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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC <br />NOTES TO THE COMBINED FINANCIAL STATEMENTS <br />Years Ended December 31, 2007 and 2006 <br /> <br />NOTE 2 - Contracts receivable, net (Continued): <br /> <br />Retainage due on contracts: <br /> <br />Total Unbilled <br />Retainage <br />Receivable <br /> <br />Uncompleted contracts <br />Completed contracts <br /> <br />$ 1,242,304 <br />80,184 <br /> <br />Total <br /> <br />$ 1,322,488 <br /> <br />During the year ended December 31, 2007, one customer accounted for approximately 21 % of The <br />Company accounts receivable. Total accounts receivable due from this customer amounted to <br />approximately $1,178,484. <br /> <br />In addition, a total of $254, 184 of the contracts receivable outstanding more than 90 days has been <br />collected as of March 10,2008. <br /> <br />NOTE 3 - Costs and estimated earnings on uncompleted contracts: <br /> <br />Costs and estimated earnings on uncompleted contracts of The Company as derived are as follows: <br /> <br />Years Ended December 31, <br />2007 2006 <br /> <br />Costs incurred on uncompleted contracts <br />Profit earned to date <br /> <br />$ 11,856,549 <br />3,987,892 <br />15,844,441 <br />(16,224,041) <br /> <br />$ 14,969,209 <br />5,436,739 <br />20,405,948 <br />(21,434,579) <br /> <br />Billings to date <br /> <br />$ (379,600) $ (1,028,631) <br /> <br />Included in the accompanying combined balance sheets <br />under the following captions: <br /> <br />Costs and estimated earnings in excess of <br />billings on uncompleted contracts <br /> <br />$ 701,295 <br /> <br />$ 686,642 <br /> <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts (1,080,895) (1,715,273) <br /> <br />$ (379,600) $ (1,028,631) <br /> <br />9 <br /> <br />Benitez & Company. CPA's <br />