2018 SEP Reviewed Financial Statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SOUTHEASTERN PRINTING COMPANY, INC. AND SUBSIDIARY December 31, 2018 (See Independent Accountant's Review Report) - 6 - NOTE A - NATURE OF OPERATIONS Established in 1924, Southeastern is a “time tested” purveyor of imagery, reproducing client designed images on glossy paper and other fine substrates. Southeastern has won more industry related awards than any other commercial printing company in the history of Florida. As the printing industry has evolved, so has Southeastern by expanding value-added services to best serve our clients. These services include building on-line store fronts where clients can organize their artwork, order and manage their inventory, and track logistics with ease. Our mailing and fulfillment department employs the most advanced methods for postal processing. Additional specialties include grand format printing and branded promotional products. Established in 1921, FDC Print, LLC has been reproducing graphic communications for almost a century. With a focus on quality and superior customer service, FDC Print, LLC remains as one of the premier printing companies in South Florida. FDC Print, LLC offers offset and digital printing, wide format printing, mailing and fulfillment services, warehousing, online Storefronts, and branded promotional products. In March 2017, Franklin Dodd officially changed its name to Southeastern Printing. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The consolidated financial statements include the accounts of Southeastern Printing Company, Inc. and its wholly-owned subsidiary, FDC Print, LLC. All significant intercompany balances and transactions have been eliminated. Cash and Cash Equivalents: The Company considers highly liquid debt instruments purchased with original maturity dates of three months or less to be cash equivalents. Trade Accounts Receivable: Trade accounts receivable are presented in the balance sheet net of an allowance for doubtful accounts. The potential risk is limited to the amount recorded in the financial statements. Receivables are written off when they are determined to be uncollectible. The allowance for doubtful accounts is based on specific identification of the amounts that are considered uncollectible. Inventories: Inventories are generally stated at lower of cost or net realizable value using the first-in, first-out method, but certain items are determined by specific identification. The Company also capitalizes certain indirect costs associated with work-in-process to properly match revenue and expense in the same period.