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<br />I Consul-Tech Enterprises, Inc. and Subsidiaries
<br />I Consolidated Balance Sheets
<br />As of December 31,2006 and 2005
<br /> Assets
<br />I 2006 2005
<br />Current Assets
<br />I Cash and cash equivalents $ 1,530,393 $ 329,621
<br />Contracts receivable, less allowance of $146,800
<br />in 2006 and 2005 6,863,219 2,591,696
<br />I Costs and estimated earnings in excess of
<br />billings on uncompleted contracts 62,068 3,132,618
<br />Prepaid expenses 329,167 196,312
<br />I Total Current Assets 8,784,847 6,250,247
<br />Property & Equipment - net of accumulated depreciation 1,254,017 1,257,633
<br />I Other Assets
<br /> Due from shareholders 27,378
<br />,I Loan receivable - related party 1,441,172 3,157,009
<br />Other assets 90,534 74,596
<br />Total Other Assets 1,531,706 3,258,983
<br />II Total Assets $ 11,570,570 $ 10,766,863
<br />I Liabilities and Stockholders' Equity (Deficit)
<br />II
<br />Current Liabilities
<br /> Line of credit $ 2,043,145 $ 1,760,000
<br />,I Current portion of long-term debt 1,573,679 592,707
<br />II Accounts payable and accrued expenses 1,889,164 1,002,744
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts 233,991 864,453
<br />Income taxes payable 14,144 618,876
<br /> Total Current Liabilities 5,754,123 4,838,780
<br />I Long-Term Liabilities
<br />I Long-tenn debt, net of current portion 4,216,145 5,662,017
<br />Deferred income taxes payable 1,693,989 1,804,239
<br />Total Long Term Liabilities 5,910,134 7,466,256
<br />I Stockholders' Equity (Deficit)
<br />Common stock (Note B) 268 270
<br />,I Convertible preferred stock (Note B) 128 128
<br />Additional paid-in capital
<br />ESOP note receivable (3,325,095) (3,800,000)
<br />Retained earnings 3,231,012 2,261,429
<br />I Total Stockholders' Equity (Deficit) (93,687) (1,538,173)
<br /> Total Liabilities and Stockholders' Equity (Deficit) $ 11,570,570 $ 10,766,863
<br />I Read the independent accountants' review report and notes to the [mancial statements.
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