9. Costs and Estimated Earnings on Uncompleted Contracts

For contracts where the Company receives fee income for managing a development project and does not retain ownership of the real property developed, the Company uses the percentage of completion accounting method. Under this approach, income is recognized based on the status of the uncompleted contracts and the current estimates of costs to complete the project. The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income. Such revisions are recognized in the period in which they are determined. Claims for additional compensation due to the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated.

	As of September 30,
	2011
Cost incurred on uncompleted Contracts	$	1,381,000
Estimated earnings		895,000

Earned revenue		2,276,000
Less billings to date		-

Total	$	2,276,000

Total unbilled receivable at September 30, 2011 was $2,276,000, and is included in accounts receivable – tenants on the consolidated balance sheet.