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RESEARCH AND DEVELOPMENT CONTRACTS IN PROGRESS - Note 10
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
RESEARCH AND DEVELOPMENT CONTRACTS IN PROGRESS - Note 10

NOTE 10 — RESEARCH ANDH DEVELOPMENT CONTRACTS IN PROGRESS

    June 30,
2012
  December 31,
2011
    (Unaudited)   (Audited)
         
Costs in excess of billings   $ 514,797   $ 91,880
             

 

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 June 30, 2012 and December 31, 2011 was $0.5 million and $0.09 million respectively while its progress billings were $0 million and $0 million respectively.