UQM TECHNOLOGIES INC | 2013 | FY | 3


(3)  Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts

 

At March 31, 2013 and March 31, 2012, the estimated period to complete contracts in process ranged from one to twenty-one months and one to ten months, respectively. We expect to collect all related accounts receivable arising there from within sixty days of billing.

The following summarizes contracts in process:

 

 

 

 

 

 

 

 

 

 

March 31, 2013

 

March 31, 2012

 

Costs incurred on uncompleted contracts

 

$

838,246 

 

 

1,206,786 

 

Estimated earnings

 

 

515,299 

 

 

380,713 

 

 

 

 

1,353,545 

 

 

1,587,499 

 

Less billings to date

 

 

(1,175,281)

 

 

(1,516,324)

 

 

 

$

178,264 

 

 

71,175 

 

 

 

 

 

 

 

 

 

Included in the accompanying balance sheets as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and estimated earnings in excess of billings

 

 

 

 

 

 

 

on uncompleted contracts

 

$

178,264 

 

 

78,376 

 

Billings in excess of costs and estimated earnings

 

 

 

 

 

 

 

on uncompleted contracts

 

 

 -

 

 

(7,201)

 

 

$

178,264 

 

 

71,175 

 


us-gaap:LongTermContractsOrProgramsDisclosureTextBlock