Quarterly report pursuant to sections 13 or 15(d)

COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON CONTRACTS IN PROGRESS (Tables)

v2.4.0.8
COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON CONTRACTS IN PROGRESS (Tables)
6 Months Ended
Jun. 30, 2013
Cost and Estimated Earnings In Excess Of Billings On Contracts In Progress [Abstract]  
Schedule Of Cost and Estimated Earnings In Excess Of Billings On Contracts In Progress [Table Text Block]
 
6.
COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON CONTRACTS IN PROGRESS
 
China Dredging
 
Cost and estimated earnings in excess of billings on contracts in progress represent amounts of revenue earned under contracts in progress but not billed at the balance sheet date. These amounts become billable according to the contract terms, which usually consider passage of time, and/or completion of the project. As of June 30, 2013 and December 31, 2012, the balance of cost and estimated earnings in excess of billings on contracts in progress was $8,341,705 and $8,133,021, respectively. Cost and estimated earnings in excess of billings on contracts in progress include the following:
 
June 30, 2013 (Unaudited)
 
Name of contract
 
Estimated
contract value
 
Total revenue
recognized
during the six
months ended
June 30, 2013
 
Amount
received in
2013
 
Cost and
estimated
earnings in
excess of
billings on
contracts in
progress
 
Status of contract
(Completion %)
 
1. Panjin Vessels Ship Maintenance Area
      Reclamation VII
 
$
4,353,594
 
$
3,294,612
 
$
465,348
 
$
2,829,264
 
 
76
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Yingkou Economic Area Steel Port
      Dredging I
 
 
5,300,028
 
 
1,648,897
 
 
-
 
 
2,295,290
 
 
31
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. Yingkou Economic Area Steel Port
      Dredging II
 
 
13,060,782
 
 
2,279,063
 
 
-
 
 
1,660,638
 
 
17
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. Jiangsu Nantong Dredging I
 
 
7,882,092
 
 
1,545,508
 
 
-
 
 
1,556,513
 
 
20
%
 
 
$
30,596,496
 
$
8,768,080
 
$
465,348
 
$
8,341,705
 
 
 
 
 
December 31, 2012
 
Name of contract
 
Estimated
contract value
 
Total revenue
recognized in
2012
 
Amount
received in
2012
 
Cost and
estimated
earnings in
excess of
billings
 
Status of
contract
(Completion %)
 
1. Panjin Vessels Ship Maintenance Area
      Reclamation V
 
$
5,200,826
 
$
2,543,882
 
$
453,400
 
$
2,090,482
 
 
49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Panjin Vessels Ship Maintenance Area
      Reclamation VI
 
 
4,829,338
 
 
1,073,186
 
 
-
 
 
1,085,055
 
 
22
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. Yingkou Economic Area Xiongyu
      Reclamation and Bank Retrival I
 
 
7,448,801
 
 
1,406,996
 
 
-
 
 
1,422,556
 
 
19
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. Guangdong Datang Chaozhou
      Sanbaimen Dredging II
 
 
1,719,321
 
 
674,243
 
 
-
 
 
681,700
 
 
39
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. Jiangsu Qidongshi Yuantuojiao
      Reclamation III
 
 
9,247,500
 
 
2,369,194
 
 
-
 
 
2,395,396
 
 
26
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6. Fujian Meizhouwan Xiuyugang
      Dredging II
 
 
841,086
 
 
675,082
 
 
217,250
 
 
457,832
 
 
80
%
 
 
$
29,286,872
 
$
8,742,583
 
$
670,650
 
$
8,133,021