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COSTS INCURRED ON UNCOMPLETED CONTRACTS
3 Months Ended
Jun. 30, 2017
COSTS INCURRED ON UNCOMPLETED CONTRACTS  
COSTS INCURRED ON UNCOMPLETED CONTRACTS
NOTE 5 - COSTS INCURRED ON UNCOMPLETED CONTRACTS
 
The following table sets forth information as to costs incurred on uncompleted contracts as of:
 
 
 
June 30, 2017
 
March 31, 2017
 
Cost incurred on uncompleted contracts, beginning balance
 
$
5,538,815
 
$
5,491,605
 
Total cost incurred on contracts during the year
 
 
3,644,471
 
 
12,501,752
 
Less: cost of sales, during the year
 
 
(4,089,799)
 
 
(12,454,542)
 
Cost incurred on uncompleted contracts, ending balance
 
$
5,093,487
 
$
5,538,815
 
 
 
 
 
 
 
 
 
Billings on uncompleted contracts, beginning balance
 
$
3,441,594
 
$
3,095,963
 
Total billings incurred on contracts, during the year
 
 
4,100,471
 
 
18,896,305
 
Less: Contracts recognized as revenue, during the year
 
 
(5,830,386)
 
 
(18,550,674)
 
Billings on uncompleted contracts, ending balance
 
$
1,711,679
 
$
3,441,594
 
 
 
 
 
 
 
 
 
Cost incurred on uncompleted contracts, ending balance
 
$
5,093,487
 
$
5,538,815
 
Billings on uncompleted contracts, ending balance
 
 
1,711,679
 
 
3,441,594
 
Costs incurred on uncompleted contracts, in excess of progress billings
 
$
3,381,808
 
$
2,097,221
 
 
Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of June 30, 2017 and March 31, 2017, we had billings in excess of costs totaling $574,309 and $642,831, respectively. Billings on uncompleted contracts represent customer prepayments on their contracts and completed contracts for which all revenue recognition criteria were not met.   We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The agreements with our customers allow us to offset the progress payments against the costs incurred.