NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND CUSTOMER ADVANCES

12 Months Ended

Jun. 30, 2012

Notes to Financial Statements

NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND CUSTOMER ADVANCES

NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND CUSTOMER ADVANCES

1) Information relating to uncompleted contracts as of June 30, 2012 and 2011 is as follows:

	As of June 30,
	2012		2011
Costs incurred on uncompleted Contracts	$	3,745,307	$	1,868,568
Estimated earnings		2,670,289		1,077,387
		6,415,596		2,945,955
Less: Billings to date		5,287,000		2,780,557
	$	1,128,596	$	165,398

Included in the accompanying consolidated balance sheets under the following captions:

	As of June 30,
	2012		2011
Costs and estimated earnings in excess of billings on  uncompleted contracts	$	1,128,596	$	169,443
Less:  Billings in excess of costs and estimated earnings on uncompleted contracts		—		4,045
	$	1,128,596	$	165,398

2) Customer advances consist of the following:

	As of June 30,
	2012		2011
Total advances	$	9,168,284	$	7,626,351
Less: Advances on contracts under construction		5,287,000		2,780,557
	$	3,881,284	$	4,845,794