Page 125 - Annual Report 2016 - Cover & Divider Pages.indd

respectively.

Tax effects of:
Deferred rent
Prepaid expense
Accounts payable
Accrued expenses
2019
2018
2021
2020
2017
NOTE 7 - LEASE COMMITMENTS
Thereafter
also included in deferred rent.
Billings in excess of costs
Accounts receivable, net
Costs in excess of billings
NOTE 6 - INCOME TAXES (Concluded)
point between three and five years.
Depreciation and amortization
Year Ending September 30
Net operating loss carry forward
See Independent Accountant's Review Report.
$
$
2016
Amount
3,539,023
605,193
877,295
360,341
660,409
442,782
593,003
200,000
628,000
75,000
507,000
591,000
37,000
$( 1/431,000}
( 152,000}
( 295,000)
$ 160,000
FGM ARCHITECTS INC.
NOTES TO THE FINANCIAL STATEMENTS
2015
25,000
251,000
44,000
620,000
944,000
366,000
${ 90,000)
$( 1/609/000)
( 176,000)
( 555,000}
The components of the net deferred income tax asset (liability) consist of the foNowtng as of September 30:
Future minimum rental commitments under these lease agreements are as follows as of September 30, 2016:
Office rental expense under all operating leases was $757/943 and $708,456 for the years ended September 30,2016 and 2015,
monthly payments ranging from approximately $4,500 to $23,000. Each lease has a provision to terminate the lease at some
for assets acquired by the Company are credited to lease expense evenly over the lease terms and unamortized balances are
cumulative difference between amounts expensed and amounts paid is included in deferred rent. Tenant incentive allowances
Lease payments, including any scheduled increases, are recognized as expense evenly over the terms of the leases. The
The Company leases various corporate offices under long-term operating leases. The leases expire through 2025 and require
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