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CITY OF ISLES BEACH | 39
<br />CCOVER LETTER
<br />Current assets:
<br />Cash and cash equivalents 4,724,012$
<br />Accounts receivable, less allowance for doubtful accounts
<br />of $1,308,716 39,170,326
<br />Unbilled reimbursables 2,733,387
<br />Prepaid income taxes 1,247,304
<br />Prepaid expenses and other current assets 3,519,102
<br />Total current assets 51,394,131
<br />Furniture, fixtures, and computer equipment, net 3,573,353
<br />Leasehold improvements, net 6,958,228
<br />Other assets 2,298,677
<br />Total assets 64,224,389$
<br />Current liabilities:
<br />Capital lease obligations, current 1,506,894$
<br />Accounts payable 8,901,581
<br />Accrued liabilities 10,878,491
<br />Accrued incentive bonuses 2,256,493
<br />Deferred rent credit, current 1,228,693
<br />Notes payable - software and subscription finance, current 873,368
<br />Promissory notes, current 90,162
<br />Income taxes payable 343,006
<br />Unearned revenue 4,205,997
<br />Total current liabilities 30,284,685
<br />Promissory notes, long term 360,646
<br />Capital lease obligations, long-term 1,260,110
<br />Deferred rent credit, long-term 6,138,364
<br />Deferred tax liability, long-term 3,276,400
<br />Note payable - software and subscription finance, long -term 541,608
<br />Total liabilities 41,861,813
<br />Commitments and contingencies (Note 9)
<br />Stockholders’ equity:
<br />Class A voting common stock ; no par value; 1,000,000 shares
<br />authorized; 141,326 shares issued and outstanding 3,364,108
<br />Equities - unearned ESOP shares (2,000,000)
<br />Accumulated other comprehensive loss (30,362)
<br />Retained earnings 20,303,269
<br />IA Stockholders' equity 21,637,015
<br />Non-controlling interest 725,561
<br />Total stockholders' equity 22,362,576
<br />Total liabilities and stockholders' equity 64,224,389$
<br />IA INTERIOR ARCHITECTS, INC.
<br />CONSOLIDATED BALANCE SHEET
<br />LIABILITIES AND STOCKHOLDERS' EQUITY
<br />ASSETS
<br />DECEMBER 31, 2019
<br />See accompanying notes to consolidated financial statements and
<br />independent accountants' review report.
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