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COSTS IN EXCESS OF REVENUE - R&D CONTRACTS - Note 9
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
COSTS IN EXCESS OF REVENUE - R&D CONTRACTS - Note 9

NOTE 9 - COSTS IN EXCESS OF REVENUE - R&D CONTRACTS

    September 30,   December 31,
    2012   2011
    (Unaudited)  
Costs in excess of revenue   $ 698,597    $ 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.  The Company's R&D performed as a service for customer had total accumulated costs at September 30, 2012 and December 31, 2011 of $0.7 million and $0.09 million respectively while its progress billings were $0 million and $0 million respectively.