Balance Sheet¶

Refreshed April 29, 2026 using Dec 31, 2025 balance sheet and newly uploaded Mar 31, 2026 QuickBooks balance sheet.

Mar 31, 2026 Snapshot¶

Category	Amount
Accounts Payable	$146,053
Credit Cards	$4,966
Other Current Liabilities	$38,099
Total Current Liabilities	$189,117
N/P M&T Capital and Leasing	$37,000
N/P Regional Development Corp	$20,000
Total Long-Term Liabilities	$57,000
Total Liabilities	$246,117
Distributions	($651,854)
Retained Earnings	$243,541
Net Income	$812,384
Total Equity	$444,947
Total Liabilities and Equity	$691,064

Category	Dec 31, 2025	Mar 31, 2026	Change
Cash & Bank	$524,061	$726,182	+$202,121
Accounts Receivable	$304,868	$67,197	($237,671)
Total Current Assets	$830,049	$794,499	($35,550)
Shop Equipment	$1,052,394	$1,062,274	+$9,880
Gross Fixed Assets	$1,133,123	$1,122,505	($10,618)
Accumulated Depreciation	($922,782)	($1,246,438)	($323,656)
Net Fixed Assets	$210,341	($103,435)	($313,776)
Total Assets	$1,040,390	$691,064	($349,326)
Accounts Payable	$154,648	$146,053	($8,595)
Total Current Liabilities	$191,691	$189,117	($2,574)
Long-Term Debt	$62,124	$57,000	($5,124)
Total Liabilities	$253,815	$246,117	($7,698)
Total Equity	$786,575	$444,947	($341,628)

Cash increased by $202K during Q1 2026.
A/R dropped by $238K, suggesting the Dec 2025 receivable balance converted into cash.
Current ratio remains strong at about 4.2x.
Debt continues to decline modestly.

Net fixed assets are negative at Mar 31, 2026 because accumulated depreciation exceeds the tax-basis carrying value of fixed assets. This is not an indicator that the equipment has no operating value.
Total assets/equity declined primarily because of depreciation accounting, not because the business lost cash.
The Q1 balance sheet net income of $812,384 differs from the Q1 P&L net income of $849,046. Reconcile before using in final lending package.

Previously resolved: negative checking account on the Dec 2025 balance sheet was due to bank transition/re-linking in QuickBooks.