Income statement for IT Connect LLC Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Revenue
Acme Corp - $ 199,728 $ 85,104 $ 142,824 - -
Hooli - - - - - -
Initec $ 563,680 $ 628,390 $ 610,780 $ 771,420 $ 737,060 $ 761,240
Globex $ 223,690 $ 178,636 $ 239,736 $ 161,189 $ 227,339 $ 167,579
Umbrella Corp $ 68,180 $ 68,180 $ 68,180 $ 68,180 $ 68,180 $ 68,180
Total Income $ 855,550 $ 1,074,934 $ 1,003,800 $ 1,143,613 $ 1,032,579 $ 996,999

Cost of Sales
Cost of Goods Sold $ 137,567 $ 140,166 $ 116,180 $ 343,432 $ 110,687 $ 186,225
Travel Client Costs - - - - - -
Total Cost of Sales $ 137,567 $ 140,166 $ 116,180 $ 343,432 $ 110,687 $ 186,225
Gross Profit $ 717,983 $ 934,768 $ 887,620 $ 800,181 $ 921,892 $ 810,774

Less Operating Expenses

Accounting Software $ 375 $ 414 $ 397 $ 398 $ 397 $ 384
Advertising - - - - - -
Bad Debts - - - - - -
Bank Fees $ 568 $ 905 $ 632 $ 715 $ 585 $ 884
Computer Expenses - - - $ 4,674 - $ 930
Consulting & Accounting $ 15,000 $ 20,000 $ 10,000 $ 14,000 $ 16,500 $ 22,500
Consulting Fees $ 11,798 $ 11,798 $ 11,798 $ 11,798 $ 11,798 $ 11,798
Depreciation $ 2,796 $ 2,796 $ 2,796 $ 2,796 $ 2,796 $ 2,796
Insurance $ 1,872 $ 1,359 $ 1,192 $ 1,250 $ 1,250 $ 1,250
Internet Expenses $ 1,060 $ 1,060 $ 1,060 $ 1,060 $ 1,060 $ 1,078
Legal expenses - - $ 5,648 - - -
Printing & Stationery - - - - - -
Recruitment - - - - - -
Rent/Parking $ 5,346 $ 5,346 $ 4,437 $ 4,880 $ 4,346 $ 5,100
Software Licences - - $ 4,600 - - -
Staff Welfare $ 612 $ 3,204 $ 204 $ 408 $ 7,896 $ 131
Telephone & Internet $ 2,280 $ 3,436 $ 3,091 $ 2,307 $ 4,554 $ 2,986
Travel - - - - - -
Wages and Salaries $ 638,440 $ 555,446 $ 555,446 $ 563,163 $ 579,549 $ 550,943
Withholding Tax Expense - - - $ 8,698 $ 7,324 -
Workman's Compensation - - - - - -
Total Operating Expenses $ 680,147 $ 605,764 $ 601,301 $ 616,147 $ 638,055 $ 600,780
Operating Profit $ 37,836 $ 329,004 $ 286,319 $ 184,034 $ 283,837 $ 209,994

Non-operating Income
Interest Income $ 12,101 $ 2,581 $ 1,171 $ 1,139 $ 1,184 $ 1,152
Profit on Sale of Fixed Assets - - - - - -
Total Non-operating Income $ 12,101 $ 2,581 $ 1,171 $ 1,139 $ 1,184 $ 1,152

Non-operating Expenses
Income Tax Expense $ 14,765 $ 94,393 $ 81,280 $ 55,065 $ 82,638 $ 59,900
Income Tax Penalties and Interest - - - $ 23,874 - -
Total Non-operating Expenses $ 14,765 $ 94,393 $ 81,280 $ 78,939 $ 82,638 $ 59,900

Net Profit $ 35,172 $ 237,192 $ 206,210 $ 106,234 $ 202,383 $ 151,246

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

- - - - - -
- $ 56,222 - - - -
$ 686,510 $ 683,260 $ 771,380 $ 570,000 $ 192,000 $ 1,179,360
$ 158,939 $ 164,714 $ 158,939 $ 150,531 $ 262,531 $ 150,531
$ 68,180 $ 68,180 $ 68,180 $ 68,180 $ 68,180 $ 68,180
$ 913,629 $ 972,376 $ 998,499 $ 788,711 $ 522,711 $ 1,398,071

$ 195,288 $ 166,414 $ 112,788 $ 59,833 $ 50,063 $ 49,958

- - - $ 22,362 - -
$ 195,288 $ 166,414 $ 112,788 $ 82,195 $ 50,063 $ 49,958
$ 718,341 $ 805,962 $ 885,711 $ 706,516 $ 472,648 $ 1,348,113

$ 388 $ 3,545 $ 476 $ 513 $ 494 $ 466

- $ 4,797 - - - -
- $ 59,328 - - - -
$ 781 $ 913 $ 686 $ 834 $ 601 $ 575
- - - - - -
$ 14,300 $ 19,000 $ 12,650 $ 17,600 $ 25,100 $ 27,200
$ 11,798 $ 11,798 $ 11,798 $ 12,506 $ 12,506 $ 12,506
$ 2,796 $ 9,976 $ 4,760 $ 2,523 $ 2,523 $ 2,523
$ 1,250 $ 1,250 $ 1,250 $ 1,250 $ 1,250 $ 1,250
$ 1,078 $ 1,150 $ 1,129 $ 1,129 $ 1,129 $ 1,129
- - - - - -
- - - $ 2,839 - -
- - $ 12,717 - - -
$ 5,100 $ 5,100 $ 5,100 - - -
$ 12,768 - - - - -
- $ 3,000 - - - -
$ 3,122 $ 3,271 $ 9,008 $ 10,048 $ 5,029 $ 4,833
$ 503 $ 301 - - - -
$ 528,900 $ 571,739 $ 620,759 $ 622,388 $ 528,068 $ 477,920
- - $ 410 - - -
$ 10,732 - - - $ 9,032 -
$ 593,516 $ 695,168 $ 680,743 $ 671,630 $ 585,732 $ 528,402
$ 124,825 $ 110,794 $ 204,968 $ 34,886 $ (113,084) $ 819,711

$ 2,212 $ 7,171 $ 5,917 $ 5,052 $ 4,217 $ 3,951

- $ (13,810) - - - -
$ 2,212 $ (6,639) $ 5,917 $ 5,052 $ 4,217 $ 3,951

$ 35,593 $ (25,621) $ 60,380 $ 9,850 $ (30,483) $ 230,626

- - - - - -
$ 35,593 $ (25,621) $ 60,380 $ 9,850 $ (30,483) $ 230,626

$ 91,444 $ 129,776 $ 150,505 $ 30,088 $ (78,384) $ 593,036

Balance Sheet for IT Connect LLC Jan-20 Feb-20 Mar-20 Apr-20 May-20
Assets
Bank
Current account $ 1,397,333 $ 1,656,434 $ 1,694,673 $ 1,934,049 $ 2,187,913
Savings account $ 2,209,521 $ 212,102 $ 213,273 $ 214,413 $ 215,596
Total Bank Current Assets $ 3,606,854 $ 1,868,536 $ 1,907,946 $ 2,148,462 $ 2,403,509

Accounts Receivable $ 718,899 $ 420,057 $ 514,970 $ 792,618 $ 543,523

Overpayment Receivable $ (64,656) $ (64,656) $ (64,656) $ (64,656) $ (64,656)
Staff Loans - - $ 14,700 $ 11,025 $ 7,350
Total Current Assets $ 654,243 $ 355,401 $ 465,014 $ 738,987 $ 486,217

Fixed Assets
Computer Equipment $ 162,430 $ 162,430 $ 162,430 $ 162,430 $ 162,430
Less Accumulated Depreciation Computer Equipment $ (94,027) $ (96,324) $ (98,620) $ (100,916) $ (103,212)
Intangible Assets $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000
Less Accumulated Depreciation Intangible Assets $ (2,500) $ (3,000) $ (3,500) $ (4,000) $ (4,500)
Office Equipment Depreciation
Less Accumulated $ 12,818 $ 12,818 $ 12,818 $ 12,818 $ 12,818
Office Equipment $ (12,817) $ (12,817) $ (12,817) $ (12,817) $ (12,817)
Total Fixed Assets $ 83,904 $ 81,107 $ 78,311 $ 75,515 $ 72,719
Total Assets $ 4,345,001 $ 2,305,044 $ 2,451,271 $ 2,962,964 $ 2,962,445

Liabilities
Current Liabilities
Accounts Payable $ 129,700 $ 127,957 $ 108,300 $ 364,690 $ 172,193
Accruals $ 165,346 $ 165,346 $ 175,346 $ 150,000 $ 150,000
Bank Fraud - - - - -
Dividend Tax Payable - $ 20,493 - - -
Income Tax Payable $ 57,887 $ (140,142) $ (58,862) $ (3,797) $ 78,841
Rounding - - - - -
Salary Control Account - - - - -
Value Added Tax Control Account $ 319,931 $ 222,028 $ 110,915 $ 230,267 $ 137,228
Total Current Liabilities $ 672,864 $ 395,682 $ 335,699 $ 741,160 $ 538,262
Total Liabilities $ 672,864 $ 395,682 $ 335,699 $ 741,160 $ 538,262

Net Assets $ 3,672,136 $ 1,909,362 $ 2,115,572 $ 2,221,804 $ 2,424,184

Equity
Current Year Earnings $ 161,103 $ 398,294 $ 604,504 $ 710,736 $ 913,116
Owner A Share Capital $ 527 $ 527 $ 527 $ 527 $ 527
Retained Earnings $ 3,132,533 $ 1,132,568 $ 1,132,568 $ 1,132,568 $ 1,132,568
Share Premium $ 377,973 $ 377,973 $ 377,973 $ 377,973 $ 377,973
Total Equity $ 3,672,136 $ 1,909,362 $ 2,115,572 $ 2,221,804 $ 2,424,184
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

$ 1,348,260 $ 642,936 $ 860,926 $ 965,980 $ 838,089 $ 796,179 $ 1,145,740

$ 216,748 $ 1,218,960 $ 1,225,431 $ 1,231,348 $ 1,236,400 $ 1,240,617 $ 1,244,568
$ 1,565,008 $ 1,861,896 $ 2,086,357 $ 2,197,328 $ 2,074,489 $ 2,036,796 $ 2,390,308

$ 1,562,508 $ 1,285,881 $ 1,025,563 $ 917,569 $ 1,316,642 $ 903,372 $ 1,577,064

$ (64,656) $ (64,656) - - - - -
$ 3,675 - - - - - -
$ 1,501,527 $ 1,221,225 $ 1,025,563 $ 917,569 $ 1,316,642 $ 903,372 $ 1,577,064

$ 162,430 $ 162,430 $ 120,658 $ 128,830 $ 128,830 $ 128,830 $ 128,830

$ (105,508) $ (107,804) $ (77,317) $ (82,076) $ (84,600) $ (87,123) $ (89,646)
$ 18,000 $ 18,000 - - - - -
$ (5,000) $ (5,500) - - - - -
$ 12,818 $ 12,818 - - - - -
$ (12,817) $ (12,817) - - - - -
$ 69,923 $ 67,127 $ 43,341 $ 46,754 $ 44,230 $ 41,707 $ 39,184
$ 3,136,458 $ 3,150,248 $ 3,155,261 $ 3,161,651 $ 3,435,361 $ 2,981,875 $ 4,006,556

$ 147,769 $ 187,777 $ 163,723 $ 80,536 $ 36,237 $ 29,687 $ 31,109

- - $ 411 - - - -
- - $ (3,732) - - - -
- - - - - - -
$ 138,741 $ 174,334 $ (56,431) $ 3,949 $ 13,799 $ (16,684) $ 213,942
- - - $ (1,410) $ (45) $ (45) $ (45)
- - - - $ 171,533 $ 2,049 $ 2,049
$ 274,518 $ 121,264 $ 254,639 $ 131,421 $ 236,596 $ 68,011 $ 267,607
$ 561,028 $ 483,375 $ 358,610 $ 214,496 $ 458,120 $ 83,018 $ 514,662
$ 561,028 $ 483,375 $ 358,610 $ 214,496 $ 458,120 $ 83,018 $ 514,662

$ 2,575,430 $ 2,666,873 $ 2,796,650 $ 2,947,154 $ 2,977,241 $ 2,898,857 $ 3,491,894

$ 1,064,362 $ 1,155,806 $ 1,285,582 $ 150,504 $ 180,591 $ 102,207 $ 695,244

$ 527 $ 527 $ 527 $ 527 $ 527 $ 527 $ 527
$ 1,132,568 $ 1,132,568 $ 1,132,568 $ 2,418,150 $ 2,418,150 $ 2,418,150 $ 2,418,150
$ 377,973 $ 377,973 $ 377,973 $ 377,973 $ 377,973 $ 377,973 $ 377,973
$ 2,575,430 $ 2,666,874 $ 2,796,650 $ 2,947,154 $ 2,977,241 $ 2,898,857 $ 3,491,894