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<br />I. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />I. <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 />BERMELLO, AJAMIL & PARTNERS, INC. <br />AND SUBSIDIARY <br /> <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 AND 2005 <br /> <br />NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> <br />Recent Accountillg Pronouncements (continued) <br /> <br />The fair value option: <br />1. May be applied instrument by instrument, with a few exceptions, such as <br />investments otherwise accounted for by the equity method. <br />2. Is irrevocable (unless a new election date occurs). <br />3. Is applied only to entire instruments and not to portions of instruments. <br /> <br />SFAS No. 159 is effective as of the beginning of an entity's first fiscal year that begins <br />after November IS, 2007. Management believes the adoption of this Statement will not <br />have a significant impact on the Company's consolidated financial statements. <br /> <br />NOTE 2. CONTRACT RECEIVABLES, NET <br /> <br />Contract receivables, net, arc comprised of the following at December 31 : <br /> 2006 2005 <br />Completed contracts $ 858,533 $ 1,666,192 <br />Contracts in progress ] 3.34] .832 1 ] .938.993 <br /> 14,200,365 13,605,]85 <br />Less allowance for doubtful accounts 795.884 796.859 <br /> $ 13.404.481 $ 12.808.326 <br /> <br />NOTE 3. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br /> <br />Infonnation with respect to uncompleted contracts is as follows at December 31: <br /> <br />Less billings to date <br /> <br /> 2006 2005 <br />$ 32,195,329 $ 26,073,856 <br /> 2.225.308 2.173.965 <br /> 34,420,637 28,247,821 <br /> 34.791.201 30.815.499 <br />$ (370.564) $ (2.567.678) <br /> <br />Costs incurred on uncompleted contracts <br />Estimated earnings on uncompleted contracts <br /> <br />-12- <br />