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<br />BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
<br />COMBINED BALANCE SHEETS
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<br /> December 31,
<br />ASSETS 2007 2006
<br />Current Assets:
<br />Cash and cash equivalents $ 1,074,360 $ 269,392
<br />Contracts receivable, net (Note - 2) 5,657,357 4,183,778
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts (Note - 3) 701,295 686,642
<br /> Total current assets 7,433,012 5,139,812
<br />Property, equipment and capital leases, net (Note - 4) 4,278,660 4,058,775
<br />Prepaid expenses (Note - 5) 61 ,384 36,616
<br /> Total assets $ 11,773,056 $ 9,235,203
<br />LIABILITIES AND STOCKHOLDERS' EQUITY
<br />Current Liabilities:
<br />Credit line facility (Note - 6) $ 570,399 $ 154,272
<br />Accounts payable and accrued expenses (Note - 7) 3,582,626 2,174,427
<br />Current portion of capital lease obligations (Note - 8) 287,581 91,402
<br />Current portion of long-term debt (Note - 9) 599,722 511,511
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts (Note - 3) 1,080,895 1,715,273
<br /> Total current liabilities 6,121,223 4,646,885
<br />Capital lease obligations, net of current portion (Note - 8) 279,035 391,799
<br />Long-term debt, net of current portion (Note - 9) 2,523,208 1,624,306
<br />Due to stockholders (Note - 10) 157,370 157,370
<br /> Total liabilities 9,080,836 6,820,360
<br />Contingent liabilities (Note - 15)
<br />Stockholders' Equity:
<br />Common stock (Note - 11) 276,583 276,583
<br />Retained earnings 2,415,637 2,138,260
<br /> Total stockholders' equity 2,692,220 2,414,843
<br />Total liabilities and stockholders' equity $ 11,773,056 $ 9,235,203
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<br />The accompanying notes are an integral part
<br />of the combined financial statements.
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<br />Benitez & Company. CPA',
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