|
Advanced Roofing, Inc. and Affiliates
<br />Notes to Consolidated Financial Statements
<br />Note 13. Variable Interest Entities (Continued)
<br />$10,241,970
<br />$ 10,841,101 $ 515,450
<br />-
<br />8,168,904
<br />The following table summarizes
<br />the carrying
<br />amounts of
<br />the VIEs' assets
<br />and liabilities
<br />included
<br />1,573,153 181,879
<br />Company's consolidated balance sheets as of December
<br />31,
<br />in the
<br />2015 and
<br />2014:
<br />Leasing
<br />2015
<br />2014
<br />Entities
<br />AGT
<br />To
<br />Leasing
<br />Entities
<br />AGT
<br />Total
<br />Cash and cash equivalents
<br />Accounts receivable, net
<br />$ (75,737)
<br />$ 5,048,856
<br />$ 4,973,121
<br />$
<br />$ 4,796,031
<br />$ 4,796,031
<br />Costs and estimated earnings In excess of
<br />473 ,993
<br />473,993
<br />3,573,721
<br />3,573,721
<br />billings on uncompleted contracts
<br />Inventory
<br />Due from affiliates
<br />626
<br />64,530
<br />628
<br />1 64,530
<br />1,029,494
<br />143,016
<br />1,029,494
<br />Prepaid expenses and other current assets
<br />1,988,788
<br />1,326,745
<br />3,315,533
<br />2,517,035
<br />2,870,072
<br />143,016
<br />5,387,107
<br />Property and equipment, net
<br />89,000
<br />5,978,507
<br />344,570
<br />433,570
<br />17,000
<br />260,001
<br />277,001
<br />Other noncurrent assets
<br />28 790
<br />227 384
<br />5.978,507
<br />256.174
<br />5,344,260
<br />28,051
<br />5,372,311
<br />Total assets
<br />$ 8.009,348
<br />$ 7 466 706$15,496,0-54
<br />49 180
<br />7 927 475
<br />395 008
<br />444.188
<br />13,0951394
<br />v � vc2 869
<br />Current maturities of long-term debt
<br />$ 1,774,791
<br />$
<br />Line of credit
<br />$ 1,774,791
<br />$ 146,944
<br />$ -
<br />$ 146,944
<br />Accounts payable
<br />2,158,364
<br />2,159,364
<br />-
<br />-
<br />Billings in excess of costs and estimated
<br />42,890
<br />101,786
<br />144,676
<br />-
<br />960,108
<br />960,108
<br />earnings on uncompleted contracts
<br />Distributions payable
<br />-
<br />-
<br />26,591
<br />851,197
<br />26,591
<br />882,845
<br />882,845
<br />Accrued expenses
<br />Due to affiliates
<br />3,909
<br />258,990
<br />851,197
<br />262,699
<br />1,278
<br />851,197
<br />644,429
<br />851,197
<br />Construction joint venture
<br />(59•360)
<br />4,208,512
<br />4,149,152
<br />18,722
<br />10,194,985
<br />645,707
<br />10,213,707
<br />Long-term debt, less current maturities
<br />1,730,992
<br />249,044
<br />249,044
<br />-
<br />924,605
<br />924,605
<br />Stockholder note payable
<br />1,730,992
<br />3,505,618
<br />3,505,618
<br />Total liabilities
<br />_$ 3.493,222
<br />767 460
<br />8,622.944
<br />767 460
<br />$12 116 166
<br />-
<br />$ 3 672 562
<br />767 460
<br />$ 15 225 629
<br />767 460
<br />18.898:191
<br />The real property that is collateral for the debt of the VIEs has a carrying value of approximately
<br />$4,873,000 as of December 31, 2015. The assets of the VIEs can only be used to settle the obligations of
<br />the VIEs. The creditors of the VIEs have recourse to the general credit of the Company through a
<br />guarantee provided by the Company. The VIEs are financed through their own accounts payable and
<br />long-term borrowings as well as advances from the Company.
<br />The following table summarizes the VIEs' revenue and expenses included in the consolidated statements
<br />of income for the years ended December 31, 2015 and 2014:
<br />Revenues
<br />Cost of revenues
<br />Gross profit
<br />Operating expenses
<br />Nonoperating Income (expense)
<br />Net Income (loss)
<br />2015 2014
<br />Leasing Leasing
<br />Entities AGT Total Entities AGT
<br />Total
<br />$ 599,131
<br />$10,241,970
<br />$ 10,841,101 $ 515,450
<br />-
<br />8,168,904
<br />8,188,904 -
<br />599,131
<br />2,053,066
<br />2,652,197 515,450
<br />256,639
<br />1,316,514
<br />--- --
<br />1,573,153 181,879
<br />17
<br />$23,131,226 $23,646,676
<br />19,553,338 19,553,338
<br />3,577,888 4,093,338
<br />2,245,326 2,427,205
<br />
|