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<br />SBLM ARCHITECTS, P.C. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENT <br /> <br />DECEMBER 31, 2008 <br /> <br />NOTE 11- TREASURY STOCK <br /> <br />The Company has 15.5 shares of its common stock held in treasury on December <br />31,2008. Treasury stock is recorded using the cost method. <br /> <br />NOTE 12 - MAJOR CUSTOMERS <br /> <br />Revenues to a single customer that exceed ten percent (10%) of total revenues <br />during the year ended December 31, 2008 are as follows: <br /> <br />Customer A <br />Customer B <br />Customer C <br /> <br />$4,403,325 <br />$3,212,135 <br />$1,853,194 <br /> <br />In addition, three customers accounted for approximately 18%, 7% and 13% of total <br />accounts receivable at December 31,2008. <br /> <br />NOTE 13- PRIOR PERIOD ADJUSTMENT <br /> <br />During the year ended December 31, 2008, an error was discovered in which <br />leasehold improvements were being depreciated over the improper amount of time. <br />The effects of the error were to understate accumulated depreciation and <br />depreciation expense by $75,045 in 2007. This error was corrected by decreasing <br />beginning retained earnings by $75,045 in 2008. <br />