|
<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />NOTES TO THE COMBINED FINANCIAL STATEMENTS
<br />Years Ended December 31, 2008 and 2007
<br />
<br />NOTE 3 - Costs and estimated earnings on uncompleted contracts (Continued):
<br />
<br />Included in the accompanying combined balance sheets
<br />under the following captions:
<br />
<br />December 31,
<br />2008 2007
<br />
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts
<br />
<br />$
<br />
<br />585,345
<br />
<br />$ 701,295
<br />
<br />Billings in excess of costs and estimated
<br />
<br />earnings on uncompleted contracts
<br />
<br />(792,209)
<br />$ (206,864)
<br />
<br />(1,080,895)
<br />$ (379,600)
<br />
<br />NOTE 4 - Property, equipment and capital leases, net:
<br />
<br />Property, equipment and capital leases of The Company and The Affiliate consist of the following:
<br />
<br />Heavy construction equipment
<br />Land
<br />
<br />Transportation equipment
<br />Capital leases
<br />Property
<br />Building improvements
<br />Computer and office equipment
<br />
<br />December 31,
<br />2008 2007
<br />$ 3,080,483 $ 2,658,832
<br />1,180,204 1,180,204
<br />1,155,338 1,079,046
<br />512,851 742,493
<br />250,551 250,551
<br />168,498 168,498
<br />98,458 84,757
<br />6,446,383 6,164,381
<br />(2,116,554)(1,885,721)
<br />
<br />Less: accumulated depreciation and amortization
<br />
<br />Total property, equipment and capital leases, net
<br />
<br />$ 4,329,829
<br />
<br />$ 4,278,660
<br />
<br />Depreciation of property and equipment is provided utilizing the straight-line method over the
<br />estimated useful lives of the respective assets as follows:
<br />
<br />Computer and office equipment
<br />Capital leases and Transportation equipment
<br />Heavy construction equipment
<br />Property and Building improvements
<br />
<br />Years
<br />3 - 5
<br />5
<br />10
<br />40
<br />
<br />NOTE 5 - Prepaid expenses:
<br />
<br />At December 31,2008, prepaid expenses consist of $49,911 of prepaid insurance paid in advance of
<br />its due date in accordance with the payment schedule established by the insurance company, and $4,000
<br />of refundable restoration bonds issued to the City of Miami.
<br />
<br />10
<br />
<br />Benitez & Company, CPA's
<br />
|