Laserfiche WebLink
FERREIRA CONSTRUCTION COMPANY INC., AND SUBSIDIARY <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />Total assets <br />$ <br />8,186,340 <br />Total liabilities <br />2022 <br />2,292,514 <br />Net assets <br />$ <br />5,893,826 <br />Revenues <br />$ <br />42,171,413 <br />Net income <br />$ <br />9$ 9,816,068 <br />Comaanv's Interest: <br />Equity, beginning of year <br />$ <br />922,108 <br />Share of net income <br />4,952,086 <br />Distributions <br />(3,930,000) <br />Equity, end of year $ 1,944,194 <br />Note 10 - Life Insurance: <br />The Company owns a $5,000,000 life insurance policy on its Chief Executive Officer/President. Other <br />current assets includes $42,153 of cash surrender value related to this policy, as of December 31, 2020. <br />Note it - Commitments: <br />The Company has the following operating leases: <br />• Tannery Row, LLC (related party)- month-to-month office and yard lease <br />• TAN Ferreira, LLC (related party)- office and yard lease through March 2027 <br />• Other office and yard leases which expire at various dates through August 2028 <br />Future lease payments are due as follows: <br />Year Ending December 31, <br />2021 <br />$ 1,054,573 <br />2022 <br />703,512 <br />2023 <br />604,564 <br />2024 <br />500,120 <br />2025 <br />441,333 <br />Thereafter 705,000 <br />$ 4,009,102 <br />Total rent expense on all operating leases totaled $2,344,074 for the year ended December 31, 2020. <br />Note 12 - Contingencies: <br />Litigation - The Company is involved in routine litigation from time to time that arises in the ordinary <br />course of business related to construction. There are no pending significant legal proceedings to which the <br />Company is a party for which management believes the ultimate outcome would have a material adverse effect <br />on the Company's financial position. <br />16 <br />