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<br />11 <br />NOTE 9. STOCKHOLDERS’ EQUITY <br /> <br />Stockholders’ equity at December 31, 2022 consisted of the following: <br /> <br />Common stock; $1 par value; 100 shares authorized, <br />issued and outstanding $ 500 <br />Additional paid-in capital 57,225 <br />Retained earnings 5,021,444 <br /> $ 5,079,169 <br /> <br />NOTE 10. RELATED PARTY TRANSACTIONS <br /> <br />Office and Warehouse Lease <br /> <br />The Company leased an office and warehouse facility from its stockholders, on <br />a month to month basis. The lease provided for a monthly rental amount of <br />$800. Total rent expense for all leases amounted to $6,339 for the year ended <br />December 31, 2022. The lease terminated in November 2022. <br /> <br />Other <br />From time to time, the Company pays fees to a construction consulting firm <br />related by common ownership. Fees incurred, if any, are included in operating <br />expenses for the year ended December 31, 2022. <br /> <br />NOTE 11. BACKLOG <br /> <br />The Company expects to realize revenue from work to be performed on <br />contracts in progress at year-end and from contractual agreements for which <br />work has not commenced. At December 31, 2022, estimated revenues from <br />backlog consisted of the following: <br /> <br /> <br />Contracts in progress $101,614,150 <br />Less: revenue earned 42,756,628 <br /> $ 58,857,522 <br /> <br />