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. . I. I. I. I. . . :. '. . . . '. . . I. . . . . . '. I. . . . . . I. .. . . '. . . I. . . . . . . . . . . . I. ,. I. '. . . . BERMELLO, AJAMIL & PARTNERS, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2006 AND 2005 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Recent Account;"g Pronouncements (cOlr/inued) The fair value option: 1. May be applied instrument by instrument, with a few exceptions, such as investments otherwise accounted for by the equity method. 2. Is irrevocable (unless a new election date occurs). 3. Is applied only to entire instruments and not to portions of instruments. SFAS No. 159 is effective as of the beginning of an entity's first fiscal year that begins after November IS, 2007. Management believes the adoption of this Statement will not have a significant impact on the Company's consolidated financial statements. NOTE 2. CONTRACT RECEIVABLES, NET Contract receivables, net, arc comprised of the following at December 3 ] : 2006 2005 Completed contracts $ 858,533 $ 1,666,192 Contracts in progress 13.341.832 11.938.993 J 4,200,365 13,605,J 85 Less allowance for doubtful accounts 795.884 796.859 $ 13.404.481 $ ] 2.808.326 NOTE 3. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS Information with respect to uncompleted contracts is as follows at December 3]: Costs incurred on uncompleted contracts Estimated earnings on uncompleted contracts 2006 2005 $ 32,195,329 $ 26,073,856 2.225.308 2.1 73.965 34,420,637 28,247,821 34.791.201 30.815.499 $ (370.564) $ (2.567.678) Less billings to date -12-