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KAST CONSTRUCTION COMPANY LLC AND SUBSIDIARY
<br />NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
<br />As of and for the years ended December 31, 2013 and 2012
<br />NOTE 5 -- CONTRACTS RECEIVABLE
<br />Contracts receivable are as follows:
<br />2013
<br />2012
<br />Completed contracts
<br />Due
<br />Due — related parties
<br />$ 156,524 $
<br />46,039
<br />8,063
<br />202,563
<br />8,063
<br />Contracts in progress
<br />Due
<br />Due -- related parties
<br />13,932,796
<br />2,592,890
<br />16,525,686
<br />3,581,453
<br />2,739,456
<br />6,320,909
<br />Retainage
<br />Retainage — related parties
<br />3,019,059
<br />1,036,335
<br />4,055,394
<br />536,341
<br />855,238
<br />1,391,579
<br />Less: allowance for doubtful accounts
<br />$
<br />20,783,643
<br />100,000
<br />20,683,643
<br />7,720,551
<br />100,000
<br />$ 7,620,551
<br />NOTE 6 — COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
<br />2013 2012
<br />Costs incurred on uncompleted contracts
<br />Estimated earnings
<br />Less: billings to date
<br />$ 72,956,348 $
<br />1,291,901
<br />74,248,249
<br />77,872,856
<br />$ (3,624,607) $
<br />69,085,499
<br />3,052,805
<br />72,138,304
<br />73,867,378
<br />(1,729,074)
<br />Costs and estimated earnings in excess of billings
<br />on uncompleted contracts
<br />Billings in excess of costs and estimated earnings
<br />on uncompleted contracts
<br />$ 106,586 $
<br />(3,731,193)
<br />$ (3,624,607) $
<br />36,979
<br />(1,766,053)
<br />(1,729,074)
<br />10
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