COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

9 Months Ended

Oct. 31, 2016

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 7 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted contracts compared with the billings on those contracts through October 31 and January 31, 2016.

	October 31,			January 31,
	2016			2016
Costs charged to uncompleted contracts	$	1,017,404		$	764,071
Estimated accrued earnings	205,068			116,326

	1,222,472			880,397
Less - billings to date	1,378,815			982,182

	$	(156,343	)	$	(101,785	)

Amounts above are included in the accompanying condensed consolidated balance sheets under the following captions:

	October 31,			January 31,
	2016			2016
Costs and estimated earnings in excess of billings	$	4,642		$	4,078
Billings in excess of costs and estimated earnings	160,985			105,863

	$	(156,343	)	$	(101,785	)

Contract costs charged as of October 31, 2016 included amounts billed to the Company for delivered goods and services totaling $12.6 million where payments have been retained; retained amounts were included in the Company’s accounts payable as of October 31, 2016. Generally, such amounts are expected to be paid prior to the completion of the applicable project.