Contracts and Accounts Receivable

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Contracts and Accounts Receivable

Contracts and Accounts Receivable

Contracts and accounts receivable consist of the following:

	June 30,			December 31,
	2015			2014
Contracts receivable:
Costs incurred on fee building projects	$	68,982,655		$	89,055,951
Estimated earnings	4,075,616			4,506,534
	73,058,271			93,562,485
Less: amounts collected during the period	(67,471,412		)	(80,404,464		)
	$	5,586,859		$	13,158,021
Contracts receivable:
Billed	$	—		$	1,957
Unbilled	5,586,859			13,156,064
	5,586,859			13,158,021
Other receivables:
Escrow receivables	1,560,779			—
Other receivables	448			5,906
	$	7,148,086		$	13,163,927

Billed contracts receivable represent amounts billed to clients that have yet to be collected. Unbilled contracts receivable represents the contract revenue recognized but not yet billable pursuant to contract terms or administratively not invoiced. All unbilled receivables as of June 30, 2015 and December 31, 2014 are expected to be billed and collected within twelve months. Accounts payable at June 30, 2015 and December 31, 2014 includes $4.9 million and $11.9 million, respectively, related to costs incurred under the Company’s fee building contracts.