Retentions Receivable and Long-term Retentions Receivable

3 Months Ended

Mar. 31, 2013

Other Assets [Abstract]

Retentions Receivable and Long-term Retentions Receivable

4. Retentions Receivable and Long-term Retentions Receivable

The Company enters into sales contracts with customers that provide for a retention provision in that the customers can keep a portion of the payment, generally 10% of the contract price, until the stoves the Company built or supplied refractory materials for were proven to be of good quality. The retention period is usually one to two years from the day the stoves are placed into service. The current portion on the Balance Sheet represents amounts due within a year. The long-term portion represents the amounts that are due over a year or are already over a year old.

The following table shows the components of retentions receivable from long-term contracts as of March 31, 2013 and December 31, 2012:

	March 31, 2013				December 31, 2012
	Retentions receivable		Long-term   retentions   receivable		Retentions receivable		Long-term   retentions   receivable
Chinese government or province owned customers:
Amounts billed and due	$	288,021	$	510,766	$	585,832	$	342,871
Amounts billed and not due		7,045,360		349,423		7,218,256		1,098,770
		7,333,381		860,189		7,804,088		1,441,641
Commercial customers:
Amount billed and due		2,291,323		244,218		512,115		319,021
Amount billed and not due		4,324,984		364,034		4,921,270		734,956
		6,616,307		608,252		5,433,385		1,053,977
Total	$	13,949,688	$	1,468,441	$	13,237,473	$	2,495,618