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- COASTAL CONTRACTING AND DEVELOPMENT, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2010 11 ~ NOTE D - INCOME TAXES (continued) Deferred tax assets, deferred tax liabilities, deferred tax asset valuation allowances, and deferred tax liability valuation allowances, at December 31. 2010, consist of the following: Total deferred tax assets Valuation allowance $ 169,541 o 169,541 Total deferred tax liabilities Valuation allowance (135,187) o (135,187) Net deferred tax asset $ 34,354 The Company's deferred tax assets relate principally to the cash method of accounting and a net operating loss carry forward. Deferred tax liabilities relate to accelerated depreciation on fixed assets and the cash method of accounting. The deferred tax asset, at December 31,2010, consists of the following: .- Deferred tax asset - noncurrent Deferred tax liability - noncurrent $ 169.541 (135,187) '-'" $ 34.354 NOTE E- BACKLOG The following schedule summarizes changes in backlog on contracts during the year ended December 31, 2010. Backlog represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in process at year-end and from contractual agreements on which work has not yet begun. Less contract rewnue earned during the year ended December 31,2010 $ 1,580.553 908,265 51,705 2,540.523 (2,376,690) Backlog at December 31, 2009 New contracts during the year ended December 31, 2010 Contract adjustments during the year ended December 31,2010 $ 163,833 In addition, the Company entered into additional contracts with estimated revenues of $415,053 between January 1, 2011 and May 11, 2011, <;