EX-99.1 3 d367515dex991.htm EX-99.1 EX-99.1

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  
  

 

 

 

Total current assets

     10,165  

Non-Current Assets

  

Property and equipment, net

     1,116  

Other assets

     85  
  

 

 

 

Total Assets

   $ 11,366  
  

 

 

 

Current Liabilities

  

Accounts payable and accrued liabilities, current portion

     3,210  
  

 

 

 

Total current liabilities

     3,210  

Non-Current Liabilities

  

Deferred tax liability, net

     374  
  

 

 

 

Total liabilities

   $ 3,584  
  

 

 

 

Shareholders’ Equity

  

Common stock

     1  

Additional paid-in-capital

     214  

Treasury stock

     (17

Retained earnings

     7,584  
  

 

 

 

Total shareholders’ equity

   $ 7,783  
  

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 11,366  
  

 

 

 

 

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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  
  

 

 

 

Total contract costs

     4,504  
  

 

 

 

Operating Expenses:

  

Selling, general and administrative

     3,738  

Depreciation and amortization

     103  
  

 

 

 

Total operating expenses

     3,841  
  

 

 

 

Income from operations

     334  
  

 

 

 

Other (income) expense

     (118
  

 

 

 

Income before tax expense

     452  

Income tax (benefit) expense

     129  
  

 

 

 

Net income

   $ 323  
  

 

 

 

Net income attributable to common shareholders

   $ 323  
  

 

 

 

 

 

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