Advanced Roofing, Inc. and Affiliates
<br />Consolidated Balance Sheets
<br />December 31, 2015 and 2014
<br />3
<br />2015
<br />2014
<br />Assets (Notes 6 and 7)
<br />Current assets:
<br />Cash and cash equivalents (variable interest entities restricted - 2015 $4,973,121;
<br />2014 $4,796,031) (Note 13)
<br />$ 5,331,046 $
<br />5,936,042
<br />Accounts receivable, net (variable interest entities restricted - 2015 $473,993;
<br />2014 $3,573,721) (Notes 2, 11, and 13)
<br />12,050,038
<br />14,207,647
<br />Costs and estimated earnings in excess of billings on uncompleted contracts (variable
<br />interest entities restricted -2015 $626; 2014 $1,029,494) (Notes 3 and 13)
<br />2,015,557
<br />2,102,737
<br />Inventory (variable interest entities restricted - 2015 $64,530; 2014 $143,016) (Notes 13 and 16)
<br />497,355
<br />472,656
<br />Prepaid expenses and other current assets (variable interest entities restricted -
<br />2015 $433,570; 2014 $277,001) (Notes 10, 13 and 14)
<br />1,074,293
<br />677,874
<br />Total current assets
<br />20,968,289
<br />23,396,956
<br />Property and equipment, net (variable interest entities restricted - 2015 $5,978,507;
<br />2014 $5,372,311) (Notes 5, 7, 13 and 16)
<br />7,400,952
<br />6,711,526
<br />Advances to affiliate (Note 14)
<br />2,012,498
<br />1,325,333
<br />Goodwill, net (Note 16)
<br />475,000
<br />-
<br />Other noncurrent assets (variable interest entities restricted - 2015 $256,174;
<br />2014 $444,188) (Note 13)
<br />272,395
<br />459,909
<br />31,129,134
<br />31,89 ,724
<br />Liabilities and Stockholders' Equity
<br />Current liabilities:
<br />Current maturities of long-term debt (variable interest entities nonrecourse -
<br />2015 $19,685; 2014 $18,477) (Notes 7 and 13)
<br />$ 2,249,791 $
<br />146,944
<br />Accounts payable (variable interest entities nonrecourse - 2015 $144,676;
<br />2014 $960,108) (Notes 12 and .13)
<br />3,996,107
<br />3,193,133
<br />Billings in excess of costs and estimated earnings on uncompleted contracts (variable
<br />Interest entities nonrecourse - 2015 $26,591; 2014 $882,845) (Notes 3 and 13)
<br />2,218,587
<br />2,420,891
<br />Distributions payable (variable interest entities nonrecourse - 2015 $851,197;
<br />2014 $851,197) (Note 13)
<br />851,197
<br />851,197
<br />Accrued expenses (variable interest entities nonrecourse - 2015 $262,899;
<br />2014 $645,708) (Notes 8 and 13)
<br />2,265,302
<br />3,076,098
<br />Total current liabilities
<br />11,580,984
<br />9,688,263
<br />Line of credit (Notes 6 and 13)
<br />2,159,364
<br />-
<br />Construction joint venture (variable interest entities nonrecourse - 2015 $249,044;
<br />2014 $924,605) (Notes 13 and 15)
<br />249,044
<br />924,605
<br />Other liabilities (Note 8)
<br />100,000
<br />100,000
<br />Long-term debt, net of current maturities (variable interest entities nonrecourse -
<br />2,942,474
<br />3,505,618
<br />2015 $231,292; 2014 $122,345) (Notes 7 and 13)
<br />Stockholder note payable (variable interest entities nonrecourse - 2015 $767,460;
<br />2014 $767,460) (Notes 10 and 13)
<br />767,460
<br />767,460
<br />Total liabilities
<br />17,799,326
<br />14,985,946
<br />Commitments and contingencies (Notes 4, 8 and 13)
<br />Stockholders' equity:
<br />Advanced Roofing, Inc. stockholders' equity
<br />-. Common stock, $1 par value; 1,000 shares authorized,
<br />500 shares Issued and outstanding
<br />Soo
<br />500
<br />Additional paid -in capital
<br />427,321
<br />427,321
<br />Retained earnings
<br />8,901,007
<br />13,734,187
<br />Total Advanced Roofing, Inc. stockholders' equity
<br />9,328,828
<br />14,162,008
<br />Noncontrolling Interest (Note 13)
<br />4,000,980
<br />2,745,770
<br />Total equity
<br />13,329,808
<br />16,907,778
<br />$ 31,129,134 $
<br />31,893,724
<br />See notes to consolidated financial statements.
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