Financial Statements - 2022, 2023, 2024¶
Refreshed April 29, 2026 from newly uploaded accountant-prepared compiled financial statements.
Prepared by James A. Dinkel, P.C., Certified Public Accountants. These are accountant compilation reports, not audited or reviewed financial statements. Basis is income tax basis.
Source Quality Note¶
The statements are useful, but they explicitly state:
- Management is responsible for the statements.
- The accountant performed a compilation, not an audit or review.
- The accountant does not express an opinion or assurance.
- Statements are prepared on income tax basis, not GAAP.
- Substantially all disclosures are omitted.
- The accountant states they are not independent with respect to JMS.
For diligence, treat these as a reliable organized source for trend analysis, but not as assurance-grade financials.
Income Statement Summary¶
| Line Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Nontaxable Sales | $1,422,672 | $1,646,323 | $1,968,811 |
| Sales | $7,930 | $1,149 | $13,448 |
| Services | $5,541 | $20,936 | $15,088 |
| Shipping Income | n/a | $57 | n/a |
| Total Income | $1,436,143 | $1,668,465 | $1,997,347 |
| Cost of Goods / COGS | $504,018 | $868,471 | $1,201,697 |
| Gross Profit | $932,125 | $799,994 | $795,651 |
| Gross Margin | 64.9% | 48.0% | 39.8% |
| Total Expenses | $794,155 | $680,431 | $624,211 |
| Net Operating Income | $137,971 | $119,563 | $171,440 |
| Net Other Income | $279 | $6,695 | $5,042 |
| Net Income | $138,250 | $126,258 | $176,482 |
| Net Margin | 9.6% | 7.6% | 8.8% |
Balance Sheet Summary¶
| Account | 2022 | 2023 | 2024 |
|---|---|---|---|
| Bank Accounts | $295,533 | $209,851 | $354,553 |
| Accounts Receivable | $247,740 | $15,398 | $27,398 |
| Other Current Assets | $1,120 | $3,829 | $3,829 |
| Total Current Assets | $544,393 | $229,078 | $385,781 |
| Leasehold Improvements | $28,804 | $28,804 | $28,804 |
| Office Equipment | $25,358 | $25,358 | $25,358 |
| Shop Equipment | $842,965 | $842,965 | $920,369 |
| Vehicles | $20,498 | $20,498 | $20,498 |
| Accumulated Depreciation | ($736,989) | ($736,989) | ($736,989) |
| Total Fixed Assets | $180,635 | $180,635 | $258,040 |
| Total Assets | $725,028 | $409,714 | $643,821 |
| Total Current Liabilities | $68,218 | $22,629 | $104,709 |
| Long-Term Liabilities | $0 | $0 | $75,506 |
| Total Liabilities | $68,218 | $22,629 | $180,215 |
| Total Equity | $656,810 | $387,085 | $463,606 |
Note: The 2022 OCR missed the leading digit in total assets/liabilities and equity in one place. The table above uses the internally consistent value: total liabilities of $68,218 plus total equity of $656,810 equals $725,028.
Key Trends from Compiled Statements¶
Revenue growth before the 2025 jump¶
Revenue grew from $1.44M in 2022 to $2.00M in 2024, a 39% increase before the major 2025 step-up.
Margin compression before 2025¶
Gross margin declined from 64.9% in 2022 to 39.8% in 2024. This may reflect mix, materials, subcontracting, labor absorption, or timing. It is worth tying to job mix and LANL work types.
Working capital cleaned up after 2022¶
A/R was high at Dec 2022 ($247.7K) but much lower at Dec 2023 and Dec 2024. This supports the idea that year-end A/R can swing sharply based on billing/collections timing.
2024 balance sheet strengthened¶
Cash increased to $354.6K by Dec 2024, while total assets increased to $643.8K. Liabilities also rose, mainly due to A/P, current M&T debt, and long-term debt for the CMM/grant-related items.
Accountant Information¶
Firm: James A. Dinkel, P.C.
Address: 555 Oppenheimer Drive, Suite 205, P.O. Box 1414, Los Alamos, NM 87544
Phone: (505) 662-3513
Fax: (505) 662-7172
Email: accountants@jamesdinkelcpa.com
Source Files¶
Uploaded source PDFs:
JMS Inputs/Jona 12-22 Financial Statements.pdfJMS Inputs/Jona 12-23 Financial Statements.pdfJMS Inputs/Jona 12-24 Financial Statements.pdf
OCR text generated to:
MD/ocr/Jona_12-22_Financial_Statements.txtMD/ocr/Jona_12-23_Financial_Statements.txtMD/ocr/Jona_12-24_Financial_Statements.txt