0001010549-13-000309.txt : 20130513 0001010549-13-000309.hdr.sgml : 20130513 20130513132554 ACCESSION NUMBER: 0001010549-13-000309 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130513 DATE AS OF CHANGE: 20130513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST EQUITY PROPERTIES INC CENTRAL INDEX KEY: 0000726516 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 956799846 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11777 FILM NUMBER: 13836337 BUSINESS ADDRESS: STREET 1: 1800 VALLEY VIEW LANE STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 2147505800 MAIL ADDRESS: STREET 1: 1800 VALLEY VIEW LANE STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: WESPAC INVESTORS TRUST III DATE OF NAME CHANGE: 19970123 10-Q 1 fepi10q033113.htm FIRST EQUITY PROPERTIES fepi10q033113.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q 
 
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2013
 
Or
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
For the transition period from                    to
 
Commission File Number 000-11777
 
FIRST EQUITY PROPERTIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
   
Nevada
95-6799846
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
 
1603 LBJ Freeway, Suite 300
Dallas, Texas 75234
(Address of principal executive offices)
(Zip Code)
 
(469) 522-4200
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þ.  Yes   ¨  No.
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) *.  ¨.  Yes  ¨   No.
* The registrant has not yet been phased into the interactive data requirements
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
   
Large accelerated filer   ¨
Accelerated filer  ¨
Non-accelerated filer  ¨  (Do not check if a smaller reporting company)
Smaller reporting company   þ
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ¨  Yes  þ   No
 
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
 
   
Common Stock, $.01 par value
1,057,628
(Class)
(Outstanding at May 10, 2013)

 
 
1
 
 

 
 
FIRST EQUITY PROPERTIES, INC.
FORM 10-Q
TABLE OF CONTENTS
 
     
PART I. FINANCIAL INFORMATION
PAGE
     
Item 1.
Financial Statements
  
 
Consolidated Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012
            3
 
Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 (unaudited)
            4
 
Consolidated Statement of Shareholders’ Equity for the three months ended March 31, 2013 (unaudited)
            5
 
Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (unaudited)
            6
 
Notes to Financial Statements
            7-8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
            8-9
Item 3.
Controls and Procedures
            9
   
PART II. OTHER INFORMATION
  
     
Item 6.
Exhibits
            10
SIGNATURES
            11
 
 
 
2
 
 
PART I. FINANCIAL INFORMATION
 
ITEM  1.
FINANCIAL STATEMENTS
 
FIRST EQUITY PROPERTIES, INC.
BALANCE SHEET
 
   
March 31, 2013
    
December 31, 2012
  
Assets
  
(unaudited)
        
Notes receivable and accrued interest - affiliates
     3,150,081       3,101,233  
Cash and cash equivalents
     957       1,542  
                 
Total assets
   $ 3,151,038     $ 3,102,775  
                 
                 
                 
Liabilities and Shareholders' Equity
                
Notes payable and accrued interest - affiliates
   $ 2,171,741     $ 1,787,307  
Federal income tax payable
     3,029       -  
Accounts payable - other
     15,496       21,927  
Accounts payable - affiliates
     65,000       424,616  
Total liabilities
     2,255,266       2,233,850  
                 
Shareholders' equity
                
Common stock, $0.01 par value; 40,000,000 shares
authorized; 1,057,628 issued and outstanding
     10,576       10,576  
Preferred stock, $0.01 par value; 4,960,000 shares
authorized; none issued or outstanding
     -       -  
Paid in capital
     1,376,682       1,376,682  
Retained earnings (deficit)
     (491,486 )     (518,333 )
                 
Total shareholders' equity
     895,772       868,925  
                 
Total liabilities and shareholders' equity
   $ 3,151,038     $ 3,102,775  
                 
                 
The accompanying notes are an integral part of these financial statements.
  
 
 
 
 
3
 
 
FIRST EQUITY PROPERTIES, INC.
STATEMENT OF OPERATIONS
(unaudited)
 
   
For the three months ended 
March 31,
  
   
2013
    
2012
  
             
Revenue
            
Interest income
   $ 59,364     $ 60,024  
Other income
     -     $ 100  
                 
Total income
     59,364       60,124  
                 
Operating Expenses
                
General and administrative
     10,593       46,911  
Legal and professional fees
     1,576       10,309  
                 
Total operating expenses
     12,169       57,220  
                 
Income (loss) before interest expense and taxes
     47,195       2,904  
                 
Other income (expense)
                
Interest expense
     (17,318 )     (110,188 )
                 
Income (loss) before income taxes
     29,877       (107,284 )
                 
Income tax expense
     (3,029 )     -  
                 
Net income (loss) applicable to common shareholders
   $ 26,848     $ (107,284 )
                 
Earnings (loss) per share
   $ 0.03     $ (0.10 )
                 
Weighted average shares outstanding
     1,057,628       1,057,628  
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
 
4
 
 
FIRST EQUITY PROPERTIES, INC.
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
For the three months ended March 31, 2013
(unaudited)
 
                         
   
Common Stock
          
Retained
        
               
Paid in
    
Earnings 
        
   
Shares
    
Amount
    
Capital
     (Deficit)     
Total Equity
  
Balances at January 1, 2013
     1,057,628     $ 10,576     $ 1,376,682     $ (518,333 )   $ 868,925  
Net income (loss)
     -       -       -       26,847       26,847  
Balances  at March 31, 2013
     1,057,628     $ 10,576     $ 1,376,682     $ (491,486 )   $ 895,772  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
 
 
5
 
 
FIRST EQUITY PROPERTIES, INC.
STATEMENT OF CASH FLOWS
(unaudited)
 
   
For the three months ended
March 31,
  
   
2013
    
2012
  
Cash Flows from Operating Activities
            
Net Income (Loss)
   $ 26,848     $ (107,284 )
                 Adjustments to reconcile net income applicable to
                 common shareholders to net cash provided by (used
                 in) operating activities:
  
(Increase) decrease in
                
Amortization
     -       5,592  
Prepaid Expenses      -        27,827  
Interest receivable - affiliates
     (48,849 )     (19,279 )
Increase (decrease) in
                
Accounts payable - other
     (6,431 )     13,346  
Accounts payable - affiliates
     (359,616 )     7,501  
Interest payable - affiliates
     384,434       74,840  
Federal income tax payable
     3,029       -  
                 
Net cash provided by (used for) operating activities
     (585 )     2,543  
                 
                 
Net increase (decrease) in cash and cash equivalents
     (585 )     2,543  
Cash and cash equivalents at the beginning of period
     1,542       508  
                 
Cash and cash equivalents at the end of period
   $ 957     $ 3,051  
                 
Supplemental disclosures of cash flow information:
          
Cash paid for interest to Adams Realty
   $ -     $ 22,200  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
 
6
 
 
FIRST EQUITY PROPERTIES, INC.
NOTES TO FINANCIAL STATEMENTS
 
NOTE 1.      ORGANIZATION AND BASIS OF PRESENTATION
 

 
Organization
 
First Equity Properties, Inc. is Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue has been earnings on investments and interest on notes receivable.  The Company is currently in the business of real estate investing.  FEPI is a publicly traded company however, no trading marked presently exists for the shares of common stock and its value is therefore not determinable.
 
Basis of presentation
 
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading.  In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.  Certain 2011 balances have been reclassified to conform to the 2012 presentation.
 
The year-end Balance Sheet at December 31, 2012, was derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
 
Cost capitalization
 
Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.
 
Newly issued accounting pronouncements
 
We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results of operation.
 
NOTE 2.  REAL ESTATE ACTIVITY
 
On December 31, 2010 the Company acquired a subsidiary, ART Westwood FL, Inc. and purchased land from a related party.  Effective March 31, 2011 ART Westwood FL, Inc. changed its name to Kelly Lot Development, Inc. On December 31, 2010 the Company owned various parcels of undeveloped land which consist of approximately 7.53 acres of Kelly Lots Land located in Farmers Branch, TX, approximately 6.916 acres of Vineyard Land located in Grapevine, TX and approximately 5.618 acres and 6.25 acres of Nashville Land located in Nashville, TN all purchased from a related party.  On April 1, 2011 the Company purchased approximately 3.028 acres of Seminary West Land located in Fort Worth, Texas and 6.796 acres of Travis Ranch Land located in Kaufman County, Texas from a related party.  On November 30, 2011 the Company purchased approximately 23.237 acres known as Cooks Lane located in Fort Worth, TX from a related party.
 
During 2012, the Company determined that it could not obtain adequate funding to properly develop raw land parcels and entered into a contract to sell Kelly Lot Development, Inc., which held all the Company’s real estate holdings, effective April 1, 2012 to Tacco Financial, Inc. (“TFI”), a related party.
 
NOTE 3.  FEDERAL INCOME TAXES
 
The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated.
 
Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years.
 
 
 
7
 
 
NOTE 4.  LEASES
 
On September 18, 2008, the Company entered into a long-term lease commitment with Income Opportunity Realty Investors, Inc., a related party. The lease was for 4,288 square feet of commercial space at the Hickory One Office building, located in Farmers Branch, Texas. The base rent consisted of monthly installments of $5,717 per month for a period of three years. The lease commenced on November 1, 2008 and extended through October 31, 2011. This lease has been terminated retroactive to June 30, 2010 by mutual agreement of the Company and the building’s owner.  Based on this agreement, the owner has agreed to reimburse the Company for rents paid after the effective termination date.  The Company has recorded a note receivable from the owner in the amount of $45,739.
 

NOTE 5.  RELATED PARTIES TRANSACTIONS
 
Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities.  Related party transactions may not always be favorable to our business and may include terns, conditions and agreements that are not necessarily beneficial to or in best interest of our company.
 
The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the three months ended March 31, 2013 was $7,500 which is included in General and Administrative expenses of the Consolidated Statements of Operations.

 
ITEM 2.        MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. We caution investors that any forward-looking statements presented in this report, or which management may make orally or in writing from time to time, are based on beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected by the forward-looking statements. We caution you that while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
 
Related parties

We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may  deal if one party controls or can significantly influence the decision making  of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.
 
Results of Operations
 
The following discussion is based on our Statement of Operations within our Financial Statements as presented in Part 1, Item 1 of this report for the three months ended March 31, 2013 and 2012. The discussion is not meant to be an all inclusive discussion of the changes within our operations. Instead, we have focused on the significant items relevant to obtain an understanding of the changes in our operations.
 
The results of operations for the three months ended March 31, 2013, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
 
 
 
8
 
 
Our sole source of income is from the interest received on affiliated receivables.  The principal balances on those receivables have been consistent for the past years, thus making our revenues consistent from year to year.  Expenses are primarily related to professional and administrative fees and interest on affiliated notes.
 
Comparison of the three months ended March 31, 2013 to the same period ended 2012.
 
We reported net income applicable to common shareholders of $26,848 for the three months ended March 31, 2013 as compared to a net loss to common shareholders of ($107,284) for the same period ended 2012.
 
The change from net loss to net income was primarily due to a decrease in interest expense as compared to 2012.  This decrease in interest expense was due to the land sales in 2012 to TFI, a related party.
 
Liquidity and Capital Resources
 
General
 
Our principal liquidity needs for the next twelve months are funding of normal recurring expenses including interest expense and legal and administrative fees.
 
Our principal source of cash is proceeds from interest income on our notes receivables.
 
There was no material change to our balance sheet at March 31, 2013.



ITEM 3.
CONTROLS AND PROCEDURES
 
(a)
Evaluation of Disclosure Controls and Procedures.
 
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Financial Officer and Acting Principal Executive Officer of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Company’s Chief Financial Officer and Acting Principal Executive Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting him to material information relating to the Company required to be included in the Company’s periodic SEC filings.
 
(b)
Changes in Internal Controls over Financial Reporting.
 
There have been no changes in the Company’s internal controls over financial reporting during the quarter ended March 31, 2013, that have materially affected or are reasonably likely to materially affect the Company’s internal controls over financial reporting.
\
 
 
9
 
 
PART II – OTHER INFORMATION
 
ITEM  6.
EXHIBITS
 
The following exhibits are filed with this report or incorporated by reference as indicated.
 
     
Exhibit
Number  
  
 
Description
     
3.1
  
Articles of Incorporation of Wespac Property Corporation as filed with and endorsed by the Secretary of State of California on December 16, 1996 (incorporation by reference is made to Exhibit 3.1 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
     
3.2
  
Articles of Incorporation of First Equity Properties, Inc. filed with and approved by the Secretary of State of Nevada on December 19, 1996 (incorporation by reference is made to Exhibit 3.2 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
     
3.3
  
Bylaws of First Equity Properties, Inc. as adopted December 20, 1996 (incorporation by reference is made to Exhibit 3.3 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
     
3.4
  
Agreement and Plan of Merger of Wespac Property Corporation and First Equity Properties, Inc. dated December 23, 1996 (incorporation by reference is made to Exhibit 3.4 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
     
3.5
  
Articles of Merger of Wespac Property Corporation into First Equity Properties, Inc. as filed with and approved with the Secretary of State in Nevada December 24, 1996 (incorporation by reference is made to Exhibit 3.5 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
     
3.6
  
Certificate of Designation of Preferences and Relative Participating or Optional of Other Special Rights and Qualifications, Limitations or Restrictions thereof of the Series A 8% Cumulative Preferred Stock (incorporation by reference is made to Exhibit 3.6 to Form 10-KSB of First Equity Properties, Inc. for the fiscal year ended December 31, 1996.)
     
31.1*
  
Certification of Principal Principal Executive Officer pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
 
     
31.2*
  
Certification of Principal Financial and Accounting Officer pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
     
32.1*
  
Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
               101    Interactive data files pursuant to Rule 405 of Regulation S-T. 
 
______________________
*
Filed herewith.
 
 
 
 
10
 
 
SIGNATURE PAGE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
         
     
    FIRST EQUITY PROPERTIES, INC.
       
Date: May 10, 2013
  
By:
/s/ Daniel J. Moos
       
Daniel J. Moos
Director, President & Treasurer
 
         
         
     
    FIRST EQUITY PROPERTIES, INC.
       
Date: May 10, 2013
  
By:
/s/ Steven Shelley
       
Steven Shelley
Director, Vice President & Secretary
 
 
 
 
 
11
 
 
 EX-31.1 2 fepi10qex311033113.htm fepi10qex311033113.htm
EXHIBIT 31.1
 
RULE 13a – 14(a)/15d – 14(a) CERTIFICATION
 
I, Daniel J. Moos, certify that:
 
1.
I have reviewed this quarterly report on Form 10-Q of First Equity Properties, Inc.;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
I am responsible for establishing and maintaining internal controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for the registrant and have:
 
 
(a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to insure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b)
Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
(d)
Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
 
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
 
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.
 
         
       
Date: May 10, 2013
  
By:
/s/ Daniel J. Moos
       
Daniel J.  Moos
President and Treasurer (Principal Executive Officer)
EX-31.2 3 fepi10qex312033113.htm fepi10qex312033113.htm
EXHIBIT 31.2
 
RULE 13a – 14(a)/15d – 14(a) CERTIFICATION
 
I, Steven Shelley, certify that:
 
1.
I have reviewed this quarterly report on Form 10-Q of First Equity Properties, Inc.;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
I am responsible for establishing and maintaining internal controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for the registrant and have:
 
 
(a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to insure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b)
Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
(d)
Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
 
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
 
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.
 
         
       
       
Date: May 10, 2013
  
By:
/s/ Steven Shelley
       
Steven Shelley
Vice President & Secretary (Principal Financial Officer)
EX-32.1 4 fepi10qex321033113.htm fepi10qex321033113.htm
EXHIBIT 32.1
 
Certification Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
In connection with the Quarterly Report of First Equity Properties, Inc. (the “Company”), on Form 10-Q for the period ended March 31, 2013, as filed with Securities Exchange Commission on the date hereof (the “Report”), Daniel J. Moos, Director, President and Treasurer of the Company, and Steven Shelley, Vice President and Secretary of the Company, each hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and
 
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
 

Date: May 10, 2013
  
By:
/s/ Daniel J. Moos
       
Daniel J. Moos
President and Treasurer
         
         
       
Date: May 10, 2013
  
By:
/s/ Steven Shelley
       
Steven Shelley
Vice President and Secretary
EX-101.INS 5 fepi-20130331.xml 10-Q 2013-03-31 false FIRST EQUITY PROPERTIES INC 0000726516 --12-31 1057628 Smaller Reporting Company Yes No No 2013 Q1 957 1542 3151038 3102775 2171741 1787307 15496 21927 65000 424616 2255266 2233850 10576 10576 0 0 1376682 1376682 -491486 -518333 895772 868925 3151038 3102775 0.01 0.01 40000000 40000000 1057628 1057628 1057628 1057628 0.01 0.01 4960000 4960000 59364 60024 0 100 59364 60124 10593 46911 1576 10309 12169 57220 47195 2904 -17318 -110188 29877 -107284 -3029 0 26848 -107284 0.03 -0.10 1057628 1057628 1057628 10576 1376682 -518333 868925 0 0 26847 26847 1057628 10576 1376682 -491486 895772 0 5592 0 27827 -48849 -19279 -6431 13346 -359616 7501 384434 78480 3029 0 -585 2543 0 0 0 0 -585 2543 1542 508 957 3051 0 22200 26848 -107284 <!--egx--><p style="MARGIN:0in 0in 0pt"><b>NOTE&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION AND BASIS OF PRESENTATION</b></p> <p style="MARGIN:0in 0in 0pt"><i>Organization</i></p> <p style="MARGIN:0in 0in 0pt">&nbsp;First Equity Properties, Inc. is Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company&#146;s principal line of business and source of revenue has been earnings on investments and interest on notes receivable.&nbsp;&nbsp;The Company is currently in the business of real estate investing.&nbsp;&nbsp;FEPI is a publicly traded company however, no trading marked presently exists for the shares of common stock and its value is therefore not determinable.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><i>Basis of presentation</i></p> <p style="MARGIN:0in 0in 0pt">The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.&nbsp;&nbsp;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading.&nbsp;&nbsp;In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.&nbsp;&nbsp;Certain 2011 balances have been reclassified to conform to the 2012 presentation.</p> <p style="MARGIN:0in 0in 0pt">The year-end Balance Sheet at December 31, 2012, was derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.&nbsp;&nbsp;For further information, refer to the financial statements and notes thereto included in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2012.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><i>Cost capitalization</i></p> <p style="MARGIN:0in 0in 0pt">Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><i>Newly issued accounting pronouncements</i></p> <p style="MARGIN:0in 0in 0pt">We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted.&nbsp;&nbsp;We do not believe that any such guidance will have a material effect on our financial position or results of operation.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>NOTE 2.&nbsp;&nbsp;REAL ESTATE ACTIVITY</b></p> <p style="MARGIN:0in 0in 0pt">On December 31, 2010 the Company acquired a subsidiary, ART Westwood FL, Inc. and purchased land from a related party.&nbsp;&nbsp;Effective March 31, 2011 ART Westwood FL, Inc. changed its name to Kelly Lot Development, Inc. On December 31, 2010 the Company owned various parcels of undeveloped land which consist of approximately 7.53 acres of Kelly Lots Land located in Farmers Branch, TX, approximately 6.916 acres of Vineyard Land located in Grapevine, TX and approximately 5.618 acres and 6.25 acres of Nashville Land located in Nashville, TN all purchased from a related party.&nbsp;&nbsp;On April 1, 2011 the Company purchased approximately 3.028 acres of Seminary West Land located in Fort Worth, Texas and 6.796 acres of Travis Ranch Land located in Kaufman County, Texas from a related party.&nbsp;&nbsp; On November 30, 2011 the Company purchased approximately 23.237 acres known as Cooks Lane located in Fort Worth, TX from a related party.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;During 2012, the Company determined that it could not obtain adequate funding to properly develop raw land parcels and entered into a contract to sell Kelly Lot Development, Inc., which held all the Company&#146;s real estate holdings, effective April 1, 2012 to Tacco Financial, Inc. (&#147;TFI&#148;), a related party.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>NOTE 3.&nbsp;&nbsp;FEDERAL INCOME TAXES</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;The Company accounts for income taxes in accordance with Accounting Standards Codification, (&#147;ASC&#148;) No.&nbsp;740, &#147;Accounting for Income Taxes&#148;. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company&#146;s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated.</p> <p style="MARGIN:0in 0in 0pt">Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. </p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>NOTE 4.&nbsp;&nbsp;LEASES</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;On September&nbsp;18, 2008, the Company entered into a long-term lease commitment with Income Opportunity Realty Investors, Inc., a related party. The lease was for 4,288 square feet of commercial space at the Hickory One Office building, located in Farmers Branch, Texas. The base rent consisted of monthly installments of $5,717 per month for a period of three years. The lease commenced on November&nbsp;1, 2008 and extended through October&nbsp;31, 2011. This lease has been terminated retroactive to June 30, 2010 by mutual agreement of the Company and the building&#146;s owner.&nbsp;&nbsp;Based on this agreement, the owner has agreed to reimburse the Company for rents paid after the effective termination date.&nbsp;&nbsp;The Company has recorded a note receivable from the owner in the amount of $45,739 .</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b>NOTE 5.&nbsp;&nbsp;RELATED PARTIES TRANSACTIONS</b></p> <p style="MARGIN:0in 0in 0pt">&nbsp;Transactions involving related parties<b>&nbsp;</b>cannot be presumed to be carried out on an arm&#146;s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities.&nbsp;&nbsp;Related party transactions may not always be favorable to our business and may include terns, conditions and agreements that are not necessarily beneficial to or in best interest of our company.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the three months ended March 31, 2013 was $7,500 which is included in General and Administrative expenses of the Consolidated Statements of Operations.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><i>Organization</i></p> <p style="MARGIN:0in 0in 0pt">&nbsp;First Equity Properties, Inc. is Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company&#146;s principal line of business and source of revenue has been earnings on investments and interest on notes receivable.&nbsp;&nbsp;The Company is currently in the business of real estate investing.&nbsp;&nbsp;FEPI is a publicly traded company however, no trading marked presently exists for the shares of common stock and its value is therefore not determinable.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><i>Basis of presentation</i></p> <p style="MARGIN:0in 0in 0pt">The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.&nbsp;&nbsp;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading.&nbsp;&nbsp;In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.&nbsp;&nbsp;Certain 2011 balances have been reclassified to conform to the 2012 presentation.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><i>Cost capitalization</i></p> <p style="MARGIN:0in 0in 0pt">Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><i>Newly issued accounting pronouncements</i></p> <p style="MARGIN:0in 0in 0pt">We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted.&nbsp;&nbsp;We do not believe that any such guidance will have a material effect on our financial position or results of operation.</p> 7.53 6.916 5.618 6.25 3.028 6.796 23.237 4288 5717 3 45739 3150081 3101233 3029 0 0000726516 2013-01-01 2013-03-31 0000726516 2013-05-10 0000726516 2013-03-31 0000726516 2012-12-31 0000726516 2012-01-01 2012-03-31 0000726516 us-gaap:CapitalUnitsMember 2012-12-31 0000726516 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2012-12-31 0000726516 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0000726516 us-gaap:RetainedEarningsMember 2012-12-31 0000726516 us-gaap:ParentMember 2012-12-31 0000726516 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2013-01-01 2013-03-31 0000726516 us-gaap:AdditionalPaidInCapitalMember 2013-01-01 2013-03-31 0000726516 us-gaap:RetainedEarningsMember 2013-01-01 2013-03-31 0000726516 us-gaap:ParentMember 2013-01-01 2013-03-31 0000726516 us-gaap:CapitalUnitsMember 2013-03-31 0000726516 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2013-03-31 0000726516 us-gaap:AdditionalPaidInCapitalMember 2013-03-31 0000726516 us-gaap:RetainedEarningsMember 2013-03-31 0000726516 us-gaap:ParentMember 2013-03-31 0000726516 2011-12-31 0000726516 2012-03-31 0000726516 2010-12-31 0000726516 2008-09-18 shares iso4217:USD iso4217:USD shares pure EX-101.SCH 6 fepi-20130331.xsd 000120 - Disclosure - ACCOUNTING POLICIES (POLICIES) link:presentationLink link:definitionLink link:calculationLink 000140 - Statement - Lease Transactions (DETAILS) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - FEDERAL INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - REAL ESTATE ACTIVITY link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 000130 - Statement - Activities Of Real Estate (DETAILS) link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - RELATED PARTIES TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - LEASES link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - CONSOLIDATED BALANCE SHEETS PARENTHETICALS link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - CONSOLIDATED BALANCE SHEET link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 fepi-20130331_cal.xml EX-101.DEF 8 fepi-20130331_def.xml EX-101.LAB 9 fepi-20130331_lab.xml Cost capitalization RELATED PARTIES TRANSACTIONS {1} RELATED PARTIES TRANSACTIONS RELATED PARTIES TRANSACTIONS Cash Flows from Investing Activities Accounts payable - affiliates. 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FEDERAL INCOME TAXES
 3 Months Ended
Mar. 31, 2013
FEDERAL INCOME TAXES  
FEDERAL INCOME TAXES

NOTE 3.  FEDERAL INCOME TAXES

 The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated.

Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years.

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REAL ESTATE ACTIVITY
 3 Months Ended
Mar. 31, 2013
REAL ESTATE ACTIVITY  
REAL ESTATE ACTIVITY Disclosure [Text Block]

NOTE 2.  REAL ESTATE ACTIVITY

On December 31, 2010 the Company acquired a subsidiary, ART Westwood FL, Inc. and purchased land from a related party.  Effective March 31, 2011 ART Westwood FL, Inc. changed its name to Kelly Lot Development, Inc. On December 31, 2010 the Company owned various parcels of undeveloped land which consist of approximately 7.53 acres of Kelly Lots Land located in Farmers Branch, TX, approximately 6.916 acres of Vineyard Land located in Grapevine, TX and approximately 5.618 acres and 6.25 acres of Nashville Land located in Nashville, TN all purchased from a related party.  On April 1, 2011 the Company purchased approximately 3.028 acres of Seminary West Land located in Fort Worth, Texas and 6.796 acres of Travis Ranch Land located in Kaufman County, Texas from a related party.   On November 30, 2011 the Company purchased approximately 23.237 acres known as Cooks Lane located in Fort Worth, TX from a related party.

 During 2012, the Company determined that it could not obtain adequate funding to properly develop raw land parcels and entered into a contract to sell Kelly Lot Development, Inc., which held all the Company’s real estate holdings, effective April 1, 2012 to Tacco Financial, Inc. (“TFI”), a related party.
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CONSOLIDATED BALANCE SHEET (USD $)
Mar. 31, 2013
Dec. 31, 2012
Assets    
Notes receivables and accrued interest - affiliates $ 3,150,081 $ 3,101,233
Cash and cash equivalents 957 1,542
Total assets 3,151,038 3,102,775
Liabilities and Shareholders' Equity    
Notes payable and accrued interest - affiliates 2,171,741 1,787,307
Federal income tax payable 3,029 0
Accounts payable - other 15,496 21,927
Accounts payable - affiliates 65,000 424,616
Total liabilities 2,255,266 2,233,850
Shareholders' equity    
Common stock, $0.01 par value; 40,000,000 shares authorized; 1,057,628 issued and outstanding 10,576 10,576
Preferred stock, $0.01 par value; 4,960,000 shares authorized; none issued or outstanding 0 0
Paid in capital 1,376,682 1,376,682
Retained earnings (deficit) (491,486) (518,333)
Total shareholders' equity 895,772 868,925
Total liabilities and shareholders' equity $ 3,151,038 $ 3,102,775
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net Income (Loss) $ 26,848 $ (107,284)
(Increase) decrease in Amortization 0 5,592
Prepaid expenses 0 27,827
Interest receivable - affiliates (48,849) (19,279)
Increase (decrease) in Accounts payable - other. (6,431) 13,346
Accounts payable - affiliates. (359,616) 7,501
Interest payable - affiliates 384,434 78,480
Federal income taxes payable 3,029 0
Net cash provided by (used for) operating activities (585) 2,543
Net cash provided by (used for) investing activities 0 0
Net cash provided by (used for) financing activities 0 0
Net increase (decrease) in cash and cash equivalents (585) 2,543
Cash and cash equivalents at the beginning of period 1,542 508
Cash and cash equivalents at the end of period 957 3,051
Cash paid for interest to Adams Realty $ 0 $ 22,200
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ORGANIZATION AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2013
ORGANIZATION AND BASIS OF PRESENTATION  
ORGANIZATION AND BASIS OF PRESENTATION [Text Block]

NOTE 1.      ORGANIZATION AND BASIS OF PRESENTATION

Organization

 First Equity Properties, Inc. is Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue has been earnings on investments and interest on notes receivable.  The Company is currently in the business of real estate investing.  FEPI is a publicly traded company however, no trading marked presently exists for the shares of common stock and its value is therefore not determinable.

 

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading.  In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.  Certain 2011 balances have been reclassified to conform to the 2012 presentation.

The year-end Balance Sheet at December 31, 2012, was derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

 

Cost capitalization

Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.

 

Newly issued accounting pronouncements

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results of operation.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)
Mar. 31, 2013
Dec. 31, 2012
Parentheticals    
Common Stock, par value $ 0.01 $ 0.01
Common Stock, shares authorized 40,000,000 40,000,000
Common Stock, shares issued 1,057,628 1,057,628
Common Stock, shares outstanding 1,057,628 1,057,628
Preferred Stock, par value $ 0.01 $ 0.01
Preferred Stock, shares authorized 4,960,000 4,960,000
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 3 Months Ended
Mar. 31, 2013
May 10, 2013
Document and Entity Information    
Entity Registrant Name FIRST EQUITY PROPERTIES INC  
Document Type 10-Q  
Document Period End Date Mar. 31, 2013  
Amendment Flag false  
Entity Central Index Key 0000726516  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   1,057,628
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q1  
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Interest income - from affiliates $ 59,364 $ 60,024
Other income 0 100
Total Revenue 59,364 60,124
General and administrative 10,593 46,911
Legal and professional fees 1,576 10,309
Total operating expenses 12,169 57,220
Income (loss) before interest expense and taxes 47,195 2,904
Interest expense (17,318) (110,188)
Income (loss) before income taxes 29,877 (107,284)
Income tax (expense) benefit (3,029) 0
Net income (loss) applicable to common shareholders $ 26,848 $ (107,284)
Earnings (loss) per share $ 0.03 $ (0.10)
Weighted average shares outstanding 1,057,628 1,057,628
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ACCOUNTING POLICIES (POLICIES)
 3 Months Ended
Mar. 31, 2013
Accounting Policies  
Organization

Organization

 First Equity Properties, Inc. is Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue has been earnings on investments and interest on notes receivable.  The Company is currently in the business of real estate investing.  FEPI is a publicly traded company however, no trading marked presently exists for the shares of common stock and its value is therefore not determinable.

 
Basis of presentation

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading.  In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.  Certain 2011 balances have been reclassified to conform to the 2012 presentation.
Cost capitalization

Cost capitalization

Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.
Newly issued accounting pronouncements

Newly issued accounting pronouncements

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results of operation.
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RELATED PARTIES TRANSACTIONS
 3 Months Ended
Mar. 31, 2013
RELATED PARTIES TRANSACTIONS  
RELATED PARTIES TRANSACTIONS

NOTE 5.  RELATED PARTIES TRANSACTIONS

 Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities.  Related party transactions may not always be favorable to our business and may include terns, conditions and agreements that are not necessarily beneficial to or in best interest of our company.

 The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the three months ended March 31, 2013 was $7,500 which is included in General and Administrative expenses of the Consolidated Statements of Operations.

 
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Activities Of Real Estate (DETAILS)
Dec. 31, 2010
Parcels of undeveloped land in Acres owned by the company-Farmers Branch 7.53
Parcels of undeveloped land in Acres owned by the company-Grapevine 6.916
Parcels of undeveloped land in Acres owned by the company-Nashville 5.618
Parcels of undeveloped land in Acres owned by the company-NashvilleTN 6.25
Land purchased in Acres-Fortworth 3.028
Land purchased in Acres-kaufman 6.796
Land purchased in Acres-FortworthTX 23.237
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Lease Transactions (DETAILS) (USD $)
Mar. 31, 2013
Sep. 18, 2008
Real estate lease in square feet   4,288
Monthly instalment of office building   $ 5,717
Period of lease agreement in years   3
Notes receivable from Related party-Relating to the lease agreement $ 45,739  
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
Common Stock Shares
Common Stock Amount
USD ($)
Paid In capital
USD ($)
Retained Earnings (Deficit)
USD ($)
Total Equity
USD ($)
Balances at Dec. 31, 2012 1,057,628 10,576 1,376,682 (518,333) 868,925
Net income/loss.,   $ 0 $ 0 $ 26,847 $ 26,847
Balances at Mar. 31, 2013 1,057,628 10,576 1,376,682 (491,486) 895,772
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LEASES
 3 Months Ended
Mar. 31, 2013
LEASES  
LEASES

NOTE 4.  LEASES

 On September 18, 2008, the Company entered into a long-term lease commitment with Income Opportunity Realty Investors, Inc., a related party. The lease was for 4,288 square feet of commercial space at the Hickory One Office building, located in Farmers Branch, Texas. The base rent consisted of monthly installments of $5,717 per month for a period of three years. The lease commenced on November 1, 2008 and extended through October 31, 2011. This lease has been terminated retroactive to June 30, 2010 by mutual agreement of the Company and the building’s owner.  Based on this agreement, the owner has agreed to reimburse the Company for rents paid after the effective termination date.  The Company has recorded a note receivable from the owner in the amount of $45,739 .
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