Exhibit 99.1
STATEMENT OF INCOME
OPERATIONS OF FEDERAL HOSE
(Unaudited)
Months ended June 30, 2016 | Months ended June 30, 2016 | Three Months ended June 30, 2015 | Months ended June 30, 2015 | |
Net Sales | $1,793,001 | $3,491,863 | $2,034,454 | $4,248,472 |
Cost of Sales | 1,354,924 | 2,676,140 | 1,550,915 | 3,095,028 |
Gross Profit | 438,077 | 815,723 | 483,539 | 1,153,444 |
Corporate management fees | 60,000 | 120,000 | 60,000 | 120,000 |
Selling, general and administrative expenses | 244,813 | 481,848 | 158,225 | 332,391 |
304,813 | 601,848 | 218,225 | 452,391 | |
Net Income | $133,264 | $213,875 | $265,314 | 701,053 |
BALANCE SHEET
OPERATIONS OF FEDERAL HOSE
(UNAUDITED)
2016 (Unaudited) | 2015 (Unaudited) | ||
Assets | |||
Current Assets | |||
Petty Cash | $201 | $201 | |
Cash and Cash Equivalents | 56,307 | - | |
Trade Accounts Receivable - Net | 834,720 | 885,383 | |
Inventories | 1,590,623 | 2,093,375 | |
Prepaid Expenses | 9,909 | 6,994 | |
2,491,760 | 2,985,953 | ||
Property, Plant and Equipment | 779,672 | 750,030 | |
Less: Allowance for Depreciation | 471,471 | 458,464 | |
308,201 | 291,566 | ||
Other Assets | |||
Interdivisional Advances | 690,935 | 4,583,170 | |
690,935 | 4,583,170 | ||
$3,490,896 | $7,860,689 | ||
Liabilities and Equity | |||
Current Liabilities | |||
Trade Accounts Payable | $475,513 | $791,745 | |
Accrued Expenses | 130,217 | 129,920 | |
Total Current Liabilities | 605,730 | 921,665 | |
Equity | |||
Retained Earnings | 2,885,166 | 6,939,024 | |
Total Liabilities and Equity | $3,490,896 | $7,860,689 | |
STATEMENT OF RETAINED EARNINGS
OPERATIONS OF FEDERAL HOSE
(Unaudited)
Months ended June 30, 2016 | Months ended June 30, 2016 | Three Months ended June 30, 2015 | Six Months ended June 30, 2015 | |
Retained Earnings - Beginning | $2,751,902 | $2,871,291 | $6,673,710 | $6,531,971 |
Net income | 133,264 | 213,875 | 265,314 | 701,053 |
Distributions | - | (200,000) | - | (294,000) |
Retained Earnings - Ending | $2,885,166 | $2,885,166 | $6,939,024 | $6,939,024 |