XML 77 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deferred Revenue/Costs in Excess of Billings
 12 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Deferred Revenue/Costs in Excess of Billings
20. Deferred Revenue/Costs in Excess of Billings
 
In January 2012, the Company received a purchase order for $1.1 million from Raytheon Vision Systems.  The purchase order is for development of low cost manufacturing processes for infrared optics and is in support of Raytheon Vision Systems’ $13.4 million Defense Advanced Research Projects Agency’s (DARPA) Low Cost Thermal Imaging Manufacturing (LCTI-M) program. The goal of LCTI-M is to develop a wafer scale manufacturing process that will result in a camera on a chip, making thermal imagers affordable, accessible, and ubiquitous to every warfighter.

The Company is using the “cost-to-cost method” to allow it to measure progress toward completion based on the ratio of costs incurred to date to total estimated costs. The Company has recorded in costs in excess of billings on the accompanying consolidated balance sheet the difference between the amounts invoiced on the project and the amount recognized into revenue.

As of June 30, 2012, the Company invoiced $575,000 and recognized $612,000 as revenue. The balance of $41,000 is recorded as unbilled receivables. The project is expected to be completed by July 2013. At June 30, 2012, the Company had $150,000 in accounts receivable with respect to this purchase order, as reflected in the accompanying consolidated balance sheet.