Schedule Of Cost and Estimated Earnings In Excess Of Billings On Contracts In Progress [Table Text Block] |
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| 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 | % |
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2. Yingkou Economic Area Steel Port Dredging I | | | 5,300,028 | | | 1,648,897 | | | - | | | 2,295,290 | | | 31 | % |
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3. Yingkou Economic Area Steel Port Dredging II | | | 13,060,782 | | | 2,279,063 | | | - | | | 1,660,638 | | | 17 | % |
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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 | % |
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2. Panjin Vessels Ship Maintenance Area Reclamation VI | | | 4,829,338 | | | 1,073,186 | | | - | | | 1,085,055 | | | 22 | % |
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3. Yingkou Economic Area Xiongyu Reclamation and Bank Retrival I | | | 7,448,801 | | | 1,406,996 | | | - | | | 1,422,556 | | | 19 | % |
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4. Guangdong Datang Chaozhou Sanbaimen Dredging II | | | 1,719,321 | | | 674,243 | | | - | | | 681,700 | | | 39 | % |
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5. Jiangsu Qidongshi Yuantuojiao Reclamation III | | | 9,247,500 | | | 2,369,194 | | | - | | | 2,395,396 | | | 26 | % |
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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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