Teeroy, I'm not clear what this means but it seems to imply Virtra has a nice chunk of ongoing projects. Not sure how much of the $839,980 in that statement is included in 2Q?
It sounds like a large % of the completion costs were included in 2Q, but is the same % of revenue also included in the 2Q totals? I would think that any revenue would be booked in later quarters when paid in full.
"We had several projects near the completion stage, our percentage of completion is based on total costs incurred to
date compared to the estimated total cost of each contract. Of the partially completed work at June 30, 2008, we
have incurred total costs of $241,779 on contracts totaling $839,980 of total revenue. We estimate that we will incur
approximately $56,000 of additional costs and do not expect to incur any losses on our uncompleted contracts. Our
costs and estimated earnings in excess of billings total $235,102 at June 30, 2008. "
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