COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Costs incurred on uncompleted contracts | ||
Costs incurred on uncompleted contracts and estimated earnings | $ 11,299,753 | $ 5,785,132 |
Less billings to date | (8,793,159) | (1,621,409) |
Unbilled contracts receivable | 2,506,594 | 4,163,723 |
Costs in excess of billings on uncompleted contracts | ||
Cost and estimated earnings in excess of billings on uncompleted contracts | 6,263,943 | 5,101,478 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,757,349) | (937,755) |
Unbilled contracts receivable | $ 2,506,594 | $ 4,163,723 |
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- Definition
Represents the billings to date on uncompleted contracts accounted for under the percentage-of-completion method. No definition available.
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- Definition
Represents the costs incurred on uncompleted contracts and estimated earnings, as of the balance sheet date. No definition available.
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- Definition
Liability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method that are expected to be realized within one year or one operating cycle, whichever is longer, from the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
Amount included in cost of uncompleted contracts in excess of related billings, or unbilled accounts receivable, which is expected to be collected within a year within one year (or one operating cycle, if longer) from the date of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Unbilled amounts due for services rendered or to be rendered, actions taken or to be taken, or a promise to refrain from taking certain actions in accordance with the terms of a legally binding agreement between the entity and, at a minimum, one other party. An example would be amounts associated with contracts or programs where the recognized revenue for performance thereunder exceeds the amounts billed under the terms thereof as of the date of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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