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TGSV ENTERPRISES, INC. <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />DECEMBER 31, 2017 <br /> <br /> <br />13 INCOME TAXES <br /> <br />For the year ended December 31, 2017, estimated taxable income passed through to the <br />stockholders aggregated approximately $397,000. <br /> <br /> <br />14 CLAIMS AND CONTINGENCIES <br /> <br />From time to time, the Company is involved in routine claims arising in the ordinary course <br />of business. There are no pending significant legal proceedings to which the Company is a <br />party for which management believes that the ultimate outcome would have a material <br />adverse effect on the financial position, results of operations or cash flows of the Company. <br /> <br />The Company is contingently liable to a surety company under a general indemnity <br />agreement. The Company agrees to indemnify the surety for any payments made on contracts <br />of suretyship, guaranty, or indemnity. The Company believes that all contingent liabilities <br />will be satisfied by their performance on the specific bonded contracts. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />See independent accountants’ review report. <br />-16-