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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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10/14/2020 1:08:04 PM
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10/14/2020 1:07:51 PM
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Board of Public Works
Document Type
Contracts
Document Date
10/13/2020
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Reynolds Construction, LLC <br />Notes to Financial Statements <br />December 31, 2019 and 2018 <br />Note 11: Significant Estimates and Concentrations <br />Accounting principles generally accepted in the United States of America require disclosure of <br />certain significant estimates and current vulnerabilities due to certain concentrations. Those <br />matters include the following: <br />General Litigation <br />The Company is subject to claims and lawsuits that arose primarily in the ordinary course of <br />business. It is the opinion of management the disposition or ultimate resolution of such claims and <br />lawsuits will not have a material adverse effect on the financial position, results of operations and <br />cash flows of the Company. Events could occur that would change this estimate materially in the <br />near term. <br />Major Customers <br />Net revenues from three and one customers approximated 55% and 33% of contract revenue earned <br />during the years ended December 31, 2019 and 2018, respectively. The Company extends <br />unsecured credit to its customers, with credit extended to three and four customers approximating <br />43% and 60% of accounts receivable at December 31, 2019 and 2018, respectively. <br />Note 12: Reliance on Third-party Liquidity <br />The Company has incurred operating losses and negative cash flows from operations. The <br />Company has received a commitment from the majority member of ReyCon Partners, LLC to <br />provide additional funds during the next year to meet liquidity needs not covered by operating cash <br />flows. <br />Note 13: Subsequent Events <br />As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which <br />may negatively affect the financial position, results of operations and cash flows of the Company. <br />The duration of these uncertainties and the ultimate financial effects cannot be reasonably <br />estimated at this time. <br />On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic <br />Security Act. On April 10, 2020, the Company received a loan in the amount of $6,629,400 <br />pursuant to the Paycheck Protection Program. The Company anticipates using all of the proceeds <br />to make eligible payments and, therefore, expects substantially all of the loan will be forgiven. <br />Subsequent events have been evaluated through June 3, 2020, which is the date the financial <br />statements were available to be issued. <br />19 <br /> <br />
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