CCOM GROUP, INC.
ANNUAL FINANCIAL STATEMENTS
AND RELATED FOOTNOTES
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
CCOM GROUP, INC. AND SUBSIDIARIES | |
Index to Consolidated Financial Statements | |
CONTENTS | |
Page | |
Independent Auditors' Report ……………………………..................................................................... | 2 |
Consolidated Balance Sheets as of December 31, 2021 and 2020 ……………………………….......... | 4 |
Consolidated Statements of Income for the Years Ended December 31, 2021 and 2020 …………… ... | 5 |
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2021 and 2020 | 6 |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and 2020 ………… | 7 |
Notes to the Consolidated Financial Statements …………………………………………………......... | 8 |
1 |
EisnerAmper LLP
111 Wood Avenue South
Iselin, NJ 08830-2700
T 732.243.7000
F 732.951.7400www.eisneramper.com
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of CCOM Group, Inc.
Report on the Audit of the Financial Statements
Opinion
We have audited the consolidated financial statements of CCOM Group, Inc. and Subsidiaries (the "Company"), which comprise the balance sheets as of December 31, 2021 and 2020, and the related statements of income, stockholders' equity, and cash flows for each the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of CCOM Group, Inc. and Subsidiaries as of December 31, 2021 and 2020, and the results of their operations and their cash flows for each of the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America ("GAAS"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.
"EisnerAmper" is the brand name under which EisnerAmper LLP and Eisner Advisory Group LLC provide professional services. EisnerAmper LLP and Eisner Advisory Group LLC are independently owned firms that practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. EisnerAmper LLP is a licensed CPA firm that provides attest services, and Eisner Advisory Group LLC and its subsidiary entities provide tax and business consulting services. Eisner Advisory Group LLC and its subsidiary entities are not licensed CPA firms.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
EISNERAMPER LLP
Iselin, New Jersey March 31, 2022
EisnerAmper LLPwww.eisneramper.com
Current assets: |
Cash |
Accounts receivable, net of allowance for doubtful accounts of $674,491 and $766,459, respectively |
Inventory |
Prepaid expenses and other current assets |
Total current assets |
Property and equipment |
Goodwill |
Other assets - noncurrent |
Deferred tax asset - noncurrent |
Liabilities and Stockholders' Equity
Current liabilities: |
Borrowings under credit facility - revolving credit |
Notes payable, current portion |
Trade payables |
Accrued liabilities |
Income taxes payable |
Total current liabilities |
Notes payable, excluding current portion |
Deferred tax liability - noncurrent |
Total liabilities |
Commitments and contingencies |
Stockholders' equity: |
Redeemable convertible preferred stock, $.05 par value, 2,500,000 shares authorized, 284,612 shares issued |
and outstanding, liquidation preference of $1,423,060 |
Common stock, $.05 par value, 20,000,000 shares authorized, 9,154,928 shares issued and outstanding |
Additional paid-in capital |
Retained earnings |
Total stockholders' equity |
The accompanying notes are an integral part of these consolidated financial statements. |
4 |
CCOM GROUP, INC. AND SUBSIDIARIES | |
Consolidated Balance Sheets | |
December 31, | December 31, |
2021 | 2020 |
Assets | |
$ 281,889 | $ 388,267 |
10,739,082 | 10,305,665 |
25,496,908 | 20,936,936 |
751,647 | 749,053 |
37,269,526 | 32,379,921 |
1,498,246 | 1,095,506 |
1,416,929 | 1,416,929 |
564,720 | 188,824 |
2,400,678 | 2,548,575 |
$43,150,099 | $37,629,755 |
$8,705,539 | $9,151,368 |
157,561 | 627,009 |
5,737,877 | 5,892,126 |
3,565,042 | 2,450,810 |
2,557 | 2,850 |
18,168,576 | 18,124,163 |
341,445 | 2,247,742 |
354,000 | 354,000 |
18,864,021 | 20,725,905 |
14,231 | 14,231 |
457,746 | 457,746 |
12,596,853 | 12,596,853 |
11,217,248 | 3,835,020 |
24,286,078 | 16,903,850 |
$43,150,099 | $37,629,755 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CCOM Group Inc. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 18:45:03 UTC.