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<br />Ceres Environmental Services, Inc.
<br />
<br />BALANCE SHEETS
<br />December 31, 2006 and 2005
<br />
<br />ASSETS
<br />
<br />8
<br />
<br /> 2006 2005
<br />CURRENT ASSETS
<br />Cash and cash equivalents (Note 2) $ 87,311,620 $ 33,400,794
<br />Accounts receivable
<br />Completed contracts, net of allowance for doubtful
<br />accounts of $200,000 and $600,000 for
<br />2006 and 2005, respectively (Note 2) 3,982,470 1,533,193
<br />Uncompleted contracts
<br />Current billings 15,997,842 2,843,561
<br />Retained percentage 4,378,734 15,945,798
<br />Other 39,714 8,354
<br />Due from related party (Note 7) 5,365,716 3,085,441
<br />Note receivable 18,864 -0-
<br />Prepaid expenses 55,577 114,003 0
<br />Refundable income taxes 107,931 -0-
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts (Note 3) 75,066 74,993,290
<br />Total current assets 1 I 7,333,534 131,924,434
<br />
<br />PROPERTY AND EQUIPMENT (Note 5)
<br />Construction equipment
<br />Office furniture and equipment
<br />Leasehold improvements
<br />
<br />11,746,011
<br />225,049
<br />73,458
<br />12,044,518
<br />6,449,044
<br />5,595,474
<br />
<br />Less accumulated depreciation
<br />Property and equipment, net
<br />
<br />OTHER ASSETS (Note 7)
<br />Due from related party
<br />Investment in partnership
<br />Total other assets
<br />
<br />653,296
<br />500
<br />653,796
<br />
<br />9,828,029
<br />297,066
<br />32,192
<br />10,157,287
<br />6,251,065
<br />3,906,222
<br />
<br />797,296
<br />500
<br />797,796
<br />
<br />$ 123,582,804 $ 136,628,452
<br />
<br />o
<br />
<br />TOTAL ASSETS
<br />
<br />See Notes to Financial Statements.
<br />
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