Willa Jo Mills, CPA Certified Public Accountant 800 N. Fielder Rd, Suite 200 Arlington, TX (817) (817) Fax

Transcription

1 Willa Jo Mills, CPA Certified Public Accountant 800 N. Fielder Rd, Suite 200 Arlington, TX (817) (817) Fax Board of Directors ACCOUNTANT S COMPILATION REPORT I have compiled the accompanying statement of Balance Sheet for (an S- Corporation) as of December 31, 2016, and the related Statement of Revenues and Expenses for the year then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management (owners). I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. However, I did become aware of a departure from general accepted accounting principles that is described in the following paragraph. Generally accepted accounting principles require that fixed assets be depreciated over their estimated useful lives. The Company has computed depreciation on several fixed assets in accordance with the Modified Accelerated Cost Recovery System required for federal income tax purposes, which does not allocate depreciation to expense over the estimated useful lives of the assets. The effects of this departure from generally accepted accounting principles have not been determined. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principles. If the omitted disclosures and statement were included in the financial statements, they might influence the user s conclusions about the Company s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. I am not independent with respect to December 27, 2017 Willa Jo Mills, CPA

2 ASSETS Current Assets Bank Accounts Balance Sheet As of December 31, 2016 Total Business Checking #0233 $ 21, NYFRA OmniAmerican 4601 (13.05) PayPal Total Bank Accounts 21, Accounts Receivable Accounts Receivable 142, Total Accounts Receivable 142, Other Current Assets Credit Card Receivables Due from Factor (Reserve) (2,169.20) Due from MCI 414, Total Other Current Assets 412, Total Current Assets 576, Fixed Assets Cost 18, Depreciation (7 Year) (18,213.23) Total Furniture & Fixtures - Intangible Assets Amortization (15 Year) (4,220.86) Website Development 4, Total Intangible Assets Total Fixed Assets Other Assets Long-Term Reserves New York CD Reserve 50, Total Long-Term Reserves 50, Total Other Assets 50, TOTAL ASSETS $ 627, /27/2017 See Accountant's Compiliation Report 1 of 4

3 Balance Sheet As of December 31, 2016 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable $ 87, Total Accounts Payable 87, Other Current Liabilities Due to McCusker Service Group 1, Loan Payable - Mantis Funding LLC 32, Total Other Current Liabilities 33, Total Current Liabilities 121, Long-Term Liabilities Service Liabilities 474, Total Long-Term Liabilities 474, Total Liabilities $ 595, Equity Owner's Equity Will McCusker WM - Capital Stock $ WM - APIC Total WM - Capital Stock Retained Earnings (544,682.45) Net Income 575, Total Equity 31, TOTAL LIABILITIES AND EQUITY $ 627, /27/2017 See Accountant's Compiliation Report 2 of 4

4 Statement of Revenues and Expenses January through December 2016 Income 12/27/17 See Accountant's Complilation Report Total Service Revenue $ 98, Better Distribution Discounts/Refunds Given (425.00) Human Touch OEM Revenue 70, Living Spaces Furniture 1,942, Total Service Revenue 2,111, Shipping Income Unapplied Cash Payment Income (50.00) Uncategorized Income - Total Income 2,112, Gross Profit 2,112, Expenses Advertising Amortization Expense Auto Expense Bank Charges Business Insurance 2, Business licenses / fees 1, Claims LS-parts/replacements (contracts prior 02/04/15) 19, LS-parts/replacements (contracts starting 02/04/15) 1, St. Bruno Cath School 2, SUSA Claims 408, Total Claims 431, Data/Internet 16, Depreciation Expense 2, Dues & Subscriptions Factor expense 1, Field Service 26, Better Distribution Human Touch 49, Living Spaces-Nov 2014 to Jan , Living Spaces-SUSA (contracts starting 02/04/2015) 89, LS-Ultrashield (KY) contracts prior to 11/01/ , Total Field Service 210, Interest Paid 99, Janitorial/Supplies 8, Leased Employees Exp Meals and Entertainment 43, Merchant Fees 1, Office Expenses 1, Other Miscellaneous Service Cost Postage & Delivery 3, of 4

5 Professional Fees Statement of Revenues and Expenses January through December 2016 Accounting Service 26, Legal Fees 10, Sales Commission Fees (70,854.38) McCusker & Company Inc Total Sales Commission Fees (70,665.54) Sales Contractor Service T Clinton 2, Total Sales Contractor Service 2, Staffing Service 511, Total Professional Fees 480, Promotional Rent Expense 111, Repair & Maintenance Supplies 1, Taxes & Licenses Taxes Paid Telephone/Fax 14, Travel 9, Utilities 10, Warranty Administration remittance 79, Total Expenses 1,536, Net Operating Income $ 575, Other Income Cash Back Earned Interest Earned 0.08 Total Other Income Net Other Income Net Income $ 575, /27/17 See Accountant's Complilation Report 4 of 4

6 STATEMENT OF CASH FLOWS January - December 2016 OPERATING ACTIVITIES TOTAL Net Income 575, Adjustments to reconcile Net Income to Net Cash provided by operations: Accounts Receivable 13, Bank Clearing Credit Card Receivables Due from Factor (Reserve) 1, Due from MCI -414, Prepaid Expenses:Field Nation LLC 0.00 Prepaid Expenses:Lee & Amtizis 0.00 Prepaid Expenses:Patrick Miller Prepaid Expenses:Workmarket 1, Machinery & Equipment:Depreciation (5 Year) 2, Accounts Payable -454, Due to McCusker & Company Inc 0.00 Loan Payable-CREST HILL CAPITAL 0.00 Loan Payable-KCGFunding 0.00 Loan Payable-Mantis Funding LLC 32, Total Adjustments to reconcile Net Income to Net Cash provided by operations: -816, Net cash provided by operating activities $ -240, INVESTING ACTIVITIES Furniture & Fixtures:Cost -2, Intangible Assets:Amortization (15 Year) Lease Deposits 4, Net cash provided by investing activities $2, FINANCING ACTIVITIES Deferred Admin Revenue -89, Other Long Term Liabilities:Service Liabilities Owner's Equity:Will McCusker:WM - Distributions 407, , Retained Earnings -7, Net cash provided by financing activities $222, NET CASH INCREASE FOR PERIOD $ -14, Cash at beginning of period 36, CASH AT END OF PERIOD $21, Tuesday, January 23, :25 AM GMT-8 1/1