|
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />II
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />
<br />Consul-Tech Enterprises, Inc. and Subsidiaries
<br />Notes to Consolidated Financial Statements
<br />December 31, 2006 and 2005
<br />
<br />D. Contracts Receivable (continued)
<br />
<br />Contracts receivable consist of the following at December 31,2006 and 2005:
<br />
<br /> 2006 2005
<br />Billed
<br />Completed contracts $ 505,916 $ 236,858
<br />Contracts in progress 7,537,149 . 3,297,799
<br />Retainage 4,793 (7,500)
<br />Less intercompany receivables (1,037,839) (788,661)
<br /> 7,010,019 2,738,496
<br />Less allowance for doubtful accounts (146,800) (146,800)
<br /> $ 6,863,219 $ 2,591,696
<br />
<br />E. Costs and Estimated Earnings on Uncompleted Contracts
<br />
<br />Costs, estimated earnings and billings on uncompleted contracts for the current year ended
<br />December 31, 2006 are summarized as follows:
<br />
<br />Costs incurred on uncompleted contracts
<br />Estimated earnings
<br />
<br />2006
<br />$ 7,175,782
<br />3,913,082
<br />11,088,864
<br />11,260,787
<br />$ (171,923)
<br />
<br />Less billings to date
<br />
<br />Included in the accompanying balance sheet under the following captions:
<br />
<br />2006
<br />
<br />Costs and estimated earnings in excess of billings
<br />on uncompleted contracts
<br />Billings in excess of costs and estimated earnings
<br />on uncompleted contracts
<br />
<br />$
<br />
<br />62,068
<br />
<br />233,991
<br />(171,923)
<br />
<br />$
<br />
<br />F. Line of Credit
<br />
<br />The Company maintains a revolving line of credit that bears interest of I-month LIBOR plus 2% for
<br />borrowings up to $2,500,000, due on demand. The outstanding balance as of December 31, 2006
<br />and 2005 amounted to $2,043,145 and $1,760,000, respectively. The obligation is secured by the
<br />assets of the Company, including the carrying value of contracts receivable (Note D).
<br />
<br />11
<br />
|