Quarterly report pursuant to Section 13 or 15(d)

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

v3.3.1.900
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
6 Months Ended
Oct. 31, 2015
Contractors [Abstract]  
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
NOTE 6 - 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 October 31, 2015 and April 30, 2015:
 
 
 
October 31, 2015
 
April 30, 2015
 
 
 
 
 
 
 
 
 
Costs incurred on uncompleted contracts
 
$
31,508,372
 
$
32,008,307
 
Estimated contract earnings
 
 
5,301,063
 
 
6,031,338
 
 
 
 
36,809,435
 
 
38,039,645
 
Less: Billings to date
 
 
37,773,214
 
 
38,965,672
 
Total
 
$
(963,779)
 
$
(926,027)
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings on uncompleted contracts
 
$
585,721
 
$
420,434
 
Billings in excess of cost and estimated earnings on uncompleted contracts
 
 
1,549,500
 
 
1,346,461
 
Total
 
$
(963,779)
 
$
(926,027)
 
 
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.