Annual report pursuant to section 13 and 15(d)

BUSINESS ACQUISITION, Recast Consolidated Balance Sheets (Details)

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BUSINESS ACQUISITION, Recast Consolidated Balance Sheets (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Assets      
Accounts receivable, net of allowance for doubtful accounts $ 11,395,000 $ 16,848,000 [1]  
Unbilled receivables - current   9,632,000 [1]  
Prepaid and other assets   4,661,000 [1]  
Deferred tax assets - current   3,365,000 [1]  
Goodwill 29,186,000 [2] 29,186,000 [1],[2] 15,330,000 [2]
Other intangible assets - net 3,610,000 4,517,000 [1]  
Deferred tax asset, net of liabilities   0 [1]  
Other assets   1,560,000 [1]  
Liabilities and Stockholders' Equity [Abstract]      
Accounts payable 8,657,000 13,313,000 [1]  
Accrued expenses 6,672,000 9,434,000 [1]  
Billings in excess of costs and estimated earnings   6,058,000 [1]  
Current portion of long-term debt   3,521,000 [1]  
Long-term debt, less current portion 11,402,000 14,195,000 [1]  
Accumulated deficit (19,103,000) (15,744,000) [1]  
As Reported [Member]
      
Assets      
Accounts receivable, net of allowance for doubtful accounts   19,106,000 [3]  
Unbilled receivables - current   9,871,000 [3]  
Prepaid and other assets   4,604,000 [3]  
Deferred tax assets - current   2,426,000 [3]  
Goodwill   27,063,000 [3]  
Other intangible assets - net   4,258,000 [3]  
Deferred tax asset, net of liabilities   1,295,000 [3]  
Other assets   1,595,000 [3]  
Liabilities and Stockholders' Equity [Abstract]      
Accounts payable   13,117,000 [3]  
Accrued expenses   9,533,000 [3]  
Billings in excess of costs and estimated earnings   3,226,000 [3]  
Current portion of long-term debt   3,936,000 [3]  
Long-term debt, less current portion   15,007,000 [3]  
Accumulated deficit   (9,505,000) [3]  
Recast [Member]
      
Assets      
Accounts receivable, net of allowance for doubtful accounts   16,848,000  
Unbilled receivables - current   9,632,000  
Prepaid and other assets   4,661,000  
Deferred tax assets - current   3,853,000  
Goodwill   29,186,000  
Other intangible assets - net   4,517,000  
Deferred tax asset, net of liabilities   1,435,000  
Other assets   1,560,000  
Liabilities and Stockholders' Equity [Abstract]      
Accounts payable   13,313,000  
Accrued expenses   9,434,000  
Billings in excess of costs and estimated earnings   6,058,000  
Current portion of long-term debt   3,521,000  
Long-term debt, less current portion   14,195,000  
Accumulated deficit   (9,733,000)  
Effect of Change [Member]
      
Assets      
Accounts receivable, net of allowance for doubtful accounts   (2,258,000) [4]  
Unbilled receivables - current   (239,000) [4]  
Prepaid and other assets   57,000 [5]  
Deferred tax assets - current   1,427,000 [6]  
Goodwill   2,123,000 [7]  
Other intangible assets - net   259,000 [8]  
Deferred tax asset, net of liabilities   140,000 [6]  
Other assets   (35,000) [5]  
Total Change in Assets   1,474,000  
Liabilities and Stockholders' Equity [Abstract]      
Accounts payable   196,000 [9]  
Accrued expenses   (99,000) [9]  
Billings in excess of costs and estimated earnings   2,832,000 [10]  
Current portion of long-term debt   (415,000) [11]  
Long-term debt, less current portion   (812,000) [11]  
Accumulated deficit   (228,000) [12]  
Total change   1,474,000  
Restatement Adjustment [Member]
      
Assets      
Accounts receivable, net of allowance for doubtful accounts   0 [13]  
Unbilled receivables - current   0 [13]  
Prepaid and other assets   0 [13]  
Deferred tax assets - current (237,000) (488,000)  
Goodwill   0 [13]  
Other intangible assets - net   0 [13]  
Deferred tax asset, net of liabilities (1,103,000) (1,435,000)  
Other assets   0 [13]  
Liabilities and Stockholders' Equity [Abstract]      
Accounts payable   0 [13]  
Accrued expenses 418,000 0  
Billings in excess of costs and estimated earnings   0 [13]  
Current portion of long-term debt   0 [13]  
Long-term debt, less current portion   0 [13]  
Accumulated deficit $ (3,098,000) $ (6,011,000)  
[1] As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1.
[2] No impairment losses have been recorded.
[3] As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
[4] Represents additional allowance for doubtful accounts of approximately $2,213,000 recorded as a result of uncollected receivables from three major customers, reversal of $45,000 in uncollectible accounts receivables and reversal of unbilled receivables related to conditions that existed at the time of our acquisition.
[5] Represents tax true-up and write-off of bid deposit that existed as of the acquisition date.
[6] Represents book to tax timing differences resulting from allowance for doubtful accounts and change in fair value of contracts as noted in footnote (3) and (5).
[7] Reflects additional goodwill recorded since initial acquisition date in finalizing the final purchase price allocation related to acquired assets and liabilities under this business combination.
[8] Reflects change in fair value of acquired contracts based on change in estimated cash flow related to approval of certain requests for equitable adjustments submitted prior to acquisition.
[9] Represents expenses and unrecorded vendor invoices for services rendered prior to acquisition.
[10] Represents change in fair value of two loss contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date.
[11] Resulted from termination on February 13, 2013 of the remaining portion (approximately $1,460,000) of a $2,500,000 Note ("October Note") entered on October 31, 2011. The termination of the October Note resulted from settlement of certain claims made by the Company against TNC primarily from the breach of representation regarding the cost to complete a certain contract that existed at acquisition. A New Note in the amount of $230,000 was issued to TNC in placement of the October Note that was cancelled (see above for further discussions of the October and New Notes).
[12] Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect.
[13] Reflects effect of restatement as discussed in “Note 1A – Restatement of Consolidated Financial Statements” in this Form 10-K/A – Amendment No. 1.