Annual report pursuant to Section 13 and 15(d)

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
12 Months Ended
Apr. 30, 2015
Contractors [Abstract]  
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts”, represents revenue recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts”, represents billings in excess of revenue recognized. Costs and estimated earnings on uncompleted contracts consist of the following at April 30, 2015 and 2014:
 
 
 
April 30, 2015
 
April 30, 2014
 
 
 
 
 
 
 
 
 
Costs incurred on uncompleted contracts
 
$
32,008,307
 
$
14,457,907
 
Estimated contract earnings
 
 
6,031,338
 
 
3,291,077
 
 
 
 
38,039,645
 
 
17,748,984
 
Less: Billings to date
 
 
38,965,672
 
 
18,766,199
 
Total
 
$
(926,027)
 
$
(1,017,215)
 
 
 
 
 
 
 
 
 
These amounts are included in the accompanying balance Sheets under the following captions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings on uncompleted contracts
 
$
420,434
 
$
431,348
 
Billings in excess of cost and estimated earnings on uncompleted contracts
 
 
1,346,461
 
 
1,448,563
 
Total
 
$
(926,027)
 
$
(1,017,215)
 
 
Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which circumstances requiring the revisions become known. Although management believes it has established adequate procedures for estimating costs to complete on open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion.
 
Although management believes it has established adequate procedures for estimating costs to complete open contracts, additional costs could occur on contracts prior to completion.