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<br />- <br /> <br />COASTAL CONTRACTING AND DEVELOPMENT, INC. <br />STATEMENT OF INCOME AND RETAINED EARNINGS <br />YEAR ENDED DECEMBER 31, 2010 <br /> <br />w <br /> <br />CONTRACT REVENUES EARNED <br /> <br />$ 2,376,690 <br /> <br />COST OF REVENUES EARNED <br /> <br />2,226,600 <br /> <br />PROVISION FOR ESTIMATED LOSSES ON UNCOMPLElED CONTRACTS <br /> <br />Gross Profit <br /> <br />1'...... <br />'-" <br /> <br />SELLING, GENERAL AND ADMINISTRATIVE EXPENSES <br />Payroll & payroll taxes <br />Indirect supplies and expenses <br />Adwrtising <br />Automobile and truck <br />Insurance <br />Communication <br />Utilities <br />Office supplies and expenses <br />Rent <br />Professional fees <br />Taxes and licenses <br />Depreci ati on <br />Interest <br />Dues and subscriptions <br />Repairs and maintenance <br />Business entertainment <br />Business trawl <br />Education <br />Bank charges <br />Charitable contributions <br />Bad debt <br />Penalties - nondeductible <br />Miscellaneous <br /> <br />137,509 <br />15,581 <br />672 <br />35,341 <br />58,988 <br />10,676 <br />11 ,773 <br />23.674 <br />29,226 <br />13,295 <br />12,735 <br />4,750 <br />1,217 <br />4,575 <br />12,881 <br />17, 125 <br />12,768 <br />445 <br />936 <br />30 <br />2,920 <br />6 <br />590 <br /> <br />Loss from operations <br /> <br />" <br />..... <br /> <br />See accompanying notes and independent accountants' review report. <br /> <br />4 <br /> <br />150,090 <br /> <br />46,832 <br /> <br />103,258 <br /> <br />407,713 <br /> <br />(304,455) <br />