Risks and Uncertainties. For information concerning various investigations, claims, legal proceedings, environmental investigations and remedial actions, and notices from the IRS, see Note 19. For information concerning factors affecting future performance, see Management's Discussion and Analysis. Costs incurred under cost-reimbursable government contracts, primarily in the former Technical Services segment, which is presented as discontinued operations, are subject to audit by the government. The results of prior audits, completed through 1995, have not had a material effect on the Company. The Company's management and operations contracts with the DOE are presented as discontinued operations. The Company's last DOE management and operations contract expired on September 30, 1997. The Company is in the process of negotiating contract closeouts and does not anticipate incurring any material loss in excess of previously established reserves.
Risks and Uncertainties. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Fair Value of Financial Instruments. The carrying amounts for cash, cash equivalents, accounts payable, and accrued expenses approximate fair value because of their short-term nature. The carrying amounts for the Company's debt instruments approximate fair value. Reclassifications. Certain prior year amounts have been reclassified to conform to the current year presentation.
Risks and Uncertainties. To the best of Seller’s knowledge and belief, there are no risks and uncertainties related to certain significant estimates and current vulnerabilities due to certain concentrations that have not been disclosed in accordance with AICPA Statement of Position 94-6, Disclosures of Certain Significant Risks and Uncertainties (as we understand such AICPA Statement of Position 94-6 based on discussions we have had with you).
Risks and Uncertainties. The Partnership relies on revenues generated from its gathering, compression and water distribution systems, all of which are located in three counties within the Appalachian Basin. As a result of this concentration, the Partnership may be disproportionately exposed to the impact of regional supply and demand factors, delays or interruptions of production from xxxxx in this area. Additionally, the Partnership is substantially dependent on Rice Energy as its most significant current customer, and the Partnership expects to derive a substantial majority of its revenues from Rice Energy for the foreseeable future. As a result, any event, whether in the Partnership’s dedicated areas or otherwise, that adversely affects Rice Energy’s production, drilling and completion schedule, financial condition, leverage, market reputation, liquidity, results of operations or cash flows may adversely affect its revenues and cash available for distribution. Revenue Recognition Revenues relating to the gathering of natural gas are recognized in the period service is provided. Under these arrangements, the Partnership receives a fee or fees for gathering of natural gas and/or compression services. The revenue the Partnership earns from these arrangements is generally directly related to the volume of natural gas that flows through its systems. Revenue is recognized for gathering activities when deliveries of natural gas are made. Cash The Partnership maintains cash at financial institutions which may at times exceed federally insured amounts and which may at times significantly exceed combined balance sheet amounts due to outstanding checks. The Partnership has no other accounts that are considered cash equivalents. Accounts Receivable Accounts receivable are stated at their historical carrying amount. The Partnership extends credit to parties in the normal course of business based upon management’s assessment of their creditworthiness. A valuation allowance is provided for those accounts for which collection is estimated as doubtful; uncollectible accounts are written off and charged against the allowance. In estimating the allowance, management considers, among other things, how recently and how frequently payments have been received and the financial position of the party. There was no allowance recorded for any of the years presented in the combined financial statements.
Risks and Uncertainties. 9.1 EU regulations state a 10 day standstill period is required upon notification to all tenderers of the successful bidder.
Risks and Uncertainties. 6.1. The report to Cabinet in March 2014 identified a number of risks in establishing and for the ongoing operation of the partnership. In terms of ongoing risks to the partnership, these are set out below: Category Risk Action / Controls Partnership operates at loss as income falls below target Accounts kept under review by Board. Business case is based on a realistic income forecasting. Increase income from higher fees. Insufficient allowance made for running costs Current estimate is based on existing budgets and the Manager’s experience. Monthly budget monitoring and reports.
Risks and Uncertainties. The Company operates as a virtual telecommunications reseller and as such does business with customers located in various jurisdictions throughout the United States. Companies that operate in this Table of Contents GRASSHOPPER GROUP, LLC AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) industry face uncertainty as to what constitutes nexus for jurisdictions to levy taxes, fees and surcharges for sales made over the internet. Therefore, taxing authorities or other regulatory bodies may challenge the Company’s position which could result in increased tax liabilities, penalties and interest. Management believes that a material assessment from a taxing authority or regulatory body is unlikely and as a result has not accrued for this potential exposure in the combined financial statements.
Risks and Uncertainties. The Company operates as a virtual telecommunications reseller and as such does business with customers located in various jurisdictions throughout the United States. Companies that operate in this industry face uncertainty as to what constitutes Nexus for jurisdictions to levy taxes, fees and surcharges for sales made over the Internet. Therefore, taxing authorities and other regulatory bodies may challenge the Company’s position which could result in increased tax liabilities, penalties and interest. Management believes that a material assessment from a taxing authority or regulatory body is unlikely and as a result has not accrued for this potential exposure in the combined financial statements. Revenue Recognition The Company recognizes service revenue net of regulatory taxes and surcharges and sales tax when each of the following conditions has been met: (1) there is persuasive evidence of an arrangement, (2) the service has been provided to the customer, (3) collectability is reasonably assured, and (4) the amount to be paid by the customer is fixed or determinable. The Company’s service revenue is billed in advance on a monthly basis and usage revenue is billed monthly in arrears.
Risks and Uncertainties. There are no risks and uncertainties related to significant estimates and current vulnerabilities due to material concentrations that have not been disclosed in accordance with AICPA Statement of Position 94-6,
Risks and Uncertainties. The Company is subject to substantial risks from, among other things, intense competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets.
