HomeMy WebLinkAboutTFR - Confidential ® T.F.R. ENTERPRISES,INC.AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,2017 and 2016
2017 2016
ASSETS
CURRENT ASSETS
Cash S 5,540.359 $ 1,603,084
Investment 244.184 244,184
Accounts receivable - trade 15,854,928 14.324.423
Accounts receivable - retainage 14,235 40.400
Inventory 264,319 445.555
Refundable income taxes - 731
TOTAL CURRENT ASSETS 21.918.045 16.658.377
PROPERTY AND EQUIPMENT
Land 7,139,325 7,139.325
Buildings 637226 637 226
Office equipment 61,982 61,982
Leasehold improvements 305.853 305.853
4111 Machinery and equipment 12,114287 11,865.596
20.258.673 20.009,982
Less accumulated depreciation (9,173.666) (8,528.946)
11,085,007 11.481,036
OTHER ASSETS
Accounts receivable - trade - long term, net 2.853,909 -
Loan cost net of amortization 5,143 6,176
Deferred income taxes - 1,313 208
TOTAL ASSETS S 35.862.104 $ 29.458.797
See notes to consolidated financial statements
3
2017 2016
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable - trade S 7.685.076 S 8.021310
Accounts payable - retainage 1.004.827 437,462
Federal income taxes payable 958,893 -
State income taxes payable 235.269 -
Accrued expenses 633,471 707,666
Due to stockholder 662.641 721,587
Notes payable -current portion 564,691 929,673
Line ofcredit - 2.500.000
TOTAL CURRENT LIABILITIES 11,744,868 13.318,098
LONG-TERM LIABILITIES
Deferred income taxes 318.969 -
Accounts payable - trade - long term 2,161,125 -
Notes payable 4,222.640 3284,136
EQUITY
Common stock 500 500
Retained earnings 11,827,986 7,440.326 •
Partnership equity 6,571,297 6.402,721
Accumulated other comprehensive (loss) (1,051.658) (1,051.658)
Noncontrolling interest 66,377 64.674
17,414,502 12,856,563
TOTAL LIABILITIES AND EQUITY S 35,862.104 52_9.458,797
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® T.F.R. ENTERPRISES, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,2017 and 2016
2017 2016
REVENUES
Service contracts S 31.162.962 S 22.725.496
Cost of contracts 19.657.971 14,703.934
GROSS MARGIN 11,504,991 8.021,562
OPERATING EXPENSES
General and administrative 3.872.197 2.555.653
INCOME FROM OPERATIONS 7,632.794 5.463909
OTHER INCOME (EXPENSE)
Interest income - 77.380
Interest expense (329.525) (377,411)
Miscellaneous income 36,766 27.350
Miscellaneous expense (18.234) (58)
Gain on insurance proceeds 65.477 -
® Loss on sale of investements - (357,719)
Loss on theft - (1,747,950)
Gain on disposal of assets - 145.784
(245.516) (2.232.624)
INCOME BEFORE TAXES 7,387,278 3,233.285
PROVISION FOR INCOME TAXES
Federal 958,893
Federal deferred expense 1.632.177 1,080.709
State 235.269 9.835
2.826.339 1,090.544
NET INCOME 4.560,939 2,142.741
Net income attributable to noncontrolline interest 1.703 1.599
NET INCOME ATTRIBUTABLE TO
CONTROLLING INTEREST $ 4.559.236 S 2.141.142
See notes to consolidated financial statements
5
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® T.F.R. ENTERPRISES, INC.AND SUBSIDE-1 RIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,2017 and 2016
•
2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to controlling interest S 4,559236 S 2,141,142
Net income attributable to noncontrollin interest 1.703 1.599
Net Income 4,560,939 2.142,741
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 644,720 1.121.921
Amortization 1,033 1.034
Loss on investments - 2.105,669
Gain on sale of property and equipment - (145,784)
Accounts receivable,net (4.358,269) (14,058,286)
Accounts receivable -employees - 118.446
Re fundable income taxes 731 (731)
Federal income taxes payable 958,893 -
State income taxes payable 235,369 -
Deferred income taxes 1.632.177 1.767.009
Inventor• 181,236 -
Accounts payable 2.391.856 8.361,378
Accrued expenses (74,195) 680,689
NET CASH PROVIDED BY OPERATING ACTIVITIES 6.174,390 2.094,086
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment (248,691) (118,900)
Proceeds from sale of investments - 86.756
Proceeds from sale of property and equipment - 638.111
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (248,691) 605,967
CASH FLOWS FROM FINANCING ACTIVITIES
Stockholder loans (58,946) 2.362
Dividends (3.000) (3.000)
Repayment of line of credit (2,500,000)
Issuance of notes payable 1,500,000 68,740 •
Payments on notes payable (926.47S) (1,392.294)
NET CASH (USED) BY FINANCING ACTIVITIES (1.988,424) (1,324.192)
See notes to consolidated financial statements
7
T.F.R. ENTERPRISES, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS—continued
For the years ended December 31,2017 and 2016
•
2017 2016
INCREASE IN CASH AND CASH EQUIVALENTS 3,937,275 1.37 ,861
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1.603.084 '_27.333
CASH AND CASH EQUIVALENTS AT END OF YEAR S 5.540.359 $ 1.603.084
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid durin2 the year for:
Interest $ 329,525 S 377.411
Income taxes S 120,346 S 9,835
See notes to consolidated financial statements
8