Contract Receivables, net

9 Months Ended

Apr. 30, 2012

Contract Receivables, net [Abstract]

3. Contract Receivables, net

	April 30, 2012			July 31, 2011


Billed	$	41,900,256		$	42,636,632
Unbilled		25,862,645			27,869,325
		67,762,901			70,505,957

Allowance for doubtful accounts and contract adjustments		(7,846,424	)		(6,755,087	)

	$	59,916,477		$	63,750,870

Unbilled receivables result from revenues which have been earned, but are not billed as of period-end. The above unbilled balances are comprised of incurred costs plus fees not yet processed and billed; and differences between year-to-date provisional billings and year-to-date actual contract costs incurred. Included in the balance of receivables are receivables due under the contracts with organizations in Kuwait of $14.6 million and $12.4 million at April 30, 2012 and July 31, 2011, respectively. Of the outstanding balances, approximately $.7 million and $1.8 million were included in billings in excess of revenue as of April 30, 2012 and July 31, 2011, respectively. Management anticipates that the April 30, 2012 unbilled receivables will be substantially billed and collected within one year. Within the above billed balances are contractual retainages in the amount of approximately $248,000 at April 30, 2012 and $222,000 at July 31, 2011. Management anticipates that the April 30, 2012 retainage balance will be substantially collected within one year.