30,

2019

 

 

December 31. 2018

 

Billings and/or cash receipts on uncompleted contracts

 

$

12,166,178

 

 

$

8,563,241

 

Less: Costs and estimated earnings recognized

 

 

(11,087,545

)

 

 

(6,314,412

)

Contract liabilities

 

$

1,078,633

 

 

$

2,248,829

Schedule of Disaggregation of Revenue Quantitative

Quantitative:  

For the Six Months Ended June 30, 2019


Segments

 

Rail

 

 

Commercial

 

 

Petrochemical

 

 

Government

 

 

Banking

 

 

IT Suppliers

 

 

Total

 

Primary Geographical Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

4,476,933

 

 

$

188,931

 

 

$

54,973

 

 

$

97,068

 

 

$

687,599

 

 

$

192,382

 

 

$

5,697,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Major Goods and Service Lines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnkey Projects

 

$

3,942,219

 

 

$

186,734

 

 

$

39,361

 

 

$

56,626

 

 

$

678,489

 

 

$

—

 

 

$

4,903,429

 

Maintenance & Support

 

 

534,714

 

 

 

2,197

 

 

 

15,612

 

 

 

40,442

 

 

 

9,110

 

 

 

—

 

 

 

602,075

 

Data Center Auditing Services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144,982

 

 

 

144,982

 

Software License

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

47,400

 

 

 

47,400

 

 

 

$

4,476,933

 

 

$

188,931

 

 

$

54,973

 

 

$

97,068

 

 

$

687,599

 

 

$

192,382

 

 

$

5,697,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of Revenue Recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred over time

 

$

3,942,219

 

 

$

186,734

 

 

$

39,361

 

 

$

56,626

 

 

$

678,489

 

 

$

192,382

 

 

$

5,095,811

 

Services transferred over time

 

 

534,714

 

 

 

2,197

 

 

 

15,612

 

 

 

40,442

 

 

 

9,110

 

 

 

—

 

 

 

602,075

 

 

 

$

4,476,933

 

 

$

188,931

 

 

$

54,973

 

 

$

97,068

 

 

$

687,599

 

 

$

192,382

 

 

$

5,697,886