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11. JOINT VENTURE PROFIT SHARING
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
11. JOINT VENTURE PROFIT SHARING

11. JOINT VENTURE PROFIT SHARING

 

During 2011 the Company entered into an agreement with CRA, Inc. regarding a sale of 50 scanners to a municipal school system. Under the terms of the deal CRA, Inc. purchased all of the materials and paid substantially all of the cost, View Systems, Inc. assembled the products, shipped the scanners for installation and billed the school system. The terms of the agreement provide that each party is to share equally in the profits. As of June 30, 2013 and December 31, 2012 the estimated amount that the Company may ultimately owe to CRA, Inc., if anything, has not been determined. The Company is technically in default under the terms of the agreement because of late payments.