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RESEARCH AND DEVELOPMENT CONTRACTS IN PROGRESS - Note 10
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
RESEARCH AND DEVELOPMENT CONTRACTS IN PROGRESS - Note 10

NOTE 10 — RESEARCH ANDH DEVELOPMENT CONTRACTS IN PROGRESS

     September 30, 2011   December 31, 2010
        (Audited)
         
Revenue in excess of costs   $ -   $ 531,617
Billings in excess of revenue     88,010     -

 

Research and development contracts in progress include cost plus profit attributable to mobile phone development contracts in progress. Cost to date is calculated based on the value of man-month engineering costs and related overhead expenses.  Company's R&D cost as at September 30, 2011 and December 31, 2010 was $0.20 million and $1.24 million respectively while its progress billings were $0.28 million and $0.71 million respectively.