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Work in process represents spare units; parts and other inventory items acquired or produced to service units previously sold or to meet anticipated future orders. The cost elements of contracts in process and work in process consist of production costs of goods and services currently in process and overhead. Provision for losses on contracts is made when the existence of such losses becomes probable and estimable. The costs attributed to units delivered under contracts are based on the estimated average cost of all units expected to be produced. Certain contracts are expected to extend beyond twelve months.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenue is recognized on contracts in the period in which the units are delivered and billed (units-of-delivery method). A significant portion of our business is comprised of development and production contracts. 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Given the significance of the estimation processes and judgments described above, it is possible that materially different amounts of expected sales and contract costs could be recorded if different assumptions were used, based on changes in circumstances, in the estimation process. 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Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. In addition, ASC 740-10 requires that the tax benefit of tax-deductible dividends on unallocated ESOP shares be recorded as a direct addition to retained earnings rather than as a reduction of income tax expense.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents consist of cash in banks, certificates of deposit, and money market funds. 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The Company estimates the allowance based on its analysis of specific balances. An account is generally considered past due after thirty (30)&#160;days from the invoice date. Based on these factors, there was an allowance for doubtful accounts of $3,000 at June 30, 2014 and 2013. Changes to the allowance for doubtful accounts are charged to expense and reduced by charge-offs, net of recoveries.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Per Share Amounts</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ASC 260-10 &#147;Earnings Per Share&#148; requires the Company to calculate net income (loss) per share based on basic and diluted net income (loss) per share, as defined. Basic EPS excludes dilution and is computed by dividing net income (loss) by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of outstanding options issued by the Company are reflected in diluted EPS using the treasury stock method. 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Actual results could differ from those estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investment Tax Credits</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investment tax credits are accounted for as a reduction of income tax expense in the year taxes payable are reduced.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Reclassifications</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Recently Issued Accounting Standards</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the FASB issued Accounting Standards Update No. 2014-09, &#147;Revenue from Contracts with Customers<i>&#148; </i>(ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. 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If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. 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