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KERNS CONSTRUCTION AND PROPERTY MGMNT CORPORATION <br />NO IES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />NOTE 7 - CAPITAL STOCK <br />Capital stock consists of 100 shares $1 par value common stock authorized, 100 shares issued <br />and outstanding. <br />NOTE 8- EMPLOYEE BENEFIT PLANS <br />The Company does not at present extend Company funded retirement benefit plans to <br />employees <br />NOTE 9- LEASE COMMITMENTS <br />The Company leases its office facilities under non -cancelable operating leases. The lease <br />agreement requires the Company to pay utility and maintenance costs. The lease expires in July, <br />2017. Total lease expense for the year ended December 31, 2014 was $3,000. <br />Future minimum lease payments under operating leases are approximately as follows. <br />December 30, <br />2016 $ 8,400 <br />2017 $ 9,600 <br />NOTE 10 - ULLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS ON <br />UNCOMPLETED CONTRACTS <br />Costs Incurred on Uncompleted Contracts <br />Estimated Earnings <br />Less Billings to Date <br />$ 2,028,379 <br />244,616 <br />2,272,995 <br />(2,030,639) <br />$ 242,356 <br />The foregoing balance is included on the schedule of contract revenues, costs and profits as <br />"under billings" and "over billings". <br />NOTE 11 - CONTRACT BACKLOG <br />The Company has contract backlog as follows: <br />Estimated Gross Revenues on Contracts inProgress at December 31, 2014 $ 3,020,987 <br />Less Amounts Earned at December 31, 2014 (1,825,697) <br />$ 1,195,290 <br />