HomeMy WebLinkAboutSFM Services (EXEMPT Financial Statement) i
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® SFM Services,Inc. and Subsidiaries,SFM Security Services, Inc. and Gaming Facilities Services,
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® Combined Consolidated Balance Sheet
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As of December 31,2016 1
® Assets 1
® Current Assets
® Cash $ 512,573
® Accounts receivables,net of the allowance
for doubtful accounts of$100,067 4,015,441
® - Due from related parties 1,250,036
® Costs and estimated earnings in excess of
® • billings on uncompleted contracts 986,213
Inventory-Supplies 85,504
• Prepaid expenses 71,565 1
® Other receivables • 417,695
® Total Current Assets $ 7,339,027
® Property&Equipment
® Automobiles,trucks and vessel $ 2,256,682
® Furniture and fixtures 102,500
Leasehold and building improvements 342,934
® Office equpment 205,148 j
® Machinery and Equipment 2,409,467 1
Software 54,5231
® Less Accumulated depreciation&amortization (3,461,846)
0 Net Property&Equipment 1,909,408
® Other Assets $ 401,881 '
® Total Assets $ _ 9,650,316
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® SFM Services,Inc. and Subsidiaries, SFM Security Services,Inc. and Gaming Facilities Services,
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® Combined Consolidated Balance Sheet(Continued)
® As of December 31, 2016
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® Liabilities&Equity
® Current Liabilities
® Accounts payable and accrued expenses $ 1,155,157
® Due to related parties 82,314
® Line of credit 112,759 .
Current portion of long-term debt 259,748
® Total Current Liabilities $ 1,609,978
® Long Term Liabilities 494,471
® Stockholders'Equity
® Common stock $ 1,100
Additional paid in capital49,900
® Retained earnings 7,494,867 •
® Total Stockholders'Equity $. 7,545,867
® Total Liabilities &Equity $ 9,650,316
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® SFM Services,Inc. and Subsidiaries,SFM Security Services,Inc. and Gaming Facilities
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® Combined Consolidated Statements of Income
® For the year ended December 31, 2016
® Revenues $ 23,223,408
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® Cost of Sales 17,394,234
® Gross Profit 5,829,174
® General&Administrative Expenses 3,166,602
® Operating Income 2,662,572
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® Other Income(Expenses)
® Other income $ 2,958
® Interest income 14,157 -
Management fee income
® Bad debt recovery • 240
® Interest expense (43,601)
® Total Other Income and Expenses (26,246)
® Net Income $ 2,636,326 -
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SFM Services,Inc. and Subsidiaries, SFM Security Services,Inc. and Gaming Facilities Services,LLC
Combined Consolidated Statements of Changes in Stockholders'Equity
® For the year ended December 31,2016
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® Additional Total
Paid-In Retained Stockholders'
Shares Amount Capital Earnings Equity
® Balance,January 1,2016 1,100 $ 1,100 $ 49,900 $ 5,508,512 $ 5,559,512
® Net Income - - 2,636,326 2,636,326
Distributions - - (649,971) (649,971)
® Balance,December 31,2016 1,100 $ 1,100 $ 49,900 $ 7,494,867 S 7,545,867
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® SFM Services,Inc.and Subsidiaries,SFM Security Services,Inc. and Gaming Facilities Services,
e LLC
Combined Consolidated Statements of Cash Flows
® For the year ended December 31,2016
Operating Activities
® Net Income $ 2,636,326
® Adjustments to reconcile net income to net cash
® provided by operating activities:
Depreciation and amortization 411,565
® Bad debt 1,687
S Increase in accounts receivable (1,141,341)
Increase in cost in excess of billings (204,415)
® Increase in due from affiliates (79,441)
® Iecrease in other receivables (312,808)
Iecrease in supplies inventory (11,163) •
® Decrease in prepaid expenses 194,886
Increase in other assets (87,922)
Decrease in accounts payable (133,238)
® Net cash provided by operating activities S 1,274,136
• ® Investing Activities
Purchase of property and equipment,net of disposals S (315,338)
® Net cash used for investing activities S (315,338)
• Financing Activities
® Proceedsfrom long term debt,net of repayments $ 105,133
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Draws from line of credit,net of paydowns (544,243)
• Shareholder distributions (649,971)
® Net cash used for financing activities $ (1,089,081)
® Net cash from all activities $ (130,283)
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® Cash at beginning of year 642,856
Cash at end of year $ 512,573
• Supplemental Cash Flow Information •
Cash utilized to pay interest $ 43,601
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