| 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
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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 | | | | |
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