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DICKERSON FLORIDA, INC. <br />(A Wholly-owned Subsidiary of The Dickerson Group, Inc.) <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 and 2018 <br />(3) Contracts Status <br />Information with respect to the status of uncompleted contracts <br />as of December 31, 2019 and 2018 is as follows: <br />20.19 2018 <br />Contract costs incurred to date $ 78,583,574 56,517,734 <br />Estimated profits earned to date 11,125,994 7,314,885 <br />89,709,568 63,832,619 <br />Less related billings (90,193,867) (65,273,619) <br />(Over -billings) (484,299) (1,441,000} <br />The over -billings are classified in the accompanying balance <br />.sheet as (bracketed amounts represent credits): <br />2019 2018 <br />Cost and estimated earnings in <br />excess of billings on <br />uncompleted contracts $ 40,701 - <br />Billings in excess of costs and <br />estimated earnings on <br />uncompleted contracts (525,000) (1,.441,000) <br />(Over -billings) $ (484;299) (1,441,000) <br />The following presents a reconciliation of estimated gross <br />contract revenues and gross profit to be earned in the future <br />from contracts in progress as of December 31, 2019: <br />Balance of revenue to be earned <br />on contracts in progress as <br />of January 1, 2019 $ 25.,274,617 <br />Add: New contracts begun in fiscal 2019. 19.,699,566 <br />Less: Contract revenues earned in fiscal 2019 (27,682,936) <br />Remainder of. revenues to be earned <br />on contracts in progress as of <br />December 31, 2019 $ 17,291,247 <br />Remainder of estimated gross profit to be <br />earned on contracts in progress as of <br />December 31, 2019 $ 768,065 <br />(continued) <br />(16) <br />