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REVENUES
<br />UNDERWATER ENGINEERING SERVICES, INC.
<br />STATEMENTS OF INCOME
<br />FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
<br />2017 2016
<br />$ 11,202,583 $ 8,929,744
<br />LESS DIRECT COSTS:
<br />Consultants 1,394,102 701,150
<br />Other expenses 2,077,796 1,376,363
<br />Total Direct Costs 3,471,898 2,077,513
<br />NET REVENUES 7,730,685 6,852,231
<br />DIRECT LABOR 2,633,251 2,337,494
<br />GROSS PROFIT 5,097,434 4,514,737
<br />OVERHEAD 3,731,969 3,726,848
<br />INCOME FROM OPERATIONS 1,365,465 787,889
<br />OTHER INCOME (EXPENSE):
<br />Other income 14,910 34,829
<br />Interest income 1,262 3,236
<br />Loss on disposal of property and equipment (6,594) (3,030)
<br />Total Other Income 9,578 35,035
<br />NET INCOME $ 1,375,043 $ 822,924
<br />The accompanying notes are an integral part of these financial statements.
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