2014-154A. - Laserfiche WebLink

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MANCIL'S TRACTOR SERVICE, INC. Notes to Financial Statements December 31, 2013 NOTE 11: DEBT (CONTINUED) The following is a summary of principal maturities of all long-term debt during the next five years as of December 31, 2013: 2014 $ 721,284 2015 547,426 2016 408,421 2017 275,293 2018 97,054 Total $ 2,049,478 NOTE 12: UNCERTAINTIES, CONTINGENCIES,AND RISKS Concentrations Because of the nature of the Company's business and building trends, major customers vary from year to year. The Company considers concentrations to be significant when total revenues from a particular customer represent at least 10% of the total income earned for that year. Contract revenue earned and receivable for the year ended December 31, 2013 include amounts from major customers as follows: Revenue Earned Receivable Harman Construction $ 2,020,203 $ 757,966 Environmental Hazards The Company has two above-ground fuel tanks installed onsite for use in storing fuel so that the Company could better control its fuel costs. The tanks are double-walled and are governed by the Health Department of Florida. All rules and regulations were followed regarding the installation of the tanks. The Company conducts monthly in-house inspections and the Florida Department of Environmental Protection and the Health Department conduct annual inspections. The Company has a separate liability policy covering the tanks for$1,000,000 from December 1,2013 to December 1, 2014. As of the date of this report, there are no known violations or environmental hazards in connection with the tanks and the premium of$512 was paid in full. Contingencies The Company is subject to various legal proceedings and claims which arise in the ordinary course of its business. In the opinion of management,the ultimate liability with respect to those claims is adequately covered by defenses or insurance, and accordingly,will not materially affect the financial position or the results of operations of the Company. - 17-