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Contract and Other Receivables, net
 6 Months Ended
Jun. 30, 2012
Contract and Other Receivables, net
(2) Contract and Other Receivables, net

 

The Company had an allowance for doubtful accounts of $0.1 million at June 30, 2012 and December 31, 2011.  Bad debt expense for the three months ended June 30, 2012 and 2011 was $55,290 and $30,000, respectively.

 

Included in accounts receivable was retainage associated with construction projects totaling $0.8 million and $0.2 million at June 30, 2012 and December 31, 2011, respectively.

 

The Company earned approximately 46% and 42% of its revenue from two customers for both the three months ended June 30, 2012 and 2011.  The Company earned approximately 41% and 42% of its revenue from one and two customers for the six months ended June 30, 2012 and 2011, respectively.  Accounts receivable from these two customers at June 30, 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 and six months ended June 30, 2011 were purchased in 2010.  While we continue to pursue work with these customers, we recorded no revenue for the three and six months ended June 30, 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 June 30, 2012 and December 31, 2011, bonds outstanding that are secured by specific project accounts receivable totaled $17.9 million.