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<br />NOT FOR PUBLIC INSPECTIO:\' / 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, Inc. and Subsidiaries
<br />Notes to Consolidated Financial Statements
<br />June 30, 2009
<br />
<br />4. Contracts in Pro2ress
<br />
<br />Estimated earnings in excess of billings on uncompleted contracts, representing services provided and
<br />unbilled, total $1,058,465 for the year ended June 30, 2009.
<br />
<br />5. ProDertv and EquiDment
<br />
<br />Property and equipment consists of the following:
<br />
<br />Furniture and fixtures
<br />Field equipment
<br />Auto and truck
<br />Leashold improvements
<br />
<br />$ 956,753
<br />1,608,985
<br />345,671
<br />605,762
<br />3,517,171
<br />(2,675,097)
<br />$ 842,074
<br />
<br />Less accumulated depreciation
<br />
<br />6. Lines of Credit
<br />
<br />The Company maintains a revolving line of credit for borrowings up to $1,000,000 that is due on
<br />demand and bears interest at the preferred rate announced by the lender, currently at 3.25%. The line
<br />is secured by contracts receivable with a carrying amount of 11,489,909 (Note 3). The Company had a
<br />balance of $950,000 due on the line of credit at June 30, 2009.
<br />
<br />7. Notes Payable
<br />
<br />Long-term obligations include a note payable to a local bank. Monthly payments of principal, in the
<br />amount of $8,333, plus accrued interest began in March 2009. Principal payments approximate
<br />$100,000 per year through maturity in February 2012. During 2009 interest accrued at an annual rate
<br />of 3.25%. At June 30, 2009 the unpaid principal balance amounted to $266,667.
<br />
<br />The Company entered into a stock purchase agreement with the shareholders of Advanced
<br />Transportation Engineering Consultants (ATEC) to acquire 55% of the outstanding shares of ATEC
<br />(5% from Elio R. Espino and 50% from Javier S Gonzalez) for a purchase price of $235,000; $152,000
<br />payable in cash at closing of the transaction and the remaining balance payable in installments of
<br />$10,000 per month starting February 28,2008 for Elio R. Espino and November 28,2008 for Javier S.
<br />Gonzalez. As of June 30, 2009, $40,000 is due to Javier Gonzalez.
<br />
<br />As of June 30, 2009, the company has installment agreements for equipment amounting to $28,856,
<br />secured by the related equipment. Payments of principal and interest are due monthly. The agree-
<br />ments mature within the next three years. Commitments over the next five years are as follows:
<br />
<br />Due June 30, 2010
<br />Due June 30, 2011
<br />Due June 30, 2012
<br />Total
<br />Less: current maturities
<br />Long term portion
<br />
<br />$ 162,452
<br />112,234
<br />63.203
<br />337,889
<br />162.452
<br />$ 175.437
<br />
<br />10
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