-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QPYXpHKb9289c40UvuTGLBGlpLGAbd2jyntzRNcPqeaaHEOGk0qvjeA5+lndSAeK njIH02vnIWWCAihNNJPUrg== 0000950147-02-000917.txt : 20020731 0000950147-02-000917.hdr.sgml : 20020731 20020731140512 ACCESSION NUMBER: 0000950147-02-000917 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020723 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA HOLDING GROUP INC /NV/ CENTRAL INDEX KEY: 0001134011 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-32321 FILM NUMBER: 02715819 BUSINESS ADDRESS: STREET 1: 4729 LOMAS SANTE FE STREET CITY: LAS VEGAS STATE: NV ZIP: 89147-6028 BUSINESS PHONE: 702-220-3120 MAIL ADDRESS: STREET 1: 4729 LOMAS SANTE FE STREET CITY: LAS VEGAS STATE: NV ZIP: 89147-6028 FORMER COMPANY: FORMER CONFORMED NAME: NEVADA HOLDINGS GROUP INC DATE OF NAME CHANGE: 20010207 8-K/A 1 e-8745.txt CURRENT REPORT DATED 07/23/2002 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K/A1 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) July 23, 2002 NEVADA HOLDING GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada (State or Other Jurisdiction of Incorporation) 000-32321 88-0440989 (Commission File Number) (I.R.S. Employer Identification No.) 4729 Lomas Santa Fe Street, Las Vegas, NV 89147 (Address of Principal Executive Offices) (Zip Code) (702) 220-3120 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) ITEM 1. CHANGES IN CONTROL OF REGISTRANT Not applicable. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS Pursuant to an Agreement for Purchase and Sale (the "Agreement"), Nevada Holding Group, Inc. ("NHG" or the "Company") on April 3, 2002 completed the acquisition of 100% of the issued and outstanding shares of Providence Cabinet Shoppe, Inc., a Tennessee corporation ("Providence"). The Agreement provided for the acquisition of the Providence shares for a cash purchase price of $85,000 payable with a down payment of $15,000, an additional payment of $28,000 within thirty (30) days of closing and the balance of $40,000 to be paid in installments of $10,000 on the 1st and 15th day for a period of 4 months. An additional $2,000 was required to be paid for insurance benefits. In addition to the cash payment, the Company assumed liabilities of approximately $1,450,000. Providence has assets which include real estate, a building, equipment and fixtures of an approximate value of $2,000,000 prior to depreciation. Providence also has an inventory and accounts receivable of approximately $500,000. ITEM 3. BANKRUPTCY OR RECEIVERSHIP Not applicable. ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT Not applicable. ITEM 5. OTHER EVENTS Not applicable. ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS Not applicable. PAGE 2 OF 4 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements of Businesses Acquired. 1. Providence Cabinet Shoppe, Inc. Audited Financial Statements for the Year Ended September 30, 2001. (b) Pro Forma Financial Information. The acquisition of Providence by the Company (an inactive shell corporation) is considered to be a reverse acquisition and will be accounted for as a recapitalization of Providence and therefore pro forma information is not provided. (c) Exhibits: 1. Consent of Independent Certified Accountants for Providence Cabinet Shoppe, Inc., Stone, Rudolph & Henry for use of Financial Statements for Year Ended September 30, 2001. ITEM 8. CHANGE IN THE FISCAL YEAR Not applicable. ITEM 9. REGULATION FD DISCLOSURE Not applicable. PAGE 3 OF 4 SIGNATURE Pursuant to the requirements required of the Securities and Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. NEVADA HOLDING GROUP, INC. DATED: July 23, 2002 BY: /s/ Melanie S. Meinders ------------------------------------ MELANIE S. MEINDERS President PAGE 4 OF 4 PROVIDENCE CABINET SHOPPE, INC. FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2001 TABLE OF CONTENTS Independent Auditor's Report............................................... F-1 Balance Sheet ............................................................. F-3 Statement of Operations and Retained Earnings ............................. F-5 Statement of Cash Flows ................................................... F-6 Notes to Financial Statements ............................................. F-7 Schedule of Uncompleted Contracts ......................................... F-14 INDEPENDENT AUDITOR'S REPORT To the Board of Directors Providence Cabinet Shoppe, Inc. Clarksville, Tennessee We have audited the accompanying balance sheet of Providence Cabinet Shoppe, Inc. (a Tennessee corporation) as of September 30, 2001, and the related statements of operations and retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We did not observe the taking of the physical inventories at September 30, 2001 and 2000 (stated at $218,882 and $222,943, respectively), since those dates were prior to the time we were initially engaged as auditors for the Company, and the Company's records do not permit adequate retroactive tests of inventory quantities. Furthermore, because of inadequacies in the Company's accounting records, we were unable to form an opinion regarding the amounts at which costs and estimated earnings on uncompleted contracts were recorded at September 30, 2001 and 2000 (stated at $199,640 Billings in Excess of Costs and Estimated Earnings in 2001; stated at $75,025 Costs and Estimated Earnings in Excess of Billings and $526 Billings in Excess of Costs and Estimated Earnings in 2000), and were unable to satisfy ourselves about costs and estimated earnings by means of other auditing procedures. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to observe the physical inventories taken as of September 30, 2001 and 2000, and had costs and estimated earnings on uncompleted contracts as of September 30, 2001 and 2000 been susceptible to satisfactory audit tests, the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Providence Cabinet Shoppe, Inc. as of September 30, 2001, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. F-1 Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The information contained in the Schedule of Uncompleted Contracts is presented for purposes of additional analysis and is not a required part of the financial statements. As described in the third paragraph above, information regarding costs and estimated earnings on uncompleted contracts was not susceptible to satisfactory audit tests and, accordingly, we express no opinion on it. /s/ Stone, Rudolph & Henry June 12, 2002 F-2 PROVIDENCE CABINET SHOPPE, INC. BALANCE SHEET SEPTEMBER 30, 2001 ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 81,843 Accounts Receivable - Trade 136,673 Inventory 218,882 Unbilled Revenues on Completed Contracts 21,335 Prepaid Expenses 2,112 Current Portion of Notes Receivable - Related Parties 21,701 ---------- Total Current Assets 482,546 ---------- PROPERTY AND EQUIPMENT - At Cost Furniture and Fixtures 580,022 Automobiles and Trucks 192,727 Leasehold Improvements 114,212 ---------- Total Property and Equipment 886,961 Less: Accumulated Depreciation 729,696 ---------- Net Property and Equipment 157,265 ---------- OTHER ASSETS Notes Receivable - Related Parties, net of current portion 578,477 Deposits 80 Loan Closing Costs, net of accumulated amortization of $277 12,203 Deferred Federal and State Tax Assets 44,508 ---------- Total Other Assets 635,268 ---------- Total Assets $1,275,079 ========== The accompanying notes are an integral part of the financial statements. F-3 LIABILITIES AND STOCKHOLDERS` EQUITY CURRENT LIABILITIES Accounts Payable $ 69,158 Accrued Expenses 876 Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts 199,640 Line of Credit 20,000 Current Portion of Long-Term Debt 65,938 ----------- Total Current Liabilities 355,612 LONG-TERM DEBT Notes Payable, net of current portion 1,176,810 ----------- Total Liabilities 1,532,422 ----------- STOCKHOLDERS' EQUITY Common Stock, no par value, 1000 shares authorized, 75 shares issued and 51 shares outstanding 125,000 Retained Earnings (Deficit) (304,200) ----------- (179,200) Less: Treasury Stock, 24 shares at cost 78,143 ----------- Total Stockholders' Equity (257,343) ----------- Total Liabilities and Stockholders' Equity $ 1,275,079 =========== F-4 PROVIDENCE CABINET SHOPPE, INC. STATEMENT OF OPERATIONS AND RETAINED EARNINGS YEAR ENDED SEPTEMBER 30, 2001 REVENUES $ 1,991,194 COST OF REVENUES EARNED 1,711,329 ----------- GROSS PROFIT 279,865 ----------- OPERATING EXPENSES Advertising 3,606 Bank charges 6,476 Depreciation 4,933 Dues and Subscriptions 6,461 Employee Benefits 10,386 Insurance 6,892 Interest 103,848 Legal and Accounting 16,391 Miscellaneous 9,498 Rent 26,456 Repair and Maintenance 5,560 Officers' Salaries 124,872 Other Salaries 110,881 Supplies 4,658 Taxes and Licenses 20,537 Telephone 13,035 Utilities 3,003 ----------- Total Operating Expenses 477,493 ----------- INCOME (LOSS) FROM OPERATIONS (197,628) OTHER INCOME Interest 2,083 ----------- INCOME (LOSS) BEFORE INCOME TAXES (195,545) PROVISION (BENEFIT) FOR INCOME TAXES (40,600) ----------- NET INCOME (LOSS) (154,945) RETAINED EARNINGS (DEFICIT) - BEGINNING OF YEAR (149,255) ----------- RETAINED EARNINGS (DEFICIT) - END OF YEAR $ (304,200) =========== The accompanying notes are an integral part of the financial statements. F-5 PROVIDENCE CABINET SHOPPE, INC. STATEMENT OF CASH FLOWS YEAR ENDED SEPTEMBER 30, 2001 CASH FLOWS FROM OPERATING ACTIVITIES Net Loss $(154,945) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 32,884 Changes In: Accounts Receivable (11,638) Inventory 4,061 Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts 75,025 Unbilled Revenues on Completed Contracts (21,335) Accounts Payable (24,737) Other Payable (21,797) Accrued Expenses (3,230) Prepaid Expenses (145) Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts 199,114 Deferred Income Taxes (40,600) --------- Net Cash Provided By Operating Activities 32,657 --------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Property and Equipment (63,908) Repayment of Loan to Related Parties 19,644 Return of Deposits 700 --------- Net Cash Used in Investing Activities (43,564) --------- CASH FLOWS FROM FINANCING ACTIVITIES Long-Term Borrowings 77,426 Repayment of Long-Term Borrowings (71,148) Advances on Line of Credit 20,000 --------- Net Cash Provided by Financing Activities 26,278 --------- NET INCREASE IN CASH AND CASH EQUIVALENTS 15,371 CASH AND CASH EQUIVALENTS - BEGINNING 66,472 --------- CASH AND CASH EQUIVALENTS - ENDING $ 81,843 ========= The accompanying notes are an integral part of the financial statements. F-6 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Providence Cabinet Shoppe, Inc. (the Company) is a Tennessee corporation that constructs and installs commercial cabinets primarily in the Middle Tennessee and Southern Kentucky areas. The length of the contracts varies, but is typically less than one year. USE OF ESTIMATES The Company's financial statements are presented in accordance with generally accepted accounting principles which require the use of management's estimates and assumptions. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. ACCOUNTS RECEIVABLE - TRADE Included in September 30, 2001 accounts receivable is $124,528 of retainage, all of which is expected to be collected within one year. INVENTORY Inventories consist of construction materials and supplies that have not been charged to specific contracts and are stated at the lower of cost (first-in, first-out method) or market. CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, accounts receivable and notes receivable from stockholders. The Company places its cash with federally-insured financial institutions. With respect to accounts receivable, credit risk is dispersed across a large number of customers who are geographically concentrated in the Middle Tennessee and Southern Kentucky service areas. Consequently, the Company's ability to collect the amounts due from customers is affected by economic fluctuations in these areas. Repayment of notes receivable from stockholders is largely dependent upon the Company's ability to continue making rental and salary payments to the owners. Because the Company typically does not require collateral, the full amount of these financial instruments is subject to loss. However, the Company retains a mechanics lien on accounts receivable when appropriate. REVENUE AND COST RECOGNITION The Company recognizes revenues from construction contracts on the percentage-of-completion method, measured by the percentage of cost incurred to date to estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change within the near term. F-7 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 1. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and repairs. Selling, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability may result in revisions to costs and income, which are recognized in the period in which the revisions are determined. Changes in estimated job profitability resulting from job performance, job conditions, contract penalty provisions, claims, change orders, and settlements are accounted for as changes in estimates in the current period. The asset, "Cost and estimated earnings in excess of billings on uncompleted contracts," represents revenues recognized in excess of amounts billed. The liability, "Billings in excess of costs and estimated earnings on uncompleted contracts," represents amounts billed in excess of revenues recognized. A contract is considered substantially complete when substantially all specifications of the contract are completed. DEPRECIATION The cost of property and equipment is depreciated over the estimated useful lives of the assets using straight-line and accelerated tax methods, which are not materially different from generally accepted accounting principles. Expenditures for improving or extending the life of property are capitalized. Maintenance and repair expenditures are charged to operations. Depreciation expense for the year totaled $32,884. Of this amount, $4,933 related to general and administrative functions and was charged to operations and $27,951 related to manufacturing operations and was capitalized to contract costs. BAD DEBTS Bad debts are recorded using the direct-write-off method which is not materially different from the allowance-for-bad-debt method. 2. CASH AND CASH EQUIVALENTS Cash and cash equivalents were represented by deposits in a financial institution of $85,239 at September 30, 2001. Of this amount, $79,312 was restricted in connection with the sale of trade receivables with recourse to a local bank. Although restricted, the cash is reported as a current asset since the bank generally collects the receivables within 60 days and simultaneously releases the restricted funds. F-8 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 3. UNCOMPLETED CONTRACTS A summary of uncompleted contracts at September 30, 2001 follows: Billings in Excess of Costs and Estimated Earnings: Costs Incurred to Date $ 26,798 Estimated Income 11,485 --------- 38,283 Less: Billings to Date 237,923 --------- $ 199,640 ========= 4. NOTES RECEIVABLE - RELATED PARTIES A summary of notes receivable at September 30, 2001 follows: Installment note receivable dated May 18, 2001 from the Company's stockholders, payable in 59 monthly installments of $326 plus a balloon payment, with interest accruing at 10% per annum. $ 28,873 Installment note receivable dated May 18, 2001 from a general partnership owned by the Company's stockholders, payable in 59 monthly installments of $6,403 plus a balloon payment, with interest accruing at 10% per annum. 571,305 --------- Total Notes Receivable 600,178 Less: Current Portion 21,701 --------- Net Notes Receivable $ 578,477 ========= Both of these notes are unsecured and resulted from the refinancing by a local bank of the Company's debts as well as certain debts of the Company's stockholders. In connection with these loans, the stockholders pledged the real property that the Company leases as well as all Company stock as collateral to the bank to facilitate the refinancing. F-9 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 5. INCOME TAXES The Company uses the cash basis for income tax purposes. Income taxes are provided for in the year transactions enter into the determination of net earnings, regardless of when such transactions are recognized for tax purposes. Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following temporary differences gave rise to the deferred tax assets at September 30, 2001: Federal State -------- -------- Net operating loss carryforwards $(33,364) $(28,997) Inventory costs capitalized for tax purposes and expensed for financial accounting (3,097) (1,239) Income recognized on cash basis for tax purposes and on percentage-of- completion basis for financial accounting 15,849 6,340 -------- -------- Total Deferred Tax Assets $(20,612) $(23,896) ======== ======== The temporary differences for 2001 totaled $221,752. All of the income tax expense (benefit) for 2001 is deferred ($29,000 federal; $11,600 state). No valuation allowance for deferred tax assets has been provided. Following is a September 30, 2001 summary of unused net operating loss carryforwards and their expiration dates that may be applied against future taxable income. Federal State -------- -------- 2006 $ -0- $200,945 2007 -0- 19,619 2008 -0- 2,415 2009 -0- 10,644 2010 42,118 77,185 2018 100,698 104,616 2019 86,346 87,782 2020 84,633 84,633 -------- -------- $313,795 $587,839 ======== ======== F-10 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 6. LONG-TERM DEBT Long-Term Debt at September 30, 2001 consists of the following: Installment note to First Federal Savings Bank, secured by substantially all Company assets plus the real property leased by the Company, payable in monthly installments of $12,897, with interest accruing at 10% $ 1,150,630 Installment note to 1st Virginia Credit, secured by a truck, payable in monthly installments of $318, with interest accruing at 8.9% 13,910 Installment note to Legends Bank, secured by truck, payable in monthly installments of $315, with interest accruing at 10% 6,255 Installment note to Legends Bank, secured by truck, payable in monthly installments of $315, with interest accruing at 10% 6,255 Installment note to Legends Bank, secured by truck, payable in monthly installments of $365, with interest accruing at 10% 7,257 Installments note to Ford Motor Credit, secured by van, payable in monthly installments of $557, with interest accruing at 2.9% 30,114 Installment note to Bank of America, secured by truck, payable in monthly installments of $663, with interest accruing at 9.9% 28,327 ----------- Total Long-Term Debt 1,242,748 Less: Current Portion 65,938 ----------- Net Long-Term Debt $ 1,176,810 =========== F-11 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 6. LONG-TERM DEBT (CONT'D) Maturities of long-term debt are as follows: Year Ending September 30, ----------------------------- 2002 $ 65,938 2003 68,824 2004 66,699 2005 76,175 2006 72,200 Later years 892,912 ----------- $ 1,242,748 =========== 7. LEASING ARRANGEMENTS The Company is a party to a month-to-month operating lease with its stockholders whereby it rents the real property on which the Company conducts its operations. Rental expense for 2001 was $90,000. 8. SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest and income taxes for the year ended September 30, 2001 were as follows: Interest $ 103,848 =========== Income Taxes $ -0- =========== All interest paid during 2001 was expensed. 9. COMPENSATED ABSENCES Employees of the Company are entitled to paid vacation time depending on job classification, length of service and other factors. Because vacation time does not vest, the Company's policy is to recognize the cost of compensated absences when actually paid. 10. BACKLOG INFORMATION At September 30, 2001, the Company's records indicated a backlog of $995,507 under signed contracts and letters of intent. Of this amount, $716,591 related to work not yet started and $278,916 related to jobs already in progress. Total estimated costs related to backlog are $501,613 for jobs not started and $195,242 for jobs in progress. This information was compiled from the Company's records and was not subjected to audit procedures. F-12 PROVIDENCE CABINET SHOPPE, INC. NOTES TO FINANCIAL STATEMENTS (CONT'D) 11. COMMITMENTS AND CONTINGENCIES The Company routinely sells its trade receivables to a local bank with recourse. The terms of this financing program require, among other things, that the Company maintain a reserve account balance with the bank equal to 10% of outstanding sold receivables. At September 30, 2001, the Company's reserve account had a $79,312 balance. Any receivables that the bank is unable to collect are charged to the reserve account. At September 30, 2001, the bank was holding $599,980 of the Company's receivables. The Company pays a 1.95% service charge, reported as interest expense, to the bank to cover its carrying and handling costs. During the year ended September 30, 2001, the Company sold $2,136,429 in trade receivables to the bank. The Company's written agreement with the bank requires that the amount of receivables sold to the bank be consistent with the percentage of completion of specific contracts and the related billings to the customers. At September 30, 2001, the Company had received an advance from the bank for a certain contract that exceeded these amounts by $175,400, resulting in a technical violation of the agreement, and a written waiver from the bank had not been received. According to management, the advance was made with the knowledge and consent of the bank in lieu of establishing a separate operating line of credit. Furthermore, management states that the Company and the bank have entered into a verbal agreement whereby the violation will be corrected in the immediate future and the existing accounts receivable financing program will be replaced by a term loan. 12. SUBSEQUENT EVENT Effective April 3, 2002, Nevada Holding Group, Inc. (a Nevada corporation) acquired 100% of the Company's outstanding common stock and the real estate which the Company leases from its stockholders in exchange for cash and the assumption of certain mortgage liabilities of the stockholders secured by the acquired real estate. 13 PROVIDENCE CABINET SHOPPE, INC. SCHEDULE OF UNCOMPLETED CONTRACTS SEPTEMBER 30, 2001
Contract Total Contract Through the Year Ended September 30, 2001 - -------- -------------------------------- -------------------------------------------------------------------- Estimated Estimated Total Cost of Estimated Total Gross Revenues Cost Revenues Gross Billed Cost to Revenues Cost Profit Earned Incurred Earned Profit to Date Complete -------- --------- --------- -------- -------- -------- -------- -------- --------- 101 $235,764 $165,035 $ 70,729 $ -0- $ -0- $ -0- $ -0- $175,400 $165,035 102 52,896 37,027 15,869 21,159 14,811 14,811 6,348 33,983 22,216 103 28,540 19,978 8,562 17,124 11,987 11,987 5,137 28,540 7,991 -------- -------- -------- -------- -------- -------- -------- -------- -------- $317,200 $222,040 $ 95,160 $ 38,283 $ 26,798 $ 26,798 $ 11,485 $237,923 $195,242 ======== ======== ======== ======== ======== ======== ======== ======== ======== Contract At September 30, 2001 - -------- ----------------------- Costs & Billings Earnings In In Excess Excess of of Costs Billings & Earnings ----------- ---------- 101 $ -0- $175,400 102 -0- 12,824 103 -0- 11,416 -------- -------- $ -0- $199,640 ======== ========
See independent auditor's report. F-14 EX-1 3 ex-1.txt CONSENT OF STONE, RUDOLPH & HENRY EXHIBIT 1 [LETTERHEAD OF STONE, RUDOLPH & HENRY] INDEPENDENT AUDITORS' CONSENT We hereby consent to the use in the SEC Form 8K/Al of our Independent Auditors' Report dated June 12, 2002, relating to the balance sheet of Providence Cabinet Shoppe, Inc., a wholly owned subsidiary of Nevada Holding Group, Inc., as of September 30, 2001, and the statements of operating results, and cash flows for the year ended September 30, 2001. /s/ Stone, Rudolph & Henry Stone, Rudolph & Henry Clarksville, Tennessee July 19, 2002 -----END PRIVACY-ENHANCED MESSAGE-----