EX-99.1 2 exh991nov.txt This Monthly Financial Report (the "Financial Report") is limited in scope, covers a limited time period and has been prepared soley for purposes of complying with the monthly reporting requirements of the United States Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial information for EWP has been omitted from the Financial Report. The Financial Report is unaudited and does not purport to show the financial statements of Keystone or any of its subsidiaries in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed upon the Financial Report. There can be no assurance that such information is complete. MONTHLY FINANCIAL REPORT OFFICE OF THE U.S. TRUSTEE EASTERN DISTRICT OF WISCONSIN Case Name: FV Steel & Wire Company ("FVSW") Case No: 04-22421-SVK Keystone Consolidated Industries, Inc. ("KCI") 04-22422-SVK DeSoto Environmental Management, Inc. ("DEMI") 04-22423-SVK J.L. Prescott Company ("JLP") 04-22424-SVK Sherman Wire Company ("SWC") 04-22425-SVK Sherman Wire of Caldwell, Inc.("SWCI") 04-22426-SVK FOR MONTH OF NOVEMBER, 2004. I. FINANCIAL SUMMARY
CASH RECEIPTS AND DISBURSEMENTS FVSW KCI DEMI JLP SWC SWCI Total A. CASH ON HAND START OF MONTH $0 $9,138,891 $0 $0 $479 $0 $9,139,370 ---------------------------------------------------------------------- B. RECEIPTS 0 58,458,552 0 0 13,593 1,250 58,473,395 C. DISBURSEMENTS 0 54,781,232 0 0 14,929 1,250 54,797,411 ---------------------------------------------------------------------- D. NET RECEIPTS (DISBURSEMENTS) 0 3,677,320 0 0 (1,336) 0 3,675,984 ---------------------------------------------------------------------- E. CASH ON HAND END OF MONTH $0 $12,816,211 $0 $0 ($857) $0 $12,815,354 ======================================================================
Note 1 - KCI Cash On Hand At End of Month includes $10,651,790 of cash held in escrow for PSC Metals, Inc. pending resolution of disputed ferrous scrap ownership. (See U.S. Bank - Portland, Oregon accounts # 15365681004 and # 436000100). Note 2 - KCI Receipts and Disbursement exclude transfers between KCI cash accounts of $56,263,400. PROFIT AND LOSS STATEMENT ACCRUAL BASIS
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total A NET SALES $0 $20,485,442 $0 $0 $1,173,854 $0 $21,659,296 ($1,131,362) $20,527,934 B. COST OF SALES 0 18,542,731 0 0 864,515 0 19,407,246 (1,131,362) 18,275,884 ----------------------------------------------------------------------------------------------- C. GROSS PROFIT 0 1,942,711 0 0 309,339 0 2,252,050 0 2,252,050 D. TOTAL OPERATING EXPENSES 3,549 4,397,538 0 60,000 329,701 9,400 4,800,188 (202,612) 4,597,576 ----------------------------------------------------------------------------------------------- E. NET INCOME (LOSS) FROM OPERATION(3,549)(2,454,827) 0 (60,000) (20,362) (9,400) (2,548,138) 202,612 (2,345,526) F. NON-OPERATING, NON-RECURRING REVENUEE(EXPENSES)) 7,713 (539,042) 60,000 0 69,357 0 (401,972) (202,612) (604,584) ----------------------------------------------------------------------------------------------- H. NET INCOME (LOSS) $4,164 ($2,993,869)$60,000 ($60,000) $48,995 ($9,400)($2,950,110) $0 ($2,950,110) ===============================================================================================
Page 1 of 5 This Monthly Financial Report (the "Financial Report") is limited in scope, covers a limited time period and has been prepared soley for purposes of complying with the monthly reporting requirements of the United States Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial information for EWP has been omitted from the Financial Report. The Financial Report is unaudited and does not purport to show the financial statements of Keystone or any of its subsidiaries in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed upon the Financial Report. There can be no assurance that such information is complete. II. PROFIT & LOSS STATEMENT (ACCRUAL BASIS)
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total A. Related to Business Operations: Total Revenue (Sales) $20,485,442 $1,173,854 $21,659,296 ($1,131,362) $20,527,934 ----------------------------------------------------------------------------------------------- Less: Cost of Goods Sold: Beginning Inventory at Cost 40,194,517 2,140,313 42,334,830 42,334,830 Add: Purchases 34,657,460 964,371 35,621,831 (1,131,362) 34,490,469 Less: Ending Inventory at Cost 56,309,246 2,240,169 58,549,415 58,549,415 ----------------------------------------------------------------------------------------------- Cost of Good Sold 0 18,542,731 0 0 864,515 0 19,407,246 (1,131,362) 18,275,884 ----------------------------------------------------------------------------------------------- Gross Profit 0 1,942,711 0 0 309,339 0 2,252,050 0 2,252,050 ----------------------------------------------------------------------------------------------- Less: Operating Expenses: Officer Compensation 40,577 40,577 40,577 Salaries and Wages -- Othe Employees 1,082,182 77,423 1,159,605 1,159,605 Employee Benefits and Pensions 105 1,031,376 34,001 3,831 1,069,313 1,069,313 Payroll Taxes 91,310 13,405 104,715 104,715 Real Estate Taxes 12,232 10,852 (192) 22,892 22,892 Federal and State Income Taxes 0 0 0 Rent and Lease Expense 29,822 1,838 31,660 31,660 Interest Expense 421,992 60,000 481,992 (191,743) 290,249 Insurance (677,821) 12,730 (665,091) (665,091) Automobile Expense 0 0 0 0 Utilities 424,768 11,192 271 436,231 436,231 Depreciation and Amortization 3,444 977,646 89,960 4,297 1,075,347 1,075,347 Repairs and Maintenance 143,213 9,439 0 152,652 152,652 Advertising 44,677 44,677 44,677 Supplies, Office Expense and Photocopies130,482 7,480 137,962 137,962 Bad Debts 0 0 0 Miscellaneous 0 645,082 0 0 61,381 1,193 707,656 (10,869) 696,787 ----------------------------------------------------------------------------------------------- Total Operating Expenses 3,549 4,397,538 0 60,000 329,701 9,400 4,800,188 (202,612) 4,597,576 ----------------------------------------------------------------------------------------------- Net Income (Loss) From Operation(3,549)(2,454,827) 0 (60,000) (20,362) (9,400) (2,548,138) 202,612 (2,345,526) ----------------------------------------------------------------------------------------------- B. Not Related to Business Operations: Revenue: Interest Income 713 13,656 60,000 131,743 206,112 (191,743) 14,369 Net Gain (Loss) on Sale of Assets (6,040) (6,040) (6,040) Other 7,000 49,892 0 0 0 0 56,892 (10,869) 46,023 ----------------------------------------------------------------------------------------------- Total Non-Operating Revenue 7,713 57,508 60,000 0 131,743 0 256,964 (202,612) 54,352 ----------------------------------------------------------------------------------------------- Expenses: Legal and Professional Fees 0 596,550 0 0 62,386 0 658,936 0 658,936 Other 0 0 0 0 0 0 0 0 0 ----------------------------------------------------------------------------------------------- Total Non-Operating Expenses 0 596,550 0 0 62,386 0 658,936 0 658,936 ----------------------------------------------------------------------------------------------- Net Income (Loss) For Period $4,164 ($2,993,869)$60,000 ($60,000) $48,995 ($9,400)($2,950,110) $0 ($2,950,110) ===============================================================================================
Note 1 - Beginning and ending inventory balances shown above do not include reserves related to LIFO and obsolescence that are reflected in the inventory balances shown on the Balance Sheet. Note 2 - Interest income at DEMI and SWC is based on the balance of intercompany receivables. Page 2 of 5 This Monthly Financial Report (the "Financial Report") is limited in scope, covers a limited time period and has been prepared soley for purposes of complying with the monthly reporting requirements of the United States Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial information for EWP has been omitted from the Financial Report. The Financial Report is unaudited and does not purport to show the financial statements of Keystone or any of its subsidiaries in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed upon the Financial Report. There can be no assurance that such information is complete. IV. BALANCE SHEET
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- -------- ----- ASSETS Current Cash $12,816,211 ($857) $12,815,354 $12,815,354 Inventory 53,582 39,288,666 2,435,360 41,777,608 41,777,608 Accounts Receivable 28,695,879 691,231 6,000 29,393,110 29,393,110 Prepaid Expenses 1,455,587 143,480 1,264 1,600,331 1,600,331 Other - Exhibit E 76,425 902,642 15,149,793 0 294,558 0 16,423,418 (15,447,854) 975,564 ------------------------------------------------------------------------------------------------------------- Total Current Assets 130,007 83,158,985 15,149,793 0 3,563,772 7,264 102,009,821 (15,447,854) 86,561,967 ------------------------------------------------------------------------------------------------------------- Fixed Property and Equipment 1,175,330 323,820,024 21,679,004 2,285,279 348,959,637 348,959,637 Accumulated Depreciation (733,318) (242,001,188) (17,056,964) (1,823,364)(261,614,834) (261,614,834) -------------------------------------------------------------------------------------------------------------- Total Fixed Assets 442,012 81,818,836 0 0 4,622,040 461,915 87,344,803 0 87,344,803 -------------------------------------------------------------------------------------------------------------- Other Restricted Investments 5,716,907 248,296 5,965,203 5,965,203 Prepaid Pension Asset 135,544,112 135,544,112 135,544,112 Deferred Financing Costs 1,323,145 1,323,145 1,323,145 Goodwill 751,508 751,508 751,508 Other - Exhibit F 115,000 39,599,978 0 0 2,246,871 0 41,961,849 (41,173,674) 788,175 -------------------------------------------------------------------------------------------------------------- Total Other Assets 115,000 182,935,650 0 0 2,495,167 0 185,545,817 (41,173,674) 144,372,143 -------------------------------------------------------------------------------------------------------------- Total Assets $687,019 $347,913,471 $15,149,793 $0 $10,680,979 $469,179 $374,900,441($56,621,528)$318,278,913 ============================================================================================================== LIABILITIES Current Pre-Petition Accounts Payable 19,656,412 1,012,833 54,503 20,723,748 20,723,748 Post-Petition Accounts Payable 10,664,196 134,071 2,500 10,800,767 10,800,767 Pre-Petition Accounts Payable -Affiliates (2,649,073) 88,168,050 5,774,107 15,552,291 (89,758,156) (1,459,080) 15,628,139 (14,904,350) 723,789 Post-Petition Accounts Payable -Affiliates (133,005) 4,103,345 310,882 418,530 (993,929) (146,773) 3,559,050 (543,504) 3,015,546 Pre-Petition Accrued Expenses - Exhibit G 3,183 16,806,618 35,632 (36,000) 6,668,380 64,082 23,541,895 0 23,541,895 Post-Petition Accrued Expenses - Exhibt H 0 11,227,989 0 0 230,016 (2,580) 11,455,425 0 11,455,425 Post-Petition Accrued Professional Fees 4,069,450 2,939 4,072,389 4,072,389 Post-Petition Accrued Other Taxes - Exhibit M 207,196 0 0 91,094 1,881 300,171 0 300,171 Pre-Petition Notes Payable and Current Maturities of Long Term Debt 28,116,000 20,290 28,136,290 28,136,290 Post-Petition Notes Payable and Current Maturities of Long Term Debt 27,800,771 (15,743) 27,785,028 27,785,028 Accrued OPEB Cost 11,441,001 155,000 297,662 11,893,663 11,893,663 Income Taxes Payable Pre-petition accrued pref. Stock dividends 11,845,805 11,845,805 11,845,805 Post petition accrued pref. Stock dividends 5,461,178 5,461,178 5,461,178 ------------------------------------------------------------------------------------------------------------- Total Current Liabilities (2,778,895) 239,568,011 6,120,621 16,089,821 (82,310,543) (1,485,467) 175,203,548 (15,447,854) 159,755,694 ------------------------------------------------------------------------------------------------------------- Long Term Pre-Petition Long Term Debt 32,180,761 32,180,761 32,180,761 Post-Petition Long Term Debt 0 0 Accrued OPEB Cost 34,849 115,580,883 1,446,589 9,116,120 126,178,441 126,178,441 Accrued Pension Cost 3,025,528 3,025,528 3,025,528 Pre-Petition Accrued Expenses - Exhibit I 0 11,096,137 3,573,908 0 0 0 14,670,045 0 14,670,045 Post-Petition Accrued Expenses - Exhibit J 0 851,306 (184,511) 0 0 0 666,795 0 666,795 ---------------------------------------------------------------------------------------------------------- Total Long Term Liabilities 34,849 162,734,615 3,389,397 1,446,589 9,116,120 0 176,721,570 0 176,721,570 ---------------------------------------------------------------------------------------------------------- Preferred Stock 2,112,000 2,112,000 2,112,000 ---------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY (DEFICIT) Common Stock 10,000 10,798,251 6 2,246,866 5,619,274 1,000 18,675,397 (7,877,145) 10,798,252 Additional Paid-In Capital 35,764,318 27,579,007 63,343,325 (27,579,007) 35,764,318 Accumulated Deficit 3,421,065 (103,051,599)5,639,769 (19,783,276) 84,234,574 1,953,646 (27,585,821) (39,274,975)(66,860,796) Treasury Stock (12,125) (33,557,453) (33,569,578) 33,557,453 (12,125) ---------------------------------------------------------------------------------------------------------- Total Stockholders' Equity (Deficit) 3,431,065 (56,501,155)5,639,775 (17,536,410) 83,875,402 1,954,646 20,863,323 (41,173,674)(20,310,351) ---------------------------------------------------------------------------------------------------------- Total Liabilities & Stockholders' Equity (Deficit) $687,019 $347,913,471$15,149,793 $0 $10,680,979 $469,179 $374,900,441 ($56,621,528)$318,278,913 ============================================================================================================
Note 1 - Inventory balances above reflect reserves related to LIFO and obslescence that are not reflected in the inventory balances shown on the Profit & Loss Statement. Note 2 - Substantially all Current and Long Term Accrued OPEB (Future Retiree Medical) Costs were incurred pre-petition. Page 3 of 5 This Monthly Financial Report (the "Financial Report") is limited in scope, covers a limited time period and has been prepared soley for purposes of complying with the monthly reporting requirements of the United States Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial information for EWP has been omitted from the Financial Report. The Financial Report is unaudited and does not purport to show the financial statements of Keystone or any of its subsidiaries in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed upon the Financial Report. There can be no assurance that such information is complete. EXHIBIT E OTHER CURRENT ASSETS
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------ ----- Interest Receivable $1,425 $1,425 $1,425 Note Receivable 75,000 75,000 75,000 Intercompany Receivable 825,083 15,149,793 294,558 16,269,434 (15,447,854) 821,580 Short Term Investments 20,428 20,428 20,428 Receivable From EB Plans 54,704 54,704 54,704 Stop Loss Receivable 1,927 1,927 1,927 Security Deposit 500 500 500 -------------------------------------------------------------------------------------------- $76,425 $902,642 $15,149,793 $0 $294,558 $0 $16,423,418 ($15,447,854)$975,564 ============================================================================================
EXHIBIT F OTHER LONG TERM ASSETS
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------- ----- Note Receivable $115,000 $115,000 $115,000 Rail Cars 345,125 345,125 345,125 Investment in Sherman Wire Corp. 38,915,803 38,915,803 (38,915,803) 0 Investment in Fox Valley Steel & Wire 10,000 10,000 (10,000) 0 Investment in Sherman Wire of Caldwell Inc. 1,000 1,000 (1,000) 0 Investment in J.L. Prescott/DEMI 2,246,871 2,246,871 (2,246,871) 0 Long Term Insurance Receivable 323,250 323,250 323,250 Deposits 4,800 4,800 4,800 0 0 --------------------------------------------------------------------------------------------- $115,000 $39,599,978 $0 $0 $2,246,871 $0 $41,961,849 ($41,173,674) $788,175 =============================================================================================
EXHIBIT G PRE-PETITION ACCRUED EXPENSES - CURRENT
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------ ----- Income Taxes $3,183 $35,632 ($36,000)($70,091) ($67,276) ($67,276) Worker Comp Exp 3,095,345 (168) 3,095,177 3,095,177 Missar Pension 0 19,935 19,935 19,935 Unclaimed Property 6,487 17,540 24,027 24,027 Abandoned Real Estate Exp 0 658,744 658,744 658,744 Legal and Professional Fees 245,464 487,932 733,396 733,396 Self-Insurance Liability 2,605,387 5,050,166 7,655,553 7,655,553 Pensions 0 15,704 15,704 15,704 Salaries/Wages 77,616 47,300 124,916 124,916 Holiday Pay/Vacations 78,910 127,854 206,764 206,764 FICA - Employer 0 3,257 3,257 3,257 Federal Unemployment Taxes 0 3,397 3,397 3,397 State Unemployment Taxes 0 20,577 20,577 20,577 Defined Contribution Plan 0 28,615 28,615 28,615 Medical Insurance 86,560 88,737 16,419 191,716 191,716 Utilities 0 5,049 (110) 4,939 4,939 Volume Incentive Plan 0 72,000 72,000 72,000 Property Tax 0 32,865 5,973 38,838 38,838 Sales/Use Tax 0 8,124 1,800 9,924 9,924 Customer Overpayments 0 50,843 50,843 50,843 Other - Plant Shut-Down 0 40,000 40,000 40,000 Goods received not invoiced 0 0 0 Unearned Revenue 0 0 0 Sales Rebates/Discounts 1,114,776 1,114,776 1,114,776 Manufacturing Misc 0 0 0 EPA 7,886,593 7,886,593 7,886,593 Medical Insurance 951,800 951,800 951,800 Accrued State Franchise Tax 172,743 172,743 172,743 Accrued Bank Service Charge (9,925) (9,925) (9,925) Accrued Interest 454,639 454,639 454,639 Accrued travel 40,223 40,223 40,223 Accrued taxes - other 0 0 -------------------------------------------------------------------------------------------- $3,183 $16,806,618 $35,632 ($36,000)$6,668,380 $64,082 $23,541,895 $0 $23,541,895 ============================================================================================
Page 4 of 5 This Monthly Financial Report (the "Financial Report") is limited in scope, covers a limited time period and has been prepared soley for purposes of complying with the monthly reporting requirements of the United States Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial information for EWP has been omitted from the Financial Report. The Financial Report is unaudited and does not purport to show the financial statements of Keystone or any of its subsidiaries in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed upon the Financial Report. There can be no assurance that such information is complete. EXHIBIT H POST PETITION ACCRUED EXPENSES - CURRENT
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------ ----- Abandoned Real Estate Exp 154 40,800 40,954 40,954 Pensions 0 72,236 72,236 72,236 Salaries/Wages 624,307 (5,665) 618,642 618,642 Holiday Pay/Vacations 4,673,809 8,495 4,682,304 4,682,304 Defined Contribution Plan 1,228,109 52,410 1,280,519 1,280,519 Medical Insurance 21,349 (20,543) (3,184) (2,378) (2,378) Utilities 220,436 57,872 604 278,912 278,912 Legal 172,975 (5,830) 167,145 167,145 Professional Fees 403,655 403,655 403,655 Goods Received Not Invoiced 669,067 669,067 669,067 Worker's Compensation 701,721 701,721 701,721 Unearned Revenue 769 769 769 Sales Rebates/Discounts 592,137 592,137 592,137 Abanondon Property 0 0 0 Miscellaneous 1,250,000 30,241 1,280,241 1,280,241 Accrued Bank Service Charge 22,682 22,682 22,682 Accrued Self-Insurance Losses (342,206) (342,206) (342,206) Accrued Interest 505,978 505,978 505,978 Accrued Travel 0 0 0 Accrued Profit Sharing 449,297 449,297 449,297 Accrued Management Fees 33,750 33,750 33,750 -------------------------------------------------------------------------------------------- $0 $11,227,989 $0 $0 $230,016 ($2,580)$11,455,425 $0 $11,455,425 ============================================================================================
EXHIBIT I PRE-PETITION ACCRUED EXPENSES - LONG TERM
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------ ----- Environmental 3,127,000 3,573,908 6,700,908 6,700,908 Workmans Compensation 1,846,775 1,846,775 1,846,775 Accrued Deferred Interest Exp. 781,715 781,715 781,715 L/T Deferred Compensation 15,660 15,660 15,660 Long Term Disability 32,987 32,987 32,987 L/T Deferred Tax Liability 5,292,000 5,292,000 5,292,000 0 0 -------------------------------------------------------------------------------------------- $0 $11,096,137$3,573,908 $0 $0 $0 $14,670,045 $0 $14,670,045 ============================================================================================
EXHIBIT J POST PETITION ACCRUED EXPENSES - LONG TERM
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------ ----- Workmans Compensation $848,579 $848,579 $848,579 Long Term Disability 2,727 2,727 2,727 Environmental (184,511) (184,511) (184,511) 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------------------- $0 $851,306 ($184,511) $0 $0 $0 $666,795 $0 $666,795 ============================================================================================
EXHIBIT M POST PETITION ACCRUED OTHER TAXES
Sub Elimin- FVSW KCI DEMI JLP SWC SWCI Total ations Total ---- --- ---- --- --- ---- ----- ------- ----- FICA - Employer $188,510 -682 $187,828 $187,828 Federal Unemployment Taxes 0 (3,235) (3,235) (3,235) State Unemployment Taxes 0 (19,326) (19,326) (19,326) Property Tax 250,017 111,931 1,881 363,829 363,829 Sales/Use Tax 1,590 2,406 3,996 3,996 Accrued State Franchise Tax (193,658) (193,658) (193,658) Miscellaneous (39,263) (39,263) (39,263) -------------------------------------------------------------------------------------------- $0 $207,196 $0 $0 $91,094 $1,881 $300,171 $0 $300,171 ============================================================================================
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