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<br />r] <br />~-l <br /> <br />NOT FOR PUBLIC Il'iSPECTION / DO NOT COPY <br />This financial statement is private and exempt from public <br />inspection. or copying of public records pursuant to Florida <br />Statutes 119.071 (I )(c). <br />Metric Engineering, Ine. and Subsidiaries <br /> <br />Notes to Consolidated Financial Statements <br /> <br />June 30, 2009 <br /> <br />II <br /> <br />2. Acauisition of Advanced Transportation Emrlneering: Consultants. Inc. (continued) <br /> <br />~ I <br /> <br />The following summarizes ATEC's Balance Sheet at the time of acquisition and the calculation of <br />goodwill: <br /> <br />r I <br /> <br />Current Assets <br />Cash and cash equivalents <br />Contracts receivable <br /> <br />Property & Equipment - net of accumulated depreciation <br /> <br />Other Assets <br />Loan receivable - related party <br />Other assets <br />Total Assets <br /> <br />Current Liabilities <br />Accounts payable and accrued expenses <br /> <br />Long-Term Liabilities <br />Long-term debt including capital leases <br />Total Liabilities <br /> <br />$ <br /> <br />33,015 <br />37,835 <br /> <br />58,138 <br /> <br />l ] <br /> <br />197,504 <br />8,264 <br />334,756 <br /> <br />$ <br /> <br />II <br /> <br />83,951 <br /> <br />! ] <br /> <br />f ] <br /> <br />Net Assets Acquired at Fair Market Value <br /> <br />29,593 <br />113,544 <br /> <br />221,212 <br /> <br />$ <br /> <br />Total Cost of Acquistion <br />Net Assets Acquired at Fair Market Value (55%) <br />Goodwill <br /> <br />$ <br /> <br />235,000 <br />121,667 <br />113,333 <br /> <br />$ <br /> <br />3. Contracts Receivable and Concentration of Credit Risk <br /> <br />II <br /> <br />Financial instruments that potentially subject the Company to credit risk are primarily cash and <br />accounts receivable. The Company had $1,789,142 on deposits with various national financial <br />institutions as of June 30, 2009, which were insured for up to $250,000 per institution by the U.S. <br />Federal Deposit Insurance Corporation. The Company believes it is not exposed to any significant <br />credit risk on cash and cash equivalents because the banks are large national enterprises, which are <br />financially sound. <br /> <br />l] <br /> <br />~ I <br /> <br />The Company provides engineering services significantly concentrated in various governmental <br />agencies in the South Florida under binding contracts, and extends terms to these agencies. The <br />Company estimated an allowance for doubtful accounts due to exposure it faces on the jobs ongoing <br />and believes it is not exposed to any significant credit risk on contracts receivable. Contracts receivable <br />consist of the following at June 30,2009: <br /> <br />~ ] <br /> <br />~ j <br /> <br />Contracts receivable $ <br />Retainages receivable <br /> <br />11,402,723 <br />217,186 <br />11,619,909 <br />130,000 <br />11,489,909 <br /> <br />Less allowance for doubtful accounts <br /> <br />'1 <br /> <br />$ <br /> <br />L ] <br /> <br />9 <br />