COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

3 Months Ended

Apr. 30, 2016

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through April 30 and January 31, 2016, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the condensed consolidated balance sheets as of those dates.

	April 30,			January 31,
	2016			2016
Costs incurred on uncompleted contracts	$	807,310		$	764,071
Estimated accrued earnings	135,577			116,326
	942,887			880,397
Less - billings to date	1,073,431			982,182
	$	(130,544	)	$	(101,785	)

	April 30,			January 31,
	2016			2016
Costs and estimated earnings in excess of billings	$	4,077		$	4,078
Billings in excess of costs and estimated earnings	134,621			105,863
	$	(130,544	)	$	(101,785	)

Contract costs presented above for the contracts inception-to-date period ended April 30, 2016 included amounts billed to the Company for delivered goods and services totaling $10.3 million that were retained and included in the Company’s accounts payable as of April 30, 2016.