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40 | IA INTERIOR ARCHITECTS
<br />FINANCIAL STABILITY
<br />AUDITED FINANCIAL STATEMENTS
<br />Revenue:
<br />Professional fees, net of rebate $645,721 155,029,278$
<br />Reimbursable expenses 13,501,314
<br />168,530,592
<br />Direct expenses:
<br />Direct salaries 52,354,521
<br />Direct costs 55,815,191
<br />108,169,712
<br />Gross profit 60,360,880
<br />General and administrative expenses:
<br />Auto expense 545,670
<br />Bad debt expense 719,113
<br />Depreciation and amortization 3,794,783
<br />Dues and subscriptions 110,376
<br />Equipment expense 357,651
<br />ESOP expense 651,676
<br />Foreign currency transaction (gain)/loss 50,945
<br />General office expense 5,713,334
<br />Insurance expense 2,034,273
<br />Interest expense, net 107,332
<br />(Gain) loss on disposal of fixed assets 7,455
<br />Management meetings 214,408
<br />Marketing expense 614,053
<br />Miscellaneous expense 338,862
<br />Printing and studio expense 144,441
<br />Professional development 1,138,502
<br />Professional services 2,729,361
<br />Rent 5,210,397
<br />Repairs and maintenance 930,090
<br />Salaries and related costs 12,317,491
<br />Taxes and licenses 1,174,418
<br />Telephone 21,499
<br />Travel, lodging and meals 1,613,932
<br />40,540,062
<br />Income before bonuses and provision for income taxes 19,820,818
<br />Bonuses 13,708,258
<br />Income before provision for income taxes 6,112,560
<br />Provision for income taxes 2,018,029
<br />Net income 4,094,531
<br />Net income attributable to non-controlling interest 152,727
<br />Net income attributable to the Company 3,941,804$
<br />IA INTERIOR ARCHITECTS, INC.
<br />CONSOLIDATED STATEMENT OF INCOME
<br />YEAR ENDED DECEMBER 31, 2019
<br />See accompanying notes to consolidated financial statements and
<br />independent accountants' review report.
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