Laserfiche WebLink
<br />r <br />~ <br /> <br />COASTAL CONTRACTING AND DEVELOPMENT, INC. <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 <br /> <br />12 <br /> <br />NOTE F - RELATED PARTY TRANSACTIONS <br /> <br />The Company has made loans to its stockholder of which the balance at December 31, 2010 is <br />$158,165. These were open account loans not represented by formal note agreements, <br /> <br />Also, the Company contracts with an affiliated corporation to provide subcontracting services related <br />to custom cabinetry installations. Included in cost of revenues earned is approximately $158,042 for <br />these services. <br /> <br />NOTE G - CONTINGENCIES <br /> <br />The Company is subject to suits and countersuits in the ordinary course of their construction <br />business. The amount of liability, if any, from these suits cannot be determined with certainty; <br />however, management is of the opinion that the outcome of these suits will not have a material <br />adverse impact on the financial position of the Company. Due to uncertainties in the settlement <br />process, it is at least reasonably possible that management's estimate of the outcome will change <br />within the next year. <br /> <br />r <br />...... <br /> <br />Common to the construction industry, the Company is contingently liable for subcontractors and <br />purchase commitments on contracts in process. At December 31,2010, the aggregate face value of <br />signed contracts and new contract awards in process is approximately $3,083,455, of which the <br />estimated unearned revenue is approximately $163,833. <br /> <br />NOTE H - SUBSEQUENT EVENT <br /> <br />Subsequent events were evaluated through May 11, 2011, which is the date the financial statements <br />were available to be issued. No additional disclosures or adjustments to the financial statements <br />were necessary for the year ended December 31,2010. <br /> <br />c <br />