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<br />---- <br />. <br /> SRS ENGINEERING, INC <br /> STATEMENT OF INCOME AND RETAINED EARNINGS <br /> For the 12 Months Ended December 31, 2007 <br /> 12 Months Ended <br /> December 31, 2007 % <br /> Sales <br /> Sales $ 2,165,104.00 97.55 <br /> Other Income 54,354.00 2.45 <br /> Total Sales $ 2,219,458.00 100.00 <br /> Cost of Goods Sold $ 235,230.00 10.60 <br /> Total Cost of Goods Sold $ 235,230.00 10.60 <br /> Gross Profit $ 1,984,228.00 89.40 <br /> Operating Expenses <br /> Advertising $ 73,031.00 3.29 <br /> Auto 22,997.00 1.04 <br /> Bank Charges 51.00 0.00 <br /> Courier Fees 756.00 0.03 <br /> Business Promotion 4,820.00 0.22 <br /> Contract Services 935.00 0.04 <br /> Depreciation 15,773.00 0.71 <br /> Dues & Subscriptions 1,934.00 0.09 <br /> Insurance Expense General 119,007.00 5.36 <br /> Interest Expense 5,224.00 0.24 <br /> Licenses & Taxes 93,400.00 4.21 <br /> Miscellaneous 21,931.00 0.99 <br /> Office Expenses 69,757.00 3.14 <br /> Payroll Officers 100,800.00 4.54 <br /> Payroll Administrative 1,089,397.00 49.08 <br /> Postage 616.00 0.03 <br /> Professional Fees 12,792.00 0.58 <br /> Rent 126,616.00 5.70 <br /> Repairs And Maintenance 69,906.00 3.15 <br /> Seminars & Convention Exp 2,356.00 0.11 <br /> Travel 1,440.00 0.06 <br /> Utilities 4,270.00 0.19 <br /> Pension Plan Expense 28,069.00 1.26 <br /> Total Operating Expenses $ 1,865,878.00 84.07 <br /> Operating Income (Loss) $ 118,350.00 5.33 <br /> Other Income <br /> Net Income (Loss) $ 118,350.00 5.33 <br /> Retained Earnings-Begin. $ (64,842.00) (2.92) <br /> Retained Earnings-Ending $ 53,508.00 2.41 <br /> <br />See Accountants' Compilation Report <br />1 <br />