|
Consolidated
Balance Sheet
|
| |
|
| June
30, 1985 |
|
| ASSETS |
|
| Current
Assets |
|
| |
Cash
including interest-bearing deposits of $300,000 |
$
|
388,969
|
| |
Receivables: |
|
| |
|
Trade
accounts |
$
921,909 |
| |
|
Current
installments of notes receivable |
$91,660 |
| |
|
|
| |
Total
Receivables |
1,1013,569
|
| |
|
|
| |
Prepaid
expenses |
29,663
|
| |
|
|
|
|
Total
Current Assets |
1,432,201
|
|
|
|
|
|
|
|
|
|
|
| |
Investment
in common stock of a bank (Notes 3,4, and 10) |
2,694,141
|
| |
Notes
Receivable, less current installments |
854,817
|
| |
Property
held for sale (Notes 3 and 5) |
133,085
|
| |
Property
and Equipment (Notes 3 and 6) |
1,904,762
|
| |
Resource
development costs |
1,101,983
|
| |
Land
and Subsurface estate (Note 2) |
-
|
| |
Other
Assets |
17,181
|
| |
|
$8,138,170
|
| |
|
|
| |
|
|
| LIABILITIES
AND SHAREHOLDERS' DEFICIENCY |
|
| |
|
|
| Current
Liabilities |
|
| |
Current
installments of long-term debt (Note 3) |
$
|
277,005
|
| |
Debt
in default, including $1,530,932 of accrued interest and penalties
(Note 3) |
3,515,372
|
| |
Accounts
payable and accrued expenses |
266,153
|
| |
Other
current liabilities |
118,659
|
| |
Due
to affiliated village corporations, including $786,903 of accrued
interest (Note 7) |
13,541,129
|
| |
|
|
| |
Total
Current Liabilities |
17,718,318
|
| |
|
|
| Long-term
Debt, less debt in default and current installments (note
3) |
2,388,245
|
| |
|
| Shareholders'
deficiency: |
|
| |
Capital
Stock (Note 9) |
$
-
|
| |
Contributed
capital (notes 2 and 11) |
$38,224,763
|
| |
Deficit |
(50,193,156)
|
| |
Total
Shareholders' deficiency |
(11,968,393)
|
| |
Commitments
and contingencies (Notes 3,4,7 & 10) |
_______________
|
| |
|
|
| |
|
$8,138,170
|
| |
|
|
| See
accompanying notes to consolidated financial statements. |
|
|
|
