NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Jun. 30, 2017

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, 2017, 2016 and 2015

NOTE 4 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Information relating to uncompleted contracts as of June 30, 2017 and 2016 is as follows:

	As of June 30,
	2017		2016
Costs incurred on uncompleted contracts	$	1,030,675	$	893,976
Estimated earnings		999,433		491,476
		2,030,108		1,385,452
Less: Billings to date		1,294,047		1,592,075
	$	736,061	$	(206,623	)

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

	As of June 30,
	2017		2016
Costs and estimated earnings in excess of billings on uncompleted contracts	$	736,061	$	—
Less:  Billings in excess of costs and estimated earnings on uncompleted contracts		—		206,623
	$	736,061	$	(206,623	)