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PROSHOT CONCRETE, INC. AND SUBSIDIARIES <br />NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 AND 2018 <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — CONTINUED <br />Subsequent Events <br />Management has evaluated subsequent events and their potential effects on these consolidated <br />financial statements through March 6, 2020, which is the date the consolidated financial statements <br />were available to be issued. <br />2. COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br />Costs, estimated earnings, and billings on uncompleted contracts are summarized as follows: <br />Costs incurred on contracts in progress <br />Estimated earnings <br />Less billings on contracts in progress <br />Net over billings on contracts in progress <br />2019 <br />2018 <br />$ 4,440,631 $ 8,723,830 <br />966,983 14,902 <br />5,407,614 8,738,732 <br />(5,099,284) (8,213,481) <br />$ 308,330 $ 525,251 <br />Costs, estimated earnings, and billings on uncompleted contracts are included in the consolidated <br />balance sheets under the following captions: <br />2019 2018 <br />Costs and estimated earnings in excess of billings $ 475,963 $ 781,490 <br />Billings in excess of costs and estimated earnings (167,633) (256,239) <br />$ 308,330 $ 525,251 <br />At December 31, 2019, revenue backlogs on outstanding contracts are $5,808,350 ($8,149,842 in <br />2018). <br />12 <br />