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COSTS INCURRED ON UNCOMPLETED CONTRACTS | 3 Months Ended
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Jun. 30, 2014
COSTS INCURRED ON UNCOMPLETED CONTRACTS |
COSTS INCURRED ON UNCOMPLETED CONTRACTS | NOTE 5 — COSTS INCURRED ON UNCOMPLETED CONTRACTS
|  | June 30, 2014 |  | March 31, 2014 |
Cost incurred on uncompleted contracts, beginning balance |  | $ | 9,960,072 |  | $ | 6,180,839 |
Total cost incurred on contracts during the period |  | 4,213,134 |  | 25,579,089 |
Less cost of sales, during the period |  | (6,012,101 | ) | (21,799,856 | )
Cost incurred on uncompleted contracts, ending balance |  | $ | 8,161,105 |  | $ | 9,960,072 |
Billings on uncompleted contracts, beginning balance |  | $ | 4,702,070 |  | $ | 1,882,546 |
Plus: Total billings incurred on contracts, during the period |  | 4,993,338 |  | 23,887,587 |
Less: Contracts recognized as revenue, during the period |  | (6,230,341 | ) | (21,068,063 | )
Billings on uncompleted contracts, ending balance |  | $ | 3,465,067 |  | $ | 4,702,070 |
Cost incurred on uncompleted contracts, ending balance |  | $ | 8,161,105 |  | $ | 9,960,072 |
Billings on uncompleted contracts, ending balance |  | 3,465,067 |  | 4,702,070 |
Costs incurred on uncompleted contracts, in excess of progress billings |  | $ | 4,696,038 |  | $ | 5,258,002 |
Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of June 30, 2014 and March 31, 2014, we had deferred revenues totaling $651,923 and $1,461,689, respectively. Deferred revenues represent customer prepayments on their contracts and completed contracts on which all revenue recognition criteria were not met. We record provisions for losses within costs of sales in our condensed consolidated statement of operations and comprehensive loss. We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The contracts with our customers allow us to offset the progress payments against the costs incurred.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -SubTopic 275 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6471736&loc=d3e54651-109401 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6407836&loc=d3e58033-111643 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(d)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -SubTopic 405 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6471944&loc=d3e56414-109416 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 6 -Article 5 + Details
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