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Advanced Hoofing, Inc. and Affiliates
<br />Notes to Consolidated Financial Statements
<br />Note 15. investment in Construction Joint Venture (Continued)
<br />Condensed financial information of the joint venture as of and for the years ended December 31, 2015
<br />and 2014, is as follows:
<br />2015 2014
<br />Cash $ 532,574
<br />Contract receivables $ 2,343,48
<br />Costs and estimated earnings in excess of billings 3,935,4444
<br />on uncompleted contracts 79,920 118,729
<br />$ 612,494 $ 6,398,121
<br />Trade payables
<br />Due to affiliates
<br />Billings in excess of costs and estimated earnings on
<br />uncompleted contracts
<br />Accumulated deficit
<br />Contract revenues earned
<br />Costs of revenues earned
<br />Gross profit
<br />Operating expenses
<br />Net income (loss)
<br />Backlog
<br />Note 16. Business Combination and Goodwill
<br />365,613 $ 4,256,097
<br />729,128 218,698
<br />3,753,644
<br />(482,247) (1,830 318)
<br />$ 612,494 $ 6,398,121
<br />$ 5,764,435
<br />$ 22,330,480
<br />3,023,017
<br />22,108,659
<br />2,741,418
<br />221,821
<br />1,419,339
<br />21516,141
<br />$ 1,322,079
<br />$ (2,294,320)
<br />$ 532,093
<br />$ 1,013,753
<br />In June 2015, the Company entered into an agreement to purchase certain assets of an unrelated roofing
<br />contractor in Tampa, Florida in exchange for cash in the amount of $725,000. The results of operations of
<br />the acquired business are included in the accompanying statement of income from the respective
<br />acquisition date for the year ended December 31, 2015.
<br />The following table summarizes the estimated fair values of the assets acquired and consideration
<br />transferred as of the date of the acquisition.
<br />Consideration transferred:
<br />Cash
<br />Net assets acquired:
<br />Inventory
<br />Equipment
<br />Goodwill
<br />irt
<br />$ 725,000
<br />$ 12,605
<br />212,395
<br />500,000
<br />$ 725,000
<br />
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