Hopefully that answered your question, if you have any more please feel free to ask.

Not really. It's great that you're going to save up and pay a programmer up front for their time and work, I just don't get why you wouldn't do the same for an artist or a musician?
It makes you come across as thinking that art and music is an afterthought, and that programming is more important. Now you're entitled to think that, but I can't imagine its going to put you in many artists good books by doing so.

I would suggest waiting a few more months to save up for some art or cut back on the programming and use some of that money to pay for art assets.

Please bear in mind that I personally wouldn't do a profit share for anything less than 25/30%. In a profit share, the second party is taking the risk so therefore it stands to reason that they should potential be getting more out of the deal then if they were paid up front.

Submit the work:
You can submit a sample of your work here or via Private Message which is preferred and after the time frame i will evaluate the work to choose the winner which will later work with me on the other Levels for the game.

Note:
Please! Please! don't send your profile via Private Message but only sample for the actual work i'm looking for to review it.

So you expect us to create a sample for free for the chance to 'win' a contract?

How about you do what everyone else does. Which is...
- check out peoples portfolio
- select the artists that you like best
- PAY 2 or 3 to make a sample for you.
- Select the best sample and offer them the full job

Looking for more work

You're unlikely to get a respose without giving any details on the sort of game you want to make.
Also it would benifit you to give more background on what you've done yourself in the past.

No one is going to jump into a project (especially a revenue share one) with no idea of who they're working with, and what they will be working on.

The first is a single sprite roughly 50x60. Although slightly bigger or smaller would be fine if it looks better.

I need him beefed up a bit in a "Duke Nukem" kind of way and in a pose similar to this...
http://www.beastsofwar.com/wp-content/uploads/2013/01/Geurilla.jpg
But instead of a heavy machine gun he would be holding a big rocket launcher at waist height.

The second sprite would be a 40x40 sprite of a child holding a white stuffed bear (might have to make it wider than 40 to fit the bear in, depends on how you drawn him holding the bear).
This sprite would then need a couple of basic animations, but I can give further details if selected for the job
The bear would have to be fairly sizable but not bigger than the kid, so I'll leave judgement up to you.
If I could get the single sprite done first, then once we have that perfect we could do the animation.

It would be great if people could send me their portfolios and quote estimations to matwek@hotmail.com

I need these to be done relatively quickly, within this week or next if possible. So please only contact me if you have the time and are easy to get in contact with.

If all goes well then there is the potential for more work as I always have at least one project on the go at any one time.