ex10_16.htm


    
      

    

    Exhibit
10.16

     

    
      
        	
                In re

              	 	
                CROCHET & BOREL SERVICES,
    INC.

              	 
      	
                Case No.

              	 	
                08-10290
      (BLS)

              
	 
      	 	
                Debtor

              	 
      	
                Reporting
      Period:

              	 	
                June 1 through
      June 30

              


      

    

     

    
      STATEMENT OF OPERATIONS (Income
Statement)

       

      The
Statement of Operations is to be prepared on an accrual basis. The accrual basis
of accounting recognizes revenue when it is realized and expenses when they are
incurred, regardless of when cash is actually received or paid.

       

      
        	
                REVENUES

              	 	
                MONTH

              	 	 	
                CUMULATIVE
      -FILING TO DATE

              	 
	
                Gross
      Revenues

              	 	$	-	 	 	$	10	 
	
                Less:
      Returns and Allowances

              	 	 	-	 	 	 	-	 
	
                Net
      Revenue

              	 	 	-	 	 	 	10	 
	
                COST
      OF GOODS SOLD 

              	 	 	 	 	 	 	 	 
	
                Beginning
      Inventory

              	 	 	 	 	 	 	-	 
	
                Add:
      Purchases

              	 	 	-	 	 	 	-	 
	
                Add:
      Cost of Labor

              	 	 	 	 	 	 	281	 
	
                Add:
      Other Costs (attach
      schedule)

              	 	 	 	 	 	 	401	 
	
                Less:
      Ending Inventory

              	 	 	 	 	 	 	-	 
	
                Cost
      of Goods Sold

              	 	 	 	 	 	 	682	 
	
                Gross
      Profit

              	 	 	-	 	 	 	692	 
	
                OPERATING
      EXPENSES

              	 	 	 	 	 	 	 	 
	
                Advertising

              	 	 	-	 	 	 	-	 
	
                Auto
      and Truck Expense

              	 	 	-	 	 	 	-	 
	
                Bad
      Debts

              	 	 	-	 	 	 	-	 
	
                Contributions

              	 	 	-	 	 	 	-	 
	
                Employee
      Benefits Programs

              	 	 	-	 	 	 	-	 
	
                Officer/Insider
      Compensation*

              	 	 	-	 	 	 	-	 
	
                Insurance

              	 	 	-	 	 	 	-	 
	
                Management
      Fees/Bonuses

              	 	 	-	 	 	 	-	 
	
                Office
      Expense

              	 	 	-	 	 	 	-	 
	
                Pension
      & Profit-Sharing Plans

              	 	 	-	 	 	 	-	 
	
                Repairs
      and Maintenance

              	 	 	-	 	 	 	-	 
	
                Rent
      and Lease Expense

              	 	 	-	 	 	 	-	 
	
                Salaries/Commissions/Fees

              	 	 	-	 	 	 	-	 
	
                Supplies

              	 	 	-	 	 	 	-	 
	
                Taxes
      - Payroll

              	 	 	-	 	 	 	-	 
	
                Taxes
      - Real Estate

              	 	 	-	 	 	 	-	 
	
                Taxes
      - Other (refund on franchise taxes)

              	 	 	 	 	 	 	76,906	 
	
                Travel
      and Entertainment

              	 	 	 	 	 	 	-	 
	
                Utilities

              	 	 	 	 	 	
                ­

              	 
	
                Other (attach
      schedule)

              	 	 	(269	)	 	 	(3,843	)
	
                Total
      Operating Expenses Before Depreciation

              	 	 	(269	)	 	 	73,063	 
	
                Depreciation/Depletion/Amortization

              	 	 	(39,741	)	 	 	(178,836	)
	
                Net
      Profit (Loss) Before Other Income & Expenses

              	 	 	(40,010	)	 	 	(105,081	)
	
                OTHER
      INCOME AND EXPENSES 

              	 	 	 	 	 	 	 	 
	
                Other Income
      (attach
      schedule)

              	 	 	-	 	 	 	-	 
	
                Interest
      Expense

              	 	 	(10,107	)	 	 	(121,065	)
	
                Other
      Expense (attach
      schedule)

              	 	 	 	 	 	
                ­

              	 
	
                Net
      Profit (Loss) Before Reorganization Items

              	 	 	(50,117	)	 	 	(226,146	)


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    In re

                  	 	
                    CROCHET & BOREL SERVICES,
    INC.

                  	 
      	
                    Case No.

                  	 	
                    08-10290
      (BLS)

                  
	 
      	 	
                    Debtor

                  	 
      	
                    Reporting
      Period:

                  	 	
                    June 1 through
      June 30

                  


          

           

        

      

      
        	
                REORGANIZATION
      ITEMS

              	 	 	 	 	 	 
	
                Professional
      Fees

              	 	 	-	 	 	 	-	 
	
                U.
      S. Trustee Quarterly Fees

              	 	 	 	 	 	 	(325	)
	
                Interest
      Earned on Accumulated Cash from Chapter 11 (see
      continuation sheet)

              	 	 	 	 	 	
                ­

              	 
	
                Gain
      (Loss) from Sale of Equipment

              	 	 	 	 	 	 	-	 
	
                Other
      Reorganization Expenses (attach
      schedule)

              	 	 	 	 	 	
                ­

              	 
	
                Total
      Reorganization Expenses

              	 	 	 	 	 	 	(325	)
	
                Income
      Taxes

              	 	 	-	 	 	 	-	 
	
                Net
      Profit (Loss)

              	 	$	(50,117	)	 	$	(226,471	)


      

      *"Insider"
is defined in 11 U.S.C. Section 101(31).

       

      BREAKDOWN
OF “OTHER” CATEGORY

       

      OTHER
COSTS

      
        	
                63000-63900
      - DC - Construction & Other$

              	 	 	 	 	 	 	401	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 


      

      OTHER
OPERATIONAL EXPENSES

      
        	
                80200
      · Bank Charges

              	 	$	269	 	 	$	1,143	 
	
                80450
      · Contract Labor

              	 	 	 	 	 	 	920.0	 
	
                80700
      · Dues & Subscriptions

              	 	 	 	 	 	 	127.0	 
	
                82000
      · Legal & Professional

              	 	 	 	 	 	 	1,620.0	 
	
                83200
      - Penalties

              	 	 	 	 	 	 	35.0	 
	
                82400
      - Office Expenses

              	 	 	 	 	 	 	(2	)


      

      OTHER
INCOME

      
        	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 


      

      OTHER
EXPENSES

      
        	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 


      

      OTHER
REORGANIZATION EXPENSES

      
        	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 


      

      


      Reorganization
Items - Interest Earned on Accumulated Cash from Chapter 11:

      Interest
earned on cash accumulated during the chapter 11 case, which would not have been
earned but for the bankruptcy proceeding, should be reported as a reorganization
item.