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

12 Months Ended

Jun. 30, 2013

Notes to Financial Statements

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

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2013 and 2012

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

1) Information relating to uncompleted contracts as of June 30, 2013 and 2012 is as follows:

	As of June 30,
	2013		2012
Costs incurred on uncompleted contracts	$	1,482,384	$	3,745,307
Estimated earnings		1,191,141		2,670,289
		2,673,525		6,415,596
Less: Billings to date		2,370,000		5,287,000
	$	303,525	$	1,128,596

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

	As of June 30,
	2013		2012
Costs and estimated earnings in excess of billings on uncompleted contracts	$	445,742	$	1,128,596
Less:  Billings in excess of costs and estimated earnings on uncompleted contracts		142,217		—
	$	303,525	$	1,128,596

2) Customer advances consist of the following:

	As of June 30,
	2013		2012
Total advances	$	4,227,870	$	9,168,284
Less: Advances on contracts under construction		2,370,000		5,287,000
	$	1,857,870	$	3,881,284