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ERNEST ENERGY, INC. AND SUBSIDIARIES <br />CONSOLIDATED STATEMENT OF INCOME <br />FOR THE YEAR ENDED DECEMBER 31, 2023 <br /> <br />See independent accountants’ review report and notes to consolidated financial statements. <br />4 <br />CONTRACT REVENUES 6,940,179$ <br />CONTRACT COSTS 4,389,072 <br />GROSS PROFIT 2,551,107 <br />GENERAL AND ADMINISTRATIVE EXPENSES 719,088 <br />CORPORATE PAYROLL EXPENSES 635,992 <br />SALES AND MARKETING EXPENSES 402,867 <br />DEPRECIATION AND AMORTIZATION 238,440 <br />INCOME FROM OPERATIONS 554,720 <br />OTHER INCOME (EXPENSE): <br />Start-up costs (80,719) <br />Interest income 60,475 <br />Total Other Expense, net (20,244) <br />INCOME BEFORE BENEFIT FROM INCOME TAXES 534,476 <br />BENEFIT FROM INCOME TAXES 643 <br />NET INCOME 535,119$ <br /> <br />