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<br />Ceres Environmental Services, Inc.
<br />
<br />o
<br />
<br />BALANCE SHEETS
<br />December 31, 2006 and 2005
<br />
<br />LIABILITIES AND STocKHoLDER'S EQUITY
<br />
<br /> 2006 2005
<br /> CURRENT LIABILITIES
<br /> Accounts payable $ 51,820,157 $ 59,538,136
<br /> Due to related party (Notes 4 and 7) 30,345,588 390,773
<br /> Accrued liabilities
<br /> Contract costs 11 ,844,948 7,119,500
<br /> Payroll and payroll taxes 5,550,238 6,813,554
<br /> Sales taxes 10,831 6,752
<br /> Insurance 1,359,276 -O~
<br /> Interest 570,000 3,631
<br /> Other 27,350 ~o-
<br /> Billings in excess of costs and estimated earnings
<br /> on uncompleted contracts (Note 3) -0- 728,143
<br />0 Dividends payable -0- 18,807,000
<br />Current maturities of long~term debt (Note 5) -0- 3,966,139
<br />Total current liabilities 101,528,388 97,373,628
<br />
<br />STOCKHOLDER'S EQUITY
<br />Common stock, $.01 par value
<br />Authorized 1,000,000 shares
<br />Issued and outstanding 100..000 shares
<br />Additional paid-in capital
<br />Retained earnings
<br />Total stockholder's equity
<br />
<br />1,000
<br />1,222,717
<br />20,830,699
<br />22,054,416
<br />
<br />1,000
<br />1,222,717
<br />38,031,107
<br />39,254,824
<br />
<br />c
<br />
<br />TOTAL LIABll..ITIES AND
<br />STOCKHOLDER'S EQUITY
<br />
<br />$ 123,582,804 $ 136,628,452
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