| ACCOUNTS RECEIVABLE |
Accounts receivable consists of the following:
|
|
September 30, 2012 |
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
| Contracts receivable |
|
$ |
101,903 |
|
|
$ |
494,395 |
|
|
|
|
|
|
|
|
|
|
| Costs and estimated earnings on uncompleted contracts |
|
|
1,450 |
|
|
|
349 |
|
|
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
|
103,353 |
|
|
|
494,744 |
|
|
|
|
|
|
|
|
|
|
| Short term receivable (contract retention) |
|
|
- |
|
|
|
47,817 |
|
| Long term receivable (contract retention) |
|
|
- |
|
|
|
205,313 |
|
|
|
$ |
103,353 |
|
|
$ |
747,874 |
|
Contracts receivable are expected to be collected within a year.
Costs and Estimated Earnings on Uncompleted Contracts
|
|
September 30, 2012 |
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
| Costs incurred on uncompleted contracts |
|
$ |
6,234,714 |
|
|
$ |
33,898,851 |
|
| Estimated earnings |
|
|
599,148 |
|
|
|
2,563,744 |
|
|
|
|
|
|
|
|
|
|
| Total billable costs and estimated earnings |
|
|
6,833,862 |
|
|
|
36,462,595 |
|
| Less: |
|
|
|
|
|
|
|
|
| Billings to date |
|
|
6,832,412 |
|
|
|
36,464,398 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,450 |
|
|
$ |
(1,803 |
) |
|
|
|
|
|
|
|
|
|
| Included in accompanying balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unbilled costs and estimated earnings on uncompleted contracts included in accounts receivable |
|
$ |
1,450 |
|
|
$ |
349 |
|
| Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
- |
|
|
|
(2,152 |
) |
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,450 |
|
|
$ |
(1,803 |
) |
|