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West Construction, Inc. and Subsidiaries <br />Notes to Consolidated Financial Statements <br />As of and for the years ended December 31, 2014 and 2013 <br />Nature of Operations <br />West Construction, Inc. (the Company) is located in West Palm Beach, Florida and was <br />incorporated in the State of Florida in 1977. The Company is a general construction company <br />servicing commercial accounts in Florida and abroad. The Company currently has projects in <br />Liberia and Puerto Rico. Operations outside the United States are subject to risks inherent in <br />operating under different legal systems and various political and economic environments. All <br />contracts and transactions are conducted in U.S. dollars. The Company grants credit to its <br />customers, which consist primarily of local governments and national and local businesses. <br />West Architecture & Design, LLC is a limited liability company (LLC) organized in 2007 under <br />the laws of the State of Florida. West Construction, Inc. is the single member of the LLC. <br />West Africa Rock and Concrete Products, LLC (West Africa) is a limited liability company <br />organized in 2011 under the laws of the State of Florida. West Construction, Inc. was the single <br />member of West Africa, which was sold in April 2014. See Note 11. <br />1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: <br />This summary of significant accounting policies of West Construction, Inc. and Subsidiaries is <br />presented to assist in understanding the consolidated financial statements. The consolidated <br />financial statements and notes are representations of the management, who are responsible for <br />their integrity and objectivity. These accounting policies conform to accounting principles <br />generally accepted in the United States of America (GAAP) and have been applied on a <br />consistent basis. <br />Principles of Consolidation <br />The accompanying consolidated financial statements include the accounts of West Construction, <br />Inc., and its wholly-owned subsidiaries, West Architecture & Design, LLC and West Africa Rock <br />and Concrete Products, LLC, collectively referred to as "the Company". All significant <br />intercompany accounts and transactions have been eliminated in consolidation. <br />-8of18- <br />