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Accounts Receivable, net
 3 Months Ended
Mar. 31, 2012
Accounts Receivable, net
(2) Accounts Receivable, net

 

The Company had an allowance for doubtful accounts of $0.1 million at March 31, 2012 and December 31, 2011.  Bad debt expense for the three months ended March 31, 2012 and 2011 was zero and $30,000, respectively.

 

Included in accounts receivable was retainage associated with construction projects totaling $0.7 million and $0.2 million at March 31, 2012 and December 31, 2011, respectively.

 

The Company earned approximately 46% and 37% of its revenue from two and one customers for the three months ended March 31, 2012 and 2011, respectively.  Accounts receivable from these two customers at March 31, 2012 and December 31, 2011 were $4.6 million and $0.7 million, respectively.  

 

Additionally, two customers comprising 41% of the Company’s total revenue for the three months ended March 31, 2011 were purchased in 2010.  While we continue to pursue work with these customers, we recorded no revenue for the three months ended March 31, 2012 from them.

 

Under certain construction management contracts, the Company is obligated to obtain performance bonds with various financial institutions, which typically require a security interest in the corresponding receivable. At March 31, 2012 and December 31, 2011, bonds outstanding that are secured by specific project accounts receivable totaled $17.9 million.