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<br />" <br /> <br />CONQUEST ENGINEERING GROUP COMPANY <br />NOTES TO THE FINANCIAL STATEMENTS <br /> <br />NOTE 10 - MAJOR CUSTOMERS <br /> <br />The Company earned revenues during the year ended December 31, 2007 from two <br />customers that individually accounted for more than 10% of the total revenues earned during <br />the year. Revenues earned from these customers amounted to $ 8,876,171 and $ 1,820,590. <br /> <br />The Company earned revenues during the year ended December 3 1, 2006 from four <br />customers that individually accounted for more than 10% of the total revenues earned during <br />the year. Revenues earned from these customers amounted to $ 2,312,356, $ 2,241,178, <br />$l,457,SI1 and $ 1,089,560. <br /> <br />NOTE 11 - ASSIGNMENT OF RIGHTS AND PROPERTY UNDER INDEMNITY <br />AGREEMENT <br /> <br />. <br /> <br />In order to procure a bonding line, the Company has assigned certain rights and property as <br />collateral to secure its obligations under the indemnity agreement. These rights consist <br />principally of rights under construction contracts, subcontracts, insurance policies and legal <br />claims. The property assigned consists of all property and equ~pment, cash and accounts <br />rp.,....a.~"'=1. hlp. <br />J........'--',...-.1. V LlVJ.."-'. <br /> <br />~ <br /> <br />NOTE 12 - COMMITMENTS AND CONTINGENCIES <br /> <br />. <br /> <br />Included in receivables is a claim in .excess of $ 288,000 by the Company against one of its <br />clients for work done and completed which was billed in the normal course of business. <br /> <br />The Company's management and legal counsel are of the opinion that the Company will <br />prevail in its collection efforts based on the overall merits of the case and accordingly no <br />provision for loss has been made. <br /> <br />* * * * * This space has been left blank intentionally * * * * * <br /> <br />] ] <br /> <br />~ <br />