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SAGARIS CORP. <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED DECEMBER 31, 2019 <br />NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />Depreciation <br />Depreciation is provided principally on the straight-line method over the estimated usefiil lives of the <br />assets, which are generally from five to seven years. <br />Income taxes <br />The Company, with the consent of its shareholders, has elected under the Internal Revenue Code to be <br />an S corporation In lieu of corporation income taxes, the shareholders of an S corporation are taxed on <br />their proportionate share to the Company's taxable income. Therefore, no provision or liability for <br />Federal income taxes has been included in these financial statements. <br />NOTE B -CONTRACT RECEIVABLES <br />Contract receivables consist of: <br />Billed <br />Completed contracts $ 415814 <br />Contracts in progress 634.168 <br />675982 <br />