Agreement
AGREEMENT BETWEEN
THE
CITY OF MIAMI BEACH
AND
REGOSA ENGINEERING, INC.
FOR
POLICE ATHLETIC LEAGUE BUILDING ADDITION AND
RENOVATION
BID NO. 31-98/99
City of Miami Beach - Procurement Division
1700 Convention Center Drive
Miami Beach, FL 33139
Bid No. 31-98/99
AGREEMENT
t6.. .
THIS AGREEMENT made this I L( day of----1l f/l.. {L 1999, A.D. between the
CITY OF MIAMI BEACH, a Florida municipal corporation, hereinafter called the City, which
term shall include its successors and assigns, party of the one part, and
REGOSA ENGINEERING, INC.
46 NW 36 STREET
MIAMI, FL 33127
hereinafter called the Contractor, which term shall include its heirs, successors and assigns, party
of the other part.
WITNESSETH that the said Contractor for the consideration and compensation herein agreed to
be paid and the said City in consideration of the construction of improvements to be done by said
Contractor and Designated "Bid No. 31-98/99 Police Athletic League Building Addition and
Renovation" by said City, do hereby mutually agree as follows:
I. This Agreement shall extend to and be obligatory upon said City, its successors and
assigns, and upon said Contractor and its heirs, successors and assigns. Neither this
Agreement nor any part thereof nor any part of the Work herein contemplated, shall be
assigned or sublet, nor shall any sums of money provided to be paid to said Contractor be
assigned by said Contractor to anyone without the consent of the City Commission of
said City evidenced by its resolution.
2. The foregoing pages of this booklet, including the Notice to Contractors, the Proposal,
and the Contract Documents and such alterations as may be made in said Plans and
Specifications as therein provided for, are hereby referred to and made a part of this
Agreement and the terms and conditions set forth therein, except when in direct conflict
with this written Contract, are as much a part hereof as if copied herein. If conflicts exist
between them and this written instrument"only that part of the matter in direct conflict
herewith shall not be construed to be a part hereof.
3. The Contractor shall commence work within seven (7) days of the Notice to Proceed and
shall complete in a good and workmanlike manner the materials hereinbefore referred to,
strictly in accord herewith within one-hundred and eighty (180) calendar days.
4. The City and Contractor recognize that the City will suffer direct financial loss if Work is
not completed within the Contract times specified in paragraph 3 above plus any
extensions as may have been granted by the City. They also recognize the delays,
expense and difficulties involved in proving in a legal or arbitration proceeding the actual
loss suffered by Owner if the Work is not completed on time, and therefore time is of the
essence. Accordingly, instead of requiring any such proof Contractor agrees to forfeit and
Bid No. 31-98/99
pay Owner as liquidated damages for delay (but not as a penalty) the amount of Three
Hundred Dollars ($300.00) for each calendar day that expires after the Contract Time
specified in paragraph 3 above for Final Completion.
5. In such construction said Contractor shall furnish all implements, machinery, equipment,
transportation, tools, materials, supplies labor, and other things necessary to the execution
and completion of the Work, nothing being required of the City except that it may, at its
expense. supervise such construction and enter upon and inspect the same at all
reasonable times.
6. If any dispute arises between the City and said Contractor with reference to the meaning
or requirements of any part of this Contract and they cannot agree, the more stringent
requirements shall govern as determined by the City.
7. If the Contractor shall complete the construction herein contemplated in a good and
workmanlike manner within the time herein specified and in accord herewith, the said
City shall pay to the Contractor the contract sum in accordance with the Conditions of the
Contract. The City, by allowing Contractor to continue with said construction after the
time for its completion hereinbefore stated shall not deprive City of the right to exercise
any option in this Agreement contained nor shall it operate to alter any other term of this
Agreement.
8. The Contractor shall file with the Procurement Director of said City of Miami Beach a
Performance and Labor and Material Payment Bond, each in the amount of 100 percent of
Contract Amount, in the form as set forth herein or as otherwise approved by the City of
Miami Beach City Attorney and shall be executed by said Contractor and Surety Agent
authorized to do business in the State of Florida.
9. The Contractor shall file Insurance Certificates, as required, and they must be signed by a
Registered Insurance Agent licensed in the State of Florida and approved by the City of
Miami Beach Risk Manager.
10. All documents shall be executed satisfactorily to said City and until Bonds and Insurance
Certificates have been filed and approved, this Contract Agreement shall not be effective.
11. Owner shall pay Contractor for performance of the Work in accordance with the Contract
Documents in current funds at the lump sum or unit prices presented in the Bid Proposal,
attached to this Agreement. The parties expressly agree that the Contract Price is a
stipulated sum except with regard to the items in the Bid which are subject to unit prices.
Contract Price:
$799,000.00
Bid No. 31-98/99
12. The Contract Documents which comprise the entire Agreement between City and
Contractor are attached to this Agreement and made a part hereof.
The Contract Documents may only be amended, modified or supplemented as provided
in the General Conditions.
IN WITNESS \VHEREOF the said City has caused this Agreement to be signed by the Mayor
of the City of Miami Beach, Florida and its corporate seal to be affixed, attested by the City
Clerk of the City of Miami Beach and the said Contractor has caused this Agreement to be signed
it its name.
2JrA5c// S/J ~$c.:;' (SEAL)
Contractor
CITY OF MIAMI BEACH
~.Mt'//~/Z/~ .
By ; ~
(Authorized Corporate Officer)
By >>'1
Mayor
p/Z~,-(J c~~ /
,f' Title
ATTEST:
_t~r p~
City Clerk
APPROVED AS TO
FORM & LANGUAGE
& fOR EXECUTION
Q~
ity Attorney
S-;1 3!J1
Dc.<t-lt
Bid No. 31-98/99
BID NO. 31-98/99
PROPOSAL PAGE 1 OF 3
PROPOSAL OF
E'Cb0SX7 ~/,,//.7e.=e/Z/~ ~
(Name)
4/b' /!/v 36 ff,rgi7M)'JH/ H3J/c21
(Address)
(FOR)
Constructing the improvements designated and described in the attached Notice to Contractors, and which said
Improvements are designated POLICE ATHLETIC LEAGUE BUILDING ADDITION AND RENOVATION
and more particularly set forth herein.
SUBMITTED /)] ~ 03
19~
TO MAYOR AND CITY COMMISSION OF MIAMI BEACH, FLORIDA:
We the undersigned, hereby declare that no person or persons, firm or corporation other than the undersigned, are
interested in this Proposal, as principals, and that this Proposal is made without collusion with any person, firm or
corporation, and we have carefully and to our full satisfaction examined the attached Notice to Contractors, General
Provisions, Specifications for Materials and Construction Methods, Supplementary Conditions, and form of
Contract and Bond, together with the accompanying Plans, and that we have made a full examination of the location
of the proposed Work and the sources of supply and materials, and we hereby agree to furnish all implements,
machinery, equipment, transportation, tools, materials, supplies, labor, and other things necessary to the prosecution
and completion of the work, fully understanding that the quantities shown in the Notice to Contractors and Proposal
are approximate only, and that we will fully complete all necessary work in accordance with the Plans and the
attached Specifications, and the requirements under them of the Engineer within the time limit specified in this
Proposal for the following unit prices to-wit:
BID NO. 31-98/99
DATE: 2/3/99
CITY OF MIAMI BEACH
4
INVITATION TO BID NO. 31-98/99
CONTRACT: POLICE ATHLETIC LEAGUE BUILDING ADDITION
AND RENOVATION
PROPOSAL PAGE 2 OF 3
This proposal shall include the total cost for supplying all labor, materials, tools, equipment, maintenance of traffic
and supervision necessary to complete the addition/renovation work at the Police Athletic League Community Youth
Resource Center, located at 999 11 th Street, Miami Beach, Florida, as per plans and specifications.
Lump Sum Bid
7q 9) 000, ~
Written Amount:
$
5e V E,N ;(/un ~/I-;;)/ ~/ eY ))t/~v
--j-/t"OC[-c/~yj/L c>L k 0;-u-- ~~
Bidders must sign below to acknowledge receipt of addendum (if necessary).
Amendment No. 1: ;:;'~'&.7 9.. L9Pl
Amendment No. 2: h6,//,,/~ cJt/ - /9 '7,9
Amendment No. 3: 11b<<(4 0/ - /'199
BIDDER'S NAME (print or Type): ~6vJ/9 ~e/Zo ( ~d~.f"I7-&V ~c:)
TITLE: LJ/l~JI ~14 l-
f'
ADDRESS: ~6';(/0 3-6 JJ'- {I-f/)9H/ pI 5:J /c2-7
TELEPHONE NUMBER: r..?OS /5"76 7~s'o hx JOS 5""7-670/'.5"0 -S?-6 :;09'-6
BID NO. 31-98/99
DATE: 2/3/99
CITY OF MIAMI BEACH
5
INVITATION TO BID NO. 31-98/99
PROPOSAL PAGE 3 OF 3
The undersigned further agrees to perform all necessary "Extra Work", as provided for in the General and
Supplementary Conditions and to execute the attached Contract within ten (10) calendar days after the date on which
the notice of award has been given and to begin work with an adequate force and equipment within seven (7)
calendar days from the date of said execution of Contract and to fully complete all of work awarded under the same
within not more than 180 calendar days from the date of said execution of Contract and also to furnish sufficient and
satisfactory bond in the sum of not less than (100%) one hundred percent of the contract price of the work as
indicated by the approximate quantities shown herein.
The undersigned further agrees to bear full cost of maintaining all work until the final acceptance, as provided in the
General Conditions.
Accompanying this proposal is a Bid Bond made payable to the City of Miami Beach, Florida in the sum of
-r\\!-~ f~~ e8- Ai10l.nJ\ t?siJ) Dollars $ - 5""% -
Bid Bond is to be forfeited as liquidated damages if, in case this Proposal is accepted, the undersigned shall fail to
execute the attached Contract under the conditions of this Proposal; otherwise, said Bid Bond is to be returned to
the undersigned upon the delivery of Satisfactory Bond.
Signature & Title
4~/dU--- t?~/d#r-
(/6 [t// (f6 J/' H///n/~/ ?3J02--;t
3M 676 7'/SO ,09/1' Jo.s Si'-6:;OY6
Address
Telephone Number
BID NO. 31-98/99
DATE: 2/3/99
CITY OF MIAMI BEACH
6
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STATE OF FLORIDA
DE? AR Ti"i[~ T 0 F fi US ll'h7:'>J ~,r H) F'!'W r ["~j S 1 (JI'lML P. E CUI_A r j IJN
CONST lNDU~!rY L:CENsrN~ 80MRD
Tht- GENERAL Ci'JI'HRACrOR
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GCMERO. DRAGU r SA MAR I..:.
t<EGGSA ENG I j'lEER I i\JG I i'K
4c NW 36TH STREET
MIAMI ~L JJ127
'-..';WTOI"J CH I LE"
GO....'ER1'JOR -.
DISPLAY AS REQUIRED BY LAW
RICHARD T, FARREL~
SECRETARY
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T AX COLLECTION DIVISION
140 W. FLAGLER STREET
MIAMI, FLORIDA 33130
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NAME: REGOSA ENLJJNtERINLJ
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,~35302-7 196 BLOG1
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IN~j-'-IU IN::'j-'-lJAlt HULU-LIC
I-l=MENU CLtAR=PREv SCREEN F4=MUKt LIC ENltK=LIC Fll=PKINI AI-'PL Fy=uI-'DI
:;., M t I" uS t:. ;', 1 ::,1 It'
IMPORTANT: THE INFORMATION HEREIN DOES NOT NECESSARILY CONTAIN ALL PERTINENT FACTS WITH REGARDS TO
REAL ESTATE CLOSINGS AND OTHER SIMILAR ACTIVITIES.
CONTRACTOR'S QUESTIONNAIRE
NOTE:
Information supplied in response to this questionnaire is subject to verification. Inaccurate or
incomplete answers may be grounds for disqualification from award of this bid.
Submitted to The Mayor and City Cpmmission of the City of Miami Beach, Florida:
By i2exoOSA ~G-46Jre-t4,J <; I~C:,
Principal Office 4G ~ w ~ Sc~ f4, A-H;' f1...3 3 /2 'I
How many years has your organization been in business as a General Contractor under your present business
name? / / rCtl#S
Does your organization have current occupational licenses entitling it to do the work contemplated in this Contract?
jr/'s
State of Florida occupational license - state type and number: 2 35-30;2 - 1-
Dade County certificate of competency - state type and number: C G c:; 0.5"' 'i' ~ <7.'5'
City of Miami Beach occupational license - state type and number: IU r:+ .
Include copies of above licenses and certificates with proposal.
How many years experience in similar work has your organization had?
(A) As ~ General Contractor II rferz i/t-S
(B) As a Sub-Contractor - Q -
(C) What contracts has your organization completed?
Contract Amt Class of Work When Completed Name/Address of Owner
/JrllkJrr D
Have you ever had a contract terminated (as prime contractor or sub-contractor, under existing company name or
another company name) due to failure to comply with contractual specifications? /L/ 0
If so, where and why?
;1/ / /J
. f
Has any officer or partner of your organization ever failed to complete a construction contract handled in his own
name? //0 .
.
If so, state name of individual, name of owner, and reason thereof
V/19-
BID NO. 31-98/99
DA IE: 2/3/99
CITY OF MIAMI BEACH
7
In what other lines of business are you financially interested or engaged?
IV/a,
I
Give references as to experience, ability, and financial standing
/:"~/O/?I 19-/ /SCZP /.! .
What equipment do you own that is available for the proposed work and where located?
f}ffflrJfe)) .
Financial Statement: Attach latest Financial Statement
R/lf9Ch,
What Bank or Banks have you arranged to do business with during the course of the Contract should it be awarded
to you? ~2J/o/7/d/ ,;?xzn /<...
I HEREBY CERTIFY that the above answers are true and correct.
.>~---t~. fJ/l,er/~/4t-.
(SEAL)
(SEAL)
BID NO.3 1-98/99
DATE: 2/3/99
CITY OF MIAMI BEACH
8
CERTIFICATES AS TO CORPORATE PRINCIPAL
I, UlftJU /o~ 6-::weflD , certify that I am the Secretary of the Corporation named as Principal in the
fOregOin!bond; that rJ)€;JOI/1 rj/f hBttC/l.o who signed the said bond on behalf of the Principal, was then
,2f?6rx/f "bAf'Jf1f'P/tl~ t,c of said Corporation; that I know his signature, and his signature hereto is genuine;
and that said bond was duly signed, sealed, and attested for and in behalf of said Corporation by authority of its
governing body.
Corporate
Seal
STATE OF FLORIDA)
55
COUNTY OF )
Before me, a Notary Public, duly commissioned, qualified and acting, personally appeared
v!t//j'vtbV ;:;;/7V2U to me well known, who being by me first duly sworn upon oath, says that he is
the Attorney-in-Fact, for the c::J/l'(~I///R'J ~~;puuand that he has been authorized by
/~/7rrl'j t#f'lJt'L?m/fj ;/U;, to execute the foregoing bond on behalf of the Contractor named therein
in favor of the City of Miami Beach, Florida.
Subscribed and sworn before me this 03 day of
(Attach Power of Attorney) &~f ~ ~.1.(
OJ
,19.f2A.D.
'OFF! 'arARYSEAL
AJ..ilANORO CURE
NOTAlY PUBUC $TATE OF FLORIDA
COMMISSION NO. CC757351
MY COMMISSION EXP. L Y 7
Notary Public
State of Florida-at-Large
My Commission Expires~;j./ Ie; n ~ - 02
BID NO. 31-98/99
DATE: 2/3/99
CITY OF MIAMI BEACH
14
THE AMERICAN INSTITUTE OF ARCHITECTS
I
AlA Docum~l A310
Bid Bond
KNOW All MEN BY THESE PRESENTS,
that we
l~'. ,""rl full ..._ II'd ..".., Of' '...1 .111. 01 Contracto,1
Regosa Engineering,Inc.
as Principal, hereinafter called the Principal, and
The Insurance Company of The State
l~.. ._n 'vII ....... II'd "1ft, 0' I.aal "1'. 0' s.,,.rvl
of Pennsylvania
a corporation duly organized under the laws of the S~te of Pennsylvania
as Surety, hereinafter ulled the Surety, are held and firmly bound unto
City of Miami Beach- Procurement Division 1M.'. '"Nrl 'ull..._......._., 1...11111.0' Own.,)
as Obligee, hereinafter ulled the Obligee, in the sum of
FIve Percent of Amount Bid----------------------------------------------------------------
Dollars (t----5%------ ),
for the payment of which sum well and truly to be made, the ~id Principal and the ~id Surety, bind
ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by
these p resen ts.
WHEREAS, the Principal Ius submitted a bid for
IH... i_tl 'ull ........ adelre, II'd ~"I""'" 0' "0,.'11
Police Athletic League Building Addititon And Renovation.
NOW. THE It E F 0 It E. jf the OblilH Ih.1I acce9t the bid of the 'rincipal and the 'rinci~1 lhall enter into a Contrlct
w'lh the Oblil" ,n accord.nce with the term I of luch bid, and live luch bond or bondl IS m.y be specified in the biddinl
or Contrlct Documents wllh lood and lufficient lurety for the f.ilhful perlorm.nce of such Contract and for the prompt
~yment ot labor and INte".1 fumrlhf'd in the prOMCution ttterllOf, or in the ,vent of the failure of the 'rinci5N1 to enter
such Conlract ,nd live IUch bond or bonds, if the 'rinci~1 Ih.1I ~y to the Oblip. the difference not to ..eeed the pen.lry,
he,eof betwftn the amount ipeCotied in wid bid and JUeh ~rler amount for which me Ob'ipe "..,. in Jood 'lith contract
with Inother p.rty to perform the Work cO\'ered by Mid bid, then thil oblilllion INII be null .nd votd. OtMrwiM to rem&in
in full force and effect.
a~2
~'" (Witness)
day of
March
19 99
Regosa Engineering,Inc
I ('riltCit>>/) (~II)
-=~-f3~ //'~er/'/67#-/'.
V (Title) I'
{he Insurance Company of The State of Pennsylvania
1. ~ (Se,l)
Brett RO~S' (Title) Attorney In Fact &
Florida Resident Agent.
AlA OOC\J~"T .u1. . liD 10NO . AlA.. FEIRUARY 1m ED . THE AMERICAN
INSTITUTE OF ARCHITECTS, 171S N.Y. AVI., N.W.. WASHINCTON, D. C. 1001>>
1
i.l\e 1IISUI"3DCe company ot UJe ~ta[e ot pennsylvania
New Hampshire In.surance Company
Principal Bond Office: 70 Pine Street, New Yark. NY 10270
POWER OF ATTORNEY
No.
P A607 5635
(Vaid unless numbered in red)
&'lOW ALL MEN BY THESE PRESENTS, that THE INSURANCE COMPANY OF THE STATE OF PENNSYLVA.'ITA
and NEW HAMPSHIRE INSti'RANCE COMPANY have made. constituted and appointed. and by these presents does make.
constitute and appoint
Brett M. Rosenhaus, Laura Mosholder of Altamonte Springs, FL
its true and lawful attorney-in-fact. for It and in its name. place. and stead Co execute on behalf of the said Company, as surety.
bonds, undertakings and contracts of surecyship to be given Co
ALL OBLIGEES
provided that no bond or undertakmg or contract of suretyship executed under this authority shall exceed in amount the sum of
******Three Million Dollars ($3,000,000.00)*****'*
This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following
Resolution adopted by the Board of Directors of the Company on the 5th day of January, 1998.
"RESOLVED. that the Chairman of the Board. the Vice Chairman of the Board. the President an Executive Vice
President or a Senior Vice President or a Vice President of the Company. be. and that each or any of them is, authorized to
execute Powers of Attorney, qualifying the attorney-in-fact named in the given Power of Attorney to execute in behalf of the
Company, bonds. undert:lkings and all contracts of suretyship: and that an Assistant Vice President. a Secretary or an Assistant
Secretary be, and that each or any of them hereby is, authorized to attest the execution of any such Power of Attorney and to
attach thereto the seal of the Company.
RJ'RTHER RESOL \lED, thaI the signatures of such officers and the seal of the Company may be affixed to any such
Power of Attorney or to any certitjc:J.te relating thereto by facsimile, and any such Power of Attorney or certificate bearing such
facsimile signatures or facsimile seal shall be valid and binding upon the Company when so affixed and in the future with respect
to any bond. undenaking or contract of suretyship to which it is attached,"
In witness Whereof. The Insurance Company of the State of Pennsylvania and New Hampshire Insurance Company
has caused its official seal to be hereunto affixed. and these presents to be signed by one of its Vice Presidents.
~'.'~..)
--~
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~
STATE OF NEW YORK)
COtJNTY OF NEW YORK) ss:
LlJCrLLE SALERNO
Norarf Public, S~ate of New York
No, 01 SA4974.380
Qualified In Suffoik County
CommiSSion ExpIres "113/9)
';(U-t,J2C,- ~ci..e-~~-:'"
NOTARY SIGNATIJRE AND
SEAL (REQulRED)
On this 5th day of January 1998 before me came the above
named officer of The Insurance Company of the State of
Pennsylvania and New Hampshire Insurance Company. to
me personally known to be the individual and officer
described herein, and acknowledged that he executed the
foregoing instrument and affixed the seals of said corpora-
tions thereto by authority of his office.
I. Elizabeth Tuck, Secretary of The Insurance Company of the State of Pennsylvania and New Hampshire Insurance Company
do hereby certify that the foregoing and attached Power of Attorney remains in full force and has not been revoked: and therefore
that the Resolutions of the Board of Directors. act forth in the said Power of Attorney. is now in force.
IN \VITNESS WHEREOF. r have hereunto set my hand and affixed the facsimile seal of each corporation
,~.~)
.~J~
-.., ~
it .-. i-
f> ,,"
~ ..
~ It
.~' ,.:.,~'
, -trJNo)
this 2nd
day of March
.19~
"
~ ~ .~Jc
Elizabeth M. Tuck. Secretary
5635
List Of The Major Projects We Have In Process.
Name of Proiect O~ Architect
Annie Coleman Gardens Rehabilitation FLA 5-16 Metro-Dade Housing Agency Architects International, Inc.
Miami Beach Police Renovation Lobby City of Miami Beach Architects Carr Smith Cordino Architects
Caretti & Turner's House Caretti & Turner Les Beilison Architects
LIST OF CARS -&- EQUIPMENT
ENGINEERING INC.
OWN BY
REGOSA
WAREHOUSE
20,000 Square Feet
CARS
1. YR. MAKE 79
2. YR. MAKE 81
3. YR. MAKE 88
4. YR. MAKE 92
5. YR. MAKE 97
6. YR. MAKE 99
MAKE CHEVY
MAKE CHEVY
MAKE FORD
MAKE CHEVY
MAKE JEEP
MAKE FORD
TYPE PICK-UP TRUCK V AN
TYPE PICK-UP TRUCK - GARBAGE
TYPE V AN
TYPE PICK-UP TRUCK
TYPE CHEROKEE
TYPE PICK-UP TRUCK
HEA VY EQUIPMENT
1. YR. MAKE 98
2. YR. MAKE 98
MAKE JHON DEERE
MAKE JHON DEERE
TYPE BACKHOE
TYPE SKID STEER
MODEL 310E
MODEL 5575
HAND EQUIPMENT
6 HAND DRILLS
2 TABLE SAW
3 SAW SAW
I METAL BENDING
3 CHIP AND HAMMER
3 HAND SAWS
2 WELDING EQUIPMENT
4 CIRCULAR SAW
1 CEMENT CUTTER
1 CEMENT DRILL
1 METAL CUTTER
2 CONCRET GUN
REGOSA ENGINEERING INC. - BOARD OF DIRECTORS
NAMES
Draguisa Gomero
Juan Jose Gomero
Alex Cure
POSITION
President
Vice-President
Secretary
ADDRESS
46 NW 36th Street
46 NW 36th Street
46 NW 36th Street
PHONE
305-576-7450
305-438-0740
305-576-7450
CQNTACT
TIME
Day Time
Night Time
Day Time
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REGOSA ENGINEERING, INC.
FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998
REGOSA ENGINEERING, INC.
Table of Contents
Compilation Report
Paqe
1
Balance Sheet
2-3
Income Statement
4
Statement of Retained Earnings
5
Statement of Cash Flows
6
Notes to Financial Statements
7-11
JESSE SMALL, P.A.
Certified Public Accountant
409 W. Hallandale Beach Boulevard, Suite 415
Hallandale, Florida 33009
TELEPHONE: BROWARD (954)458-2343
FAX: (954)458-1056
November 5, 1998
To The Board of Directors
Regosa Engineering, Inc.
46 N.W. 36th street
~iami, FL 33127
We have compiled the accompanying 'balance sheet of Regosa
Engineering, Inc. as of September 30, 1998, and the related
statements of income, retained earnings and cash flows for the nine
months then ended, in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of
Certified Public Accountants.
A compilation is limited to presenting in the form of financial
statements information that is the representation of management.
We have not audited or reviewed the accompanying financial
statements and, accordingly, do not express an opinion or any other
form of assurance on them.
tJft~P~j).
ARTHUR PALERMO, JR. C.P.A.
JESSE SMALL P.A.
-1-
REGOSA ENGINEERING, INC.
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Current Assets
Accounts Receivable (see Note 3)
Loans Receivable - Lenox (see Note 2)
Prepaid Expenses
Costs and Estimated Earnings in Excess
of Billings on Uncompleted Contracts
Total Current Assets
Fixed Assets
Computer Equipment
Machinery & Equipment
Radio Equipment
Furniture & Fixtures
Tools
Transportation Equipment
Signs
Pictures
Less: Accumulated Depreciation
Net Fixed Assets
TOTAL ASSETS
$ 392,839
48,890
15,619
8,352
6,035
99,849
10,280
15,237
20,743
82,173
990
250
235,557
(136,773)
The accompanying notes to financial statements are
an integral part of these financial statements.
"SEE ACCOUNTANT'S COMPILATION REPORT."
-2-
$ 465,700
98,784
$ 564,484
---------
---------
REGOSA ENGINEERING, INC.
BALANCE SHEET
SEPTEMBER 30, 1998
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Bank Overdraft
Accounts Payable
Payroll Taxes Payable
Notes Payable - Current Portion
Credit Line (See Note 4)
Billings in Excess of Costs and
Estimated Earnings on Uncompleted
Contracts
$ 46,137
103,623
528
18,242
76,247
43,646
Total Current Liabilities
Long Term Liabilities
Notes Payable
54,926
Total Long Term Liabilities
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY
Common Stock - $1 Par
Value; 500 Authorized Shares;
500 Shares Issued and Outstanding
Paid In Capital
Retained Earnings - Unappropriated
500
113,272
107,363
TOTAL STOCKHOLDERS'EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
The accompanying notes to financial statements are
an integral part of these financial statements.
"SEE ACCOUNTANT'S COMPILATION REPORT."
-3-
$ 288,423
54,926
343,349
221,135
$ 564,484
---------
---------
REGOSA ENGINEERING, INC.
INCOME STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
REVENUE
Total Operating Expenses
$ 898,869
661,649
237,220
$ 21,217
2,978
8,270
17,843
23,911
2,443
1,705
1,197
6,650
16,054
16,636
2,264
96
974
44,440
3,885
6,541
7,404
3,206
187,714
49,506
741
741
$ 50,247
---------
---------
COST OF REVENUE
GROSS PROFIT
Operating Expenses
Office Staff Salaries
Payroll Tax Expense
Telephone
Office
Insurance
Dues & Subscriptions
Bank Charges
Freight & Delivery
Legal & Accounting
Licenses & Taxes
Depreciation
Interest Expense
Postage
Professional Fees
Bad Debt Expense
Travel
utilities
Auto & Truck
Rent
Income From Continuing Operations
Other Income
Interest Income
Total Other Income
NET INCOME
The accompanying notes to financial statements are
an integral part of these financial statements.
"SEE ACCOUNTANT'S COMPILATION REPORT."
-4-
REGOSA ENGINEERING, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
Retained Earnings January 1, 1998
$237,236
Deduct: Sub-S Distributions
(180,120)
50,247
Add: Net Income For The Nine Months
Retained Earnings September 30, 1998
$107,363
--------
--------
The accompanying notes to financial statements are
an integral part of these financial statements.
"SEE ACCOUNTANT'S COMPILATION REPORT."
-5-
REGQSA ENGINEERING, INC.
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
Increase (Decrease) in Cash and Cash Equivalents
Cash Flows From Operating Activities:
Net Income
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation
Increase in Accounts Receivable
Increase in Prepaid Expenses
Decrease in Payroll Taxes Payable
Increase in Accounts Payable
Decrease in Billings in Excess of Costs
Increase in Costs in Excess of Billings
Increase in Bank Overdraft
$ 16,636
(141,273)
(15,619)
(7,532)
59,760
(5,215)
(8,352)
46,137
Total Adjustments
Net Cash Provided by
Operating Activities
Cash Flows From Investing Activities:
Purchase of Fixed Assets
(87,709)
Net Cash Used in
Investing Activities
Cash Flows From Financing Activities:
Decrease in Loans Receivable - Lenox
Increase in Notes Payable
Sub-S Distributions
Increase in Credit Line
7,158
53,058
(180,120)
76,247
Net Cash Provided by
Financing Activities
Net Decrease in Cash
Cash at January 1, 1998
Cash at June 30, 1998
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the Nine Months For:
Interest
The accompanying notes to financial statements are
an integral part of these financial statements.
"SEE ACCOUNTANT'S COMPILATION REPORT."
-6-
$ 50,247
(55,458)
(5,211 )
(87,709)
(43,657)
(136,577)
136,577
$
-0-
----------
----------
$
2,264
NOTE 1:
NOTE 2:
REGOSA ENGINEERING, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
BUSINESS DESCRIPTION
Regosa Engineering, Inc. ("The Company") was organized in
the state of Florida in June 1987. The Company
constructs and renovates industrial, commercial,
governmental, and residential buildings. Work is
generally performed under fixed-price contracts on a bid
basis.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REVENUE AND COST RECOGNITION
The financial statements are prepared on the accrual
basis. Under this method, income is recognized when it
is billed, and expenses are deducted when they are
incurred. The Company ac60unts for revenues from
contracts and costs under the percentage of completion
method of accounting. As of September 30, 1998 there
were two contracts with Billings in Excess of Costs in
the amount of $43,646 and one contract wi th Costs in
Excess of Billings for $8,352.
Contract costs include all direct material, labor,
equipment rental, subcontractors and supplies and those
indirect costs related to contract performance, such as
job control and supervision, job related communications
and other allocated expenses. Selling, General and
Administrative costs are charged to expense as incurred.
Changes in job performance, job conditions and estimated
profitability, including those arising from contract
penalty provisions and final contract settlements, may
result in revisions to costs and income and are
recognized in the period in which the revisions are
determined. . .
Costs in excess of amounts billed are classified as
current assets under costs in excess of billings on
uncompleted contracts. Billings in excess of costs are
classified under current liabilities as billings in
excess of costs on uncompleted contracts. Contract
retentions are included in accounts receivables.
Certain of the Company's contracts require such closely
interrelated construction activities that common costs
cannot be separately identified or reasonably allocated
to the individual contracts. In such cases, it is the
Company's policy to combine the contracts for profi t
recognition purposes so that revenues are earned and
reported uniformly over the performance of the combined
contracts.
-7-
REGQSA ENGINEERING, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
FIXED ASSETS
Property and equipment are stated at cost and include
expenditures which increase the useful lives of existing
property and equipment. Maintenance and repairs are
charged to operations as incurred. When property and
equipment is disposed of, the related cost and
accumulated depreciation is removed from the respective
accounts and any gain or loss is reflected in the results
of operations. Depreciation of property and equipment is
provided for Book purposes using the straight-line method
over the estimated useful lives of the assets.
INCOME TAXES
The corporation has elected to be taxed
corporation. In lieu of corporation
shareholders of an "s" corporation are
company's taxable income. No provision for
are made in these financial stat~ments.
as an "s"
taxes, the
taxed on the
income taxes
PROVISION FOR BAD DEBTS
Uncollectible amounts due to differences on contracts or
amounts considered not collectible are charged to bad
debt expense in the period they become uncollectible.
All amounts included in accounts receivable at the end of
the period are considered collectible in full.
RELATED PARTY TRANSACTIONS
The Loans Receivable - Lenox on the Balance Sheet for
$48,890 as of 9/30/98 is a Loan Receivable from Lenox
Development, Inc.. Lenox Development, Inc. borrows money
from Regosa Engineering, Inc. in the form of construction
costs paid by R~gosa Engineering, Inc. . Lenox
Development, Inc. is an 1120S corporation owned by the
same owners as Regosa Engineering, Inc.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL
STATEMENTS
The preparation of financial statements in conformi ty
with generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
-8-
NOTE 3:
NOTE 4:
REGOSA ENGINEERING, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
ACCOUNTS RECEIVABLE
EF Language School (Over 90 days)
$ 55,000
22,038
25,000
116,000
102,750
218,750
41,451
30,600
72,051
$ 392,839
---------
---------
Gnome Group (Over 90 days)
Whittall & Shon (Over 90 days)
Annie Coleman (0-30 days)
(31-60 days)
Miami Beach Police (0-30 days)
(31-60 days)
Total Accounts Receivable
CREDIT LINE
The company has a credit line of $120,000 which is due on
8/20/99 and the interest charged is 2% over the prime
rate. As of 9/30/98 the company owes $76,247 on this
credit line.
-9-
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