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<br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />BERM:ELLO, AJAMIL & P .A...RTNERS, me. <br /> <br />NOTES TO FINA.NCIAL STATEMEl'rrS <br />DECEMBER 31, 2005 A.ND 2W4 <br /> <br />NOTE 2. <br /> <br />CONT,lU CT RECEIVABLES, NET <br /> <br />Contract receivables, net are comprised of the following: <br /> 2005 2004 <br />Billed <br />Completed contracts $ 1,666,192 $ 1,045,441 <br />Contracts in progress 11.670.419 9.265.278 <br /> 13,336,611 10,310,719 <br />Les.s allowance for doubtful accounts 796,859 762.282 <br /> $ 12.539.752 $ 9.54R.417 <br /> <br />NOTE 3. <br /> <br />Effective January 1, 2004, contract receivables due from entities controlled, in part, by the <br />two principal stockholders of the Company have been included in a promissory note <br />bearillg interest at a rate of 3,55% per annum and as part of related party transactions <br />(NOTE 4). <br /> <br />COSTS Al\Tf) ESTIMATED EARNLVGS ON UNCOft1PLETED CONTRACTS <br /> <br />Information with respect to uncompleted contracts is as follows: <br /> <br />Costs incurred on uncompleted contracts <br />Estimated earnings on uncompleted contracts <br /> <br />2005 <br /> <br />$ 26,073,856 <br />2.1 73,965 <br /> <br />28,247,821 <br /> <br />2004 <br /> <br />$ 18,932,384 <br />895,125 <br /> <br />19,827,509 <br /> <br />Less billings to date <br /> <br />30,815,499 20,561.055 <br />$ (2.567.678) $ (733.546) <br /> <br />These amounts are included in the accompanying balance sheets under the following <br />captions: <br /> <br />2005 <br /> <br />2004 <br /> <br />Costs and estimated earnings in excess of billings <br />on uncompleted contracts <br />Billings in excess of costs and estimated earnings <br />on uncompleted contracts <br /> <br />$ 429,755 <br /> <br />$ 595,784 <br /> <br />(2,997,433) <br />$ (2.567.678) <br /> <br />O,329,33Q) <br />$ (733.546) <br /> <br />hoYi8ion fOf estimated losses on uncompleted contracts amounted to $220,000 at <br />December 3],2005 and 2004, <br /> <br />-10- <br />