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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />COMBINED BALANCE SHEETS
<br />
<br /> December 3 I,
<br /> 2008 2007
<br />$ 1,290,699 $ 1,074,360
<br /> 4,753,021 5,657,357
<br /> 585,345 70 1,295
<br /> 6,629,065 7,433,012
<br /> 4,329,829 4,278,660
<br /> 53,911 61 ,384
<br />$ 11,012,805 $ 11,773,056
<br />
<br />ASSETS
<br />CUlTent Assets:
<br />Cash and cash equivalents
<br />Contracts receivable, net (Note - 2)
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts (Note - 3)
<br />Total current assets
<br />
<br />Property, equipment and capital leases, net (Note - 4)
<br />
<br />Prepaid expenses (Note - 5)
<br />
<br />Total assets
<br />
<br />LIABILITIES AND STOCKHOLDERS' EQUITY
<br />CUlTent Liabilities:
<br />Credit line facility (Note - 6)
<br />Accounts payable and accrued expenses (Note - 7)
<br />CUlTent portion of capital lease obligations (Note - 8)
<br />CUlTent portion of long-term debt (Note - 9)
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts (Note - 3)
<br />Total current liabilities
<br />
<br />Total liabilities
<br />
<br />$ 424,695 $ 570,399
<br /> 2,924,941 3,582,626
<br /> 138,298 287,581
<br /> 697,755 599,722
<br /> 792,209 1,080,895
<br /> 4,977,898 6,121,223
<br /> 312,215 279,035
<br /> 2,472,740 2,523,208
<br /> 157,370 157,370
<br /> 7,920,223 9,080,836
<br />
<br />Capital lease obligations, net of CUlTent portion (Note - 8)
<br />Long-term debt, net of current portion (Note - 9)
<br />Due to stockholders (Note - 10)
<br />
<br />Contingent liabilities (Note - 16)
<br />
<br />Stockholders' Equity:
<br />Common stock (Note - 11)
<br />Retained earnings
<br />
<br />276,583
<br />2,815,999
<br />
<br />276,583
<br />2,415,637
<br />
<br />Total stockholders' equity
<br />
<br />3,092,582
<br />
<br />2,692,220
<br />
<br />Total liabilities and stockholders' equity
<br />
<br />$ 11,012,805
<br />
<br />$ 11,773,056
<br />
<br />The accompanying notes are an integral part
<br />of the combined financial statements.
<br />
<br />2
<br />
<br />Benitez & Company, CPA's
<br />
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