Exhibit 99.1
MCMAHON ASSOCIATES, INC. AND AFFILIATE
UNAUDITED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2022
(in thousands)
March 31, 2022 | ||||
ASSETS | ||||
Current Assets | ||||
Cash and equivalents | $ | 467 | ||
Accounts receivable, net | 8,676 | |||
Contract assets | 284 | |||
Notes receivable - officers, employees, affiliates, current portion | 511 | |||
Prepaid and other current assets | 227 | |||
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Total current assets | 10,165 | |||
Non-Current Assets | ||||
Property and equipment, net | 1,116 | |||
Other assets | 85 | |||
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Total Assets | $ | 11,366 | ||
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Current Liabilities | ||||
Accounts payable and accrued liabilities, current portion | 3,210 | |||
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Total current liabilities | 3,210 | |||
Non-Current Liabilities | ||||
Deferred tax liability, net | 374 | |||
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Total liabilities | $ | 3,584 | ||
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Shareholders’ Equity | ||||
Common stock | 1 | |||
Additional paid-in-capital | 214 | |||
Treasury stock | (17 | ) | ||
Retained earnings | 7,584 | |||
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Total shareholders’ equity | $ | 7,783 | ||
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TOTAL LIABILITIES AND EQUITY | $ | 11,366 | ||
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1
MCMAHON ASSOCIATES, INC. AND AFFILIATE
UNAUDITED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED MARCH 31, 2022
(in thousands)
Three Months Ended March 31, 2022 | ||||
Gross Contract Revenue | $ | 8,679 | ||
Contract costs: (exclusive of depreciation and amortization below) | ||||
Direct payroll costs | 3,320 | |||
Sub-consultants and expenses | 1,184 | |||
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Total contract costs | 4,504 | |||
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Operating Expenses: | ||||
Selling, general and administrative | 3,738 | |||
Depreciation and amortization | 103 | |||
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Total operating expenses | 3,841 | |||
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Income from operations | 334 | |||
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Other (income) expense | (118 | ) | ||
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Income before tax expense | 452 | |||
Income tax (benefit) expense | 129 | |||
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Net income | $ | 323 | ||
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Net income attributable to common shareholders | $ | 323 | ||
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