-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S5rx+tildcHDGUSfYfxD7KlXk60viALjNLvsCy81rcdP/BSGqHVDcM+xEE/Sfq+s fZdm6aqjdL9fbVWFmE7jDA== /in/edgar/work/20000811/0000740124-00-000003/0000740124-00-000003.txt : 20000921 0000740124-00-000003.hdr.sgml : 20000921 ACCESSION NUMBER: 0000740124-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN GOLD CONSOLIDATED CENTRAL INDEX KEY: 0000740124 STANDARD INDUSTRIAL CLASSIFICATION: [0100 ] IRS NUMBER: 330023916 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-11533 FILM NUMBER: 693597 BUSINESS ADDRESS: STREET 1: 711 DAILY DR., SUITE 120 CITY: CAMARILLO STATE: CA ZIP: 93010 BUSINESS PHONE: 8059876921 MAIL ADDRESS: STREET 2: 591 W. LOS ANGELES AVE CITY: MOORPARK STATE: CA ZIP: 93021 10-Q 1 0001.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 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 0-11533 GREEN GOLD CONSOLIDATED __________________________________________________________ (Exact name of registrant as specified in its charter) CALIFORNIA 33-0023916 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 340 Rosewood Avenue, Suite D, Camarillo, CA 93010 (Address of principal executive office) (Zip Code) (805) 987-6921 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) 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. Yes [X] No [ ] PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS GREEN GOLD CONSOLIDATED (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEET June 30, September 30, 2000 1999 (Unaudited) --------- ------------ ASSETS Assets: Cash and cash equivalents $1,131,000 $1,693,000 Notes receivable 49,000 240,000 Accrued interest receivable 3,000 8,000 Property held for sale -0- 384,000 Other assets 3,000 3,000 ---------- ---------- TOTAL ASSETS $1,186,000 $2,328,000 ========= ========= LIABILITIES AND PARTNERS' EQUITY Liabilities: Accounts payable and accrued liabilities $ 53,000 $ 48,000 ---------- ---------- TOTAL LIABILITIES 53,000 48,000 Partners' equity 1,133,000 2,280,000 ---------- --------- TOTAL LIABILITIES AND PARTNERS' EQUITY $1,186,000 $2,328,000 ========= ========= See accompanying notes to financial statements
GREEN GOLD CONSOLIDATED (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (Unaudited) For the Nine Months Ended June 30, 2000 1999 ----------- --------- REVENUES Sales of property held for sale $ 451,000 $ 234,000 Profit deferred on sales of property held for sale -0- (110,000) Recognition of deferred profit 65,000 321,000 Crop sales -0- 106,000 --------- --------- 516,000 551,000 COSTS AND EXPENSES Cost of property sold 384,000 218,000 Cultural care costs 4,000 65,000 Professional services 111,000 117,000 Depreciation, property tax and other 15,000 32,000 ----------- ---------- 514,000 432,000 INCOME FROM OPERATIONS 2,000 119,000 OTHER INCOME Interest income 59,000 134,000 Other income 1,000 12,000 ---------- ---------- NET INCOME $ 62,000 $ 265,000 =========== ========== NET INCOME PER LIMITED PARTNERSHIP INTEREST $ .0062 $ .0265 =========== =========== Weighted average number of limited partnership interests outstanding during the period used to compute earnings per limited partnership interest 9,986,000 9,986,000 ========= ========= See accompanying notes to financial statements
GREEN GOLD CONSOLIDATED (A CALIFORNIA LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (Unaudited) For Three Months Ended June 30, 2000 1999 ---------- --------- < c> REVENUES Sales of property held for sale $ -0- $ 234,000 Profit deferred on sales of property held for sale -0- (110,000) Recognition of deferred profit -0- 169,000 Crop sales -0- 83,000 --------- --------- -0- 376,000 COSTS AND EXPENSES Cost of property sold -0- 218,000 Cultural care costs -0- 29,000 Professional services 19,000 27,000 Depreciation, property tax and other 1,000 14,000 ---------- --------- 20,000 288,000 INCOME (LOSS) FROM OPERATIONS (20,000) 88,000 OTHER INCOME Interest income 15,000 39,000 Other income -0- 7,000 ---------- --------- NET INCOME $ (5,000) $ 134,000 ========== ========= NET INCOME PER LIMITED PARTNERSHIP INTEREST $ .0005 $ .0134 ========== ========= Weighted average number of limited partnership interests outstanding during the period used to compute earnings per limited partnership interest 9,986,000 9,986,000 ========= ========= See accompanying notes to financial statements
GREEN GOLD CONSOLIDATED (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS For the Nine Months Ended June 30, 2000 and 1999 (Unaudited) 2000 1999 ----------- ---------- Cash flows from operating activities: Net income $ 62,000 $ 265,000 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sales of property (67,000) (16,000) Recognition of deferred profit (65,000) (321,000) Changes in assets and liabilities: Decrease in interest receivables 5,000 2,000 Decrease in other assets -0- 12,000 Increase in accounts payable and accrued liabilities 5,000 4,000 ------------ ---------- Net cash used by operating activities (60,000) (54,000) ------------ ---------- Cash flows from investing activities: Collection on notes receivable 256,000 766,000 Sales of short-term investments -0- 427,000 Sales of property held for sale 451,000 43,000 ------------ ---------- Net cash provided by investing activities 707,000 1,236,000 ------------ ---------- Cash flows from financing activities: Distributions to limited partners (1,200,000) (900,000) Distributions to general partner (9,000) (8,000) ----------- ---------- Net cash used in financing activities (1,209,000) (908,000) ----------- ---------- Net increase (decrease) in cash (562,000) 274,000 Cash at September 30 1,693,000 777,000 --------- --------- Cash at June 30 $1,131,000 $1,051,000 ========== ========== See accompanying notes to financial statements
GREEN GOLD CONSOLIDATED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (Unaudited) A. SIGNIFICANT ACCOUNTING POLICIES Property and Depreciation - Property is stated at the lower of cost or net realizable value. Depreciation is provided on a straight-line method over the estimated useful lives of the respective assets. Inventories - Inventories, consisting of growing crops, are valued at the lower of cost or net realizable value under the first-in, first-out (FIFO) method. Cost is defined as cultural care costs related to the growing crops. Income Taxes - The Partnership reports its tax returns on the cash basis of accounting. No provision for income taxes is included in the accompanying financial statements as the Partnership's results of operations are distributed to the partners for inclusion in their respective income tax returns. Profit Recognition on Real Estate Sales - It is the Partnership's policy to defer profit on real estate sales until such time as the purchaser's cumulative investment and continued involvement in the property meet the minimum criteria for full profit recognition as set forth in the Financial Accounting Standards Board Statement No. 66, Accounting for Sales of Real Estate. Until such time as profit can be recognized under the full accrual method, the cost recovery and installment methods are used. Net Income Per Limited Partnership Interest - Net income per limited partnership interest was calculated using the weighted average of limited partnership interests outstanding during the year and the Limited Partners' share of the net income. Certain prior peirod balances have been reclassified to conform to current period presentation. B. GENERAL Green Gold Consolidated was organized in accordance with the Provisions of the California Uniform Limited Partnership Act for the purpose of receiving the assets and liabilities of twelve limited partnerships under common management and thereby consolidating the operations of those partnerships under an exchange transaction effective June 30, 1983. Under the exchange transaction, the Partnership issued 10,000,000 limited partnership interests (pro rata) to the holders of interests in the twelve individual limited partnerships in exchange for the assets and liabilities of those partnerships. Under the provisions of the partnership agreement, profits and losses are allocated in the ratio of 93.5% to the Limited Partners and 6.5% to the General Partner, provided that prior to the first fiscal quarter during which a distribution is made to the General Partner from the proceeds of the property sales or refinancing, all gains and losses resulting from property sales are allocated in the ratio of 99% to the Limited Partners and 1% to the General Partner. The combination of the twelve partnerships into one partnership was treated as a reorganization of entities under common control, accounted for similar to a "pooling of interest". C. NOTES RECEIVABLE Notes receivable consist of the following as of: June 30, September 30, 2000 1999 --------- ----------- First trust deed notes $ 155,000 $ 432,000 Less: Deferred profit on real estate sales (72,000) (158,000) Allowance for doubtful accounts (34,000) (34,000) ---------- --------- $ 49,000 $ 240,000 ========== ========== D. PROPERTY Property is comprised of the following: June 30, September 30, 20009 1999 Land $ -0- $ 384,000 Improvement -0- 48,000 Trees -0- 118,000 --------- --------- Total -0- 550,000 Less: accumulated depreciation -0- (166,000) ---------- ---------- $ -0- $ 384,000 ========= ========= E. EARNINGS (LOSS) PER LIMITED PARTNERSHIP INTEREST Earnings (loss) per limited partnership interest have been computed by dividing the aggregate limited partners' share of net income (loss) by the weighted average number of limited partnership interests outstanding during the period, 9,986,000 in the nine months ended June 30, 2000 and 1999. F. MANAGEMENT AGREEMENT The Partnership has an agreement with Las Posas Investment Company and Mr. Neno Spondello, Jr. to manage and market the Partnership properties. G. STATEMENT BY MANAGEMENT In the opinion of the Management, the financial information presented herein reflects all adjustments which are necessary to a fair statement of the results for the interim periods presented. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations The Partnership is in a winding up phase. As of June 30, 2000, Green Gold has two notes both colaterized by property in Temecula with a total balance of $155,000. The last remaining 13 acre parcel was sold for $75,000 in January 2000. The objective is to obtain payoffs on the remaining two notes and distribute the cash to the partners by fiscal year end September 30, 2000. Recognition of deferred profit for the quarter ended June 30, 2000 decreased $169,000 (from $169,000 to $0). Avocado crops sales decreased $83,000 (from $83,000 to $0). There are no remaining parcels. Cultural care costs decreased $29,000 for the quarter ended June 30, 2000 (from $29,000 to $0) compared to the quarter ended June 30, 1999. The decrease is a result of property sales. Professional services decreased $8,000 (from $27,000 to $19,000) compared to the same quarter in the previous year. The decrease results from lower payments to the Manager, per the terms of the management agreement, at 2% of the gross Partnership cash receipts. Other operating expenses decreased $13,000 (from $14,000 to $1,000) compared to the same quarter in the previous year. The decrease mainly results from no property tax and insurance costs as a result of property sales. Interest income decreased $24,000 for the quarter ended June 30, 2000 (from $39,000 to $15,000) compared to the quarter ended June 30, 1999. The decrease results from a reduction in outstanding notes receivable of $856,000 (from $1,011,000 to $155,000). Liquidity and Capital Resources As of June 30, 2000, the Partnership has cash reserves of approximately $1,079,000 to cover operating expenses and any other miscellaneous costs. This is expected to be sufficient to comply with the business plan. PART II OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K (b) No reports on Form 8-K were filed by the Registrant during the quarter ended June 30, 2000. SIGNATURES 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. DATE: August 10, 2000 GREEN GOLD CONSOLIDATED, a California limited partnership (Registrant) By: Economic Consultants, a California Partnership, General Partner By: /s/Daniel Lee Stephenson Daniel Lee Stephenson, General Partner -----END PRIVACY-ENHANCED MESSAGE-----