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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. <br />3 <br />