Laserfiche WebLink
<br />; <br /> <br />CONQUEST ENGINEERlNG GROUP COJ\1PANY <br />NOTES TO THE FINANCIAL STATEMENTS <br /> <br />NOTE 2 - CONTRACTS RECEIVABLE - CONTINUED <br /> <br />Contracts receivable as of December 31, 2007 are aged as follow: <br /> <br />0- 30 days $ 1,175,189 <br />31 - 60 days 29,572 <br />61- 90 days 11,000 <br />Over 91 days 369,264 <br />Retainage 1,301,758 <br /> $ 2,886,783 <br /> <br />The Company collected approximately $ 1,400,000 of the receivables tbrough February 12, <br />2008, <br /> <br />NOTE 3 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br /> <br />. <br /> <br />Costs incurred on uncompleted contracts <br />Estimated earnings <br /> <br />2007 <br />$ 12,711,188 <br />2,822,232 <br />15,533,420 <br />(15,374,760) <br />$ 158,660 <br /> <br />2006 <br />$ 8,522,897 <br />1,947,429 <br />10,470,326 <br />(11,155,217) <br />$ (684,891) <br /> <br />Less: billings to date <br /> <br />, <br /> <br />Costs and estimated earnings in excess of billings <br />on uncompleted contracts $ 488,697 $ 24,187 <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts (330,037) (709,078) <br /> $ 158,660 $ (684,891) <br /> <br />NOTE 4 - LINE OF CREDIT <br /> <br />The Company has secured with corporate assets a line of credit of $ 1,000,000 bearing <br />interest at the prime rate with a maturity date of May 31, 2008. As of December 31, 2007, <br />there was no balance due by the Company under the line of credit. <br /> <br />8 <br /> <br />. <br />