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Page 12 <br /> QUALITY COMMUNICATIONS FIRE & SECURITY. INC.. <br /> QUALITY COMMUNICATIONS OF FLORIDA. INC. <br /> AND QUALITY HOLDING GROUP. L.L.C. <br /> NOTES TO THE COMBINED FINANCIAL STATEMENTS <br /> DECEMBER 31. 2003 <br /> NOTE 11 - COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br /> The following schedule presents the status of costs and estimated earnines on uncompleted <br /> contracts at December 31, 2003: <br /> Costs incurred on uncompleted contracts S 1.91 1.815 <br /> Estimated earnings to date 1.827.946 <br /> Total contract revenue to date S 3,739.761 <br /> Less: Billings to date (3.587.920) <br /> Total <br /> Included in the accompanying balance sheet under the following captions: <br /> Costs in excess of billings on uncompleted contracts S 356.819 <br /> Billings in excess of costs on uncompleted contracts S (204.978) <br /> Total S 151 .841 <br /> COTE 12 - BACKLOG <br /> The following schedule summarizes the backlog contracts as of the twelve months ended <br /> December 31 , 2003. Backlog represents the amount of revenue the Company expects to <br /> realize from work to be performed on uncompleted contracts in progress at year end and <br /> from contractual agreements on which work has not yet begun. <br /> Backlog balance — beginning of year S - <br /> New contracts during the year 13.386587 <br /> Total S 13,386,587 <br /> Less contract revenue earned during the year 11.016.63S <br /> Backlog balance — end of year $ 2.369.949 <br /> NOTE 13 - MERGER AGREEMENT <br /> A merger agreement was entered into between Quality Communications of Florida. Inc.. a <br /> Florida corporation, which is the merging corporation, and Quality Communications Fire & <br /> Security, Inc., a Florida corporation; which is the surviving corporation. The plan and <br /> agreement of merger was dated June 26, 2003. The corporate existence of Quality <br /> Communications of Florida, Inc. ceased operations as of the close of business on June 30, <br /> 2003. Quality Communications Fire & Security, Inc. continued and became the owner of all <br /> the rights and property of Quality Communications of Florida, Inc. and is subject to all <br /> debts and liabilities of Quality Communications of Florida, Inc. in the same manner as <br /> though Quality Communications Fire & Security. Inc. had itself incurred them. <br /> See accountant's review report. <br />