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I CROWDERGULF, LLC I NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2017 AND 2016 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — CONTINUED IIncome Taxes The Company has elected to be treated as a partnership for federal and state incomax reporting. I Under the above elections, the Company does not pay federal or state income taxen"os taxable income; instead, the members' are liable for individual income taxes based--on t a rvespe ti e shares or proportionate taxable income of the Company. Therefore, no prou�sion--o`absil for I federal or state income taxes has been included in the financial statements. Also the`Cornpany is not aware of any uncertain tax positions that would require disclosure r�accrual�i\n(accordance with generally accepted accounting principles. U Presentation of Certain Taxes The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company's accounting policy is to exclude these taxes from revenues and cost of Isales. Contingencies The Company is sometimes subject to litig tinI r/the threat of litigation in conducting its operations. In accordance with generally accepd,,ac tecounting principles, the Company recognizes such contingencies in the financial stat ents when iy13oth probable that a material liability has 1 been incurred and the amount can be reasonaoly estimated. Reclassifications <\ )) I Certain accounts in the priory/ear Qriancial\,statements have been reclassified for comparative purposes to conform to the presentatiot'1 ttIe,,current-year financial statements. Significant Estimates The preparation of financs tatements in accordance with accounting principles generally accepted in the United States of Anaerica\`equires management to make estimates and assumptions that affect the report =>of assets, liabilities and disclosures at the date of the financial statements an. during the reporting period. Actual results could differ from those estimates. Events Occurring Afterr•Reporting Date I The ConipFy has evaluated events and transactions that occurred between December 31, 2017 and-Marcl<28, 2018/which is the date that the financial statements were available to be issued, for poss b'le recognition or disclosure in the financial statements. 2. TRADE RECEIVABLES Trade receivables at December 31, 2017 and 2016, consist of the following: 2017 2016 Current Billed $ 103,348,649 $ 29,846,279 Unbilled 29,100,502 31,730,956 I Retainage 7,493,111 311,090 Total $ 139,942,262 $ 61.888.325 9 I