HD Worxs collected $440,580 from AshBritt against $447,958 of operating costs that JWTC funded through Note Receivable advances. The project is functionally break-even on cash basis. JWTC's $602,841 in operating advances plus $68,093 of accrued interest at the contractual 8.00% APR remain outstanding from HD Worxs and will be settled via inter-entity offset against HD Worxs's share of the Baltimore project margins (separate reconciliation). Field-level economics were healthy: 64.8% weighted gross margin on the 45 of 49 ticket-matched samples reviewed; zero negative-margin tickets across all 218 sub-pay records.
| Section | Date | Provision | Value / Term |
|---|---|---|---|
| Master Agreement | Nov 27, 2024 | HD Worxs / JWTC Co-Contracting Agreement (DocuSign) | — |
| § 1.C | — | Profit/loss split for Work under HD Worxs AshBritt subcontract (Florida) | 50 / 50 |
| § 1.D | — | Equipment purchased by JWTC remains JWTC property; HD Worxs buyout option at half original cost | $269,725 |
| § 1.G | — | JWTC loan/LOC interest rate | 8.00% APR |
| § 3.C | ~Mar 2025 | Termination upon Work completion (triggered) | — |
| Signatories — HD Worxs (Patrick Haygood + David Frederick) and JWTC (J.W. Turner) | All signed | ||
| Snapshot | Through Date | Yards | Water $ | Haul $ | Amount | Status |
|---|---|---|---|---|---|---|
| AR Snapshot 1 | 12/07/2024 | 1,291.60 | $94,286.80 | $9,150.40 | $103,437.20 | Paid |
| AR Snapshot 2 | 01/04/2025 | 2,128.50 | 155,380.50 | 23,562.24 | 178,942.74 | Paid |
| AR Snapshot 3 | 02/01/2025 | 1,514.50 | 63,531.90 | 10,267.34 | 73,799.24 | Paid |
| Post-2/1 Final² | Mar 2025 | ~1,170 | — | — | 84,400.33 | Paid |
| Total Revenue Collected from AshBritt | $440,579.51 | All Paid | ||||
| Cost Category | Detail | Amount | % of Costs |
|---|---|---|---|
| Subcontractor Vendor Payments | Mass, Tree Daddy, Posey, Engelsma, Clawguy, Fearless, Midland, Z&H | $235,419.58 | 52.6% |
| Total Subcontractor Costs | $235,419.58 | 52.6% | |
| Equipment Share Rentals | Excavators & lifts (Jan–Apr 2025) | 71,337.48 | 15.9% |
| One-Time "Debris Removal Consulting" | 5 individuals on 1/16/25³ | 56,234.40 | 12.6% |
| Airbnb Lodging | Nov 2024 – Feb 2025 | 30,723.22 | 6.9% |
| Field Management Personnel | Travis Aubert, Diana Hilyard (ABB Inc.), Jerome Lavely | 28,474.00 | 6.4% |
| Monthly Personnel ("Month of January") | Midnight Complex, J. Simon, T. Key, M. Esposito³ | 25,769.00 | 5.8% |
| Total Other Operating Costs | $212,538.10 | 47.4% | |
| Total Direct Project Costs (JWTC-Funded) | $447,957.68 | 100.0% | |
| Revenue Collected (AshBritt → HD Worxs) | $440,579.51 |
| Less: Subcontractor Vendor Payments | (235,419.58) |
| Less: Equipment Share Rentals | (71,337.48) |
| Less: One-Time Consulting (1/16/25) | (56,234.40) |
| Less: Airbnb Lodging | (30,723.22) |
| Less: Field Management Personnel | (28,474.00) |
| Less: Monthly Personnel ("Month of January") | (25,769.00) |
| Total Direct Costs (JWTC-Funded) | (447,957.68) |
| Net Cash Result, Pre-Overhead | ($7,378.17) |
| Net result as % of revenue | (1.7%) |
| Note: This statement is presented pre-overhead. The receivable owed by HD Worxs (NR principal $602,841 + interest $68,093 = $670,935) is not deducted here because it is to be cleared via inter-entity netting against the Baltimore project, not against this project's revenue. See Statement of JWTC Receivable Position below. | |
| Operating advances to HD Worxs — LOC sub-account | $230,208.22 |
| Operating advances to HD Worxs — Project Costs sub-account | 372,633.21 |
| Note Receivable Principal Owed | $602,841.43 |
| Plus: Interest Receivable accrued at 8.00% APR (Dec 2024 – May 2026) | 68,093.42 |
| Total Sarasota Receivable Owed by HD Worxs | $670,934.85 |
| Recovery mechanism: Inter-entity netting against HD Worxs's share of Baltimore project margins. HD Worxs is holding the $440,580 AshBritt cash as working capital for ongoing operations (Flint & Peace Creek, etc.); JWTC is not pursuing a cash paydown. Interest rate was previously booked at 8.40% APR; restated to 8.00% per Agreement Section 1.G, reversing approximately $724 of cumulative over-accrual. | |
| Metric | Value | Basis |
|---|---|---|
| Sub-pay tickets analyzed | 218 | All Sub Pay Master entries through 2/22/25 |
| FDEM revenue tickets joined to sub-pay | 45 of 49 | 92% match rate; remainder fall outside FDEM extract period |
| Tickets with negative margin | 0 | Every ticket profitable at field level |
| Median ticket-level margin (matched) | 36.0% | Unweighted |
| Weighted gross margin (matched) | 64.8% | Revenue-weighted across 45 matched tickets |
| Total field yardage | 8,014.75 cy | Sub Pay Master printed total, Nov 2024 – Feb 2025 |
| Field economics are healthy. The thin operating margin is overhead burden, not field-level pricing. | ||
1. Cost ownership. The $447,958 of direct project costs presented above reflects only the operating costs JWTC funded through Note Receivable advances to HD Worxs. Costs that HD Worxs paid out of its own working capital (using AshBritt collections or other funds) are not visible on JWTC's books and are not included in this statement. Total all-in project cost from HD Worxs's perspective is therefore equal to or greater than the figure shown.
2. Post-2/1/25 AR snapshot. JWTC has three documented AR snapshots totaling $356,179.18. Brian Benoit confirmed on 6/11/26 that AshBritt has paid HD Worxs $440,579.51 in full, implying an additional $84,400.33 of post-2/1/25 billing for which the AR snapshot has not yet been provided by Patrick Haygood. The Sub Pay Master shows approximately 2,833 yards of post-2/1 field work consistent with that residual billing amount. Awaiting final snapshot for documentation completeness.
3. Related-party personnel payments. The 1/16/25 "Debris Removal Consulting" batch and 2/14/25 "Month of January" personnel batch include overlap for three individuals (Joe Simon, Tanner Key, Michael Esposito). Total January payouts to these three: J. Simon $18,025; T. Key $20,481; M. Esposito $12,300. Scope distinction between the two payment streams is being documented for audit support.
4. Excluded costs. This statement does not include allocated corporate G&A, project management labor (Patrick Haygood), insurance, bonding, or banking fees. Equipment carrying costs (depreciation, property tax, insurance) on the $539,450 of marine equipment owned by JWTC are also excluded — that equipment is treated as a separate matter and will reconcile with the Baltimore project. Standard JWTC overhead allocation for a project of this size is estimated at $40,000 – $70,000.
5. Patrick Haygood related-party note. Patrick Haygood, JWTC's Roving Ops Manager, signed the Co-Contracting Agreement as a Member of HD Worxs, LLC. Conflict-of-interest governance protocols for related-party transactions are being reviewed separately and are not part of this project P&L.
6. Going-forward policy. Per Brian Benoit's directive (6/11/26), beginning with the next project, JWTC will hold prime contracts directly. HD Worxs and other field partners will operate as standard subcontractors to JWTC under documented payment terms. The financier-of-sub-entity structure used on Sarasota will not be repeated.
7. Source documents. HD Worx — JWTC Co-Contracting Agreement signed 11/27/24 (DocuSign envelope B681296D-6C10-4833-931C-1338A8AA0C81); Sarasota_QB_files_as_of_061026 (NR, NP, Interest, FA registers); HD_Worx_LLC_Payment_Detail (Payment Recon, AR Summary, Equipment Detail, Reimbursement Detail); Sub_Pay_Master_3.3.25 (218 sub-tier ticket records); HD_Worx_FDEM_Water_Sub_Data_as_of_02.01.25 (49 raw FDEM/DDMS/TOLS ticket records).