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De La Hoz Builders, Inc. Notes to Financial Statements Note 1: DESCRIPTION OF BUSINESS De La Hoz Builders, Inc. (the "Company") is a general contractor doing business in Port St. Lucie, Fort Pierce, Vero Beach, Sebastian, Gifford, Palm Bay, Melbourne and Cocoa. The Company specializes in commercial and residentia' construction services, as well as some government projects. As a government contractor, the Company is subject to compliance with Federal Acquisition Regulations (FAR). The FAR requires, among other things, various audits be performed by the Defense Contract Audit Agency, including annual audits of the Company's financial records via indirect cost submissions. The Company has been found to be in compliance for all fiscal years in which an audit has been completed. The Company believes it is in compliance with FAR requirements for subsequent years. Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Financial Accounting Standards Board (FASB) provides authoritative guidance regarding U.S. GAAP through the Accounting Standards Codification (ASC) and related Accounting Standards Updates (ASUs). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash and ail highly -liquid debt investments with initial maturities of three months or less at the time of purchase. Contract Receivables Contract receivables represent amounts owed to the Company which are expected to be collected within twelve months. When all attempts to collect the receivable fail, the account is then written off. Collections on accounts previously written off are included in income as received. There were no contract receivables at December 31, 2020.