Consulting Contracts
During the first quarter of 2011, the Company entered into a technology services consulting agreement with SDS-Altaiwagon, a Russian railcar builder, to design a railcar for general service in Russia for a total contract price of $1.5 million. The technology services consulting agreement was completed in the first quarter of 2012.
During the second quarter of 2011, the Company entered into a consulting agreement with the Indian Railways Research Designs and Standards Organization to design and develop certain railcars for service in India for a total contract price of $9.6 million. The consulting agreement is expected to continue through 2016.
For the years ended December 31, 2013, 2012 and 2011, revenues of $1.2 million, $1.8 million and $2.7 million were recorded under these two consulting agreements, respectively. Billed and unbilled revenues due from the RDSO agreement were $1.7 million and $1.9 million, respectively, as of December 31, 2013 compared to zero and $2.1 million, respectively, as of December 31, 2012. As of each balance sheet date presented, approximately $1.0 million and $1.4 million of the unbilled revenue for December 31, 2013 and 2012, respectively has been recorded in prepaid expenses and other current assets with the remaining $0.9 million and $0.7 million, respectively being recorded in other assets on the consolidated balance sheets.
