NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Jun. 30, 2016

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, 2016, 2015 and 2014

NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Information relating to uncompleted contracts as of June 30, 2016 and 2015 is as follows:

	As of June 30,
	2016			2015
Costs incurred on uncompleted contracts	$	893,976		$	1,861,350
Estimated earnings		491,476			1,371,093
		1,385,452			3,232,443
Less: Billings to date		1,592,075			2,693,000
	$	(206,623	)	$	539,443

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

	As of June 30,
	2016			2015
Costs and estimated earnings in excess of billings on uncompleted contracts	$	—		$	681,660
Less:  Billings in excess of costs and estimated earnings on uncompleted contracts		206,623			142,217
	$	(206,623	)	$	539,443