-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, PR8kWknkEi8eZGSh5mKqgfGhGHJRyD63CNWuF4oNP6qXzebIdqpxEZLcQFd1ddSb cd6byTULY5TcRfCCDDxyiw== 0000912057-95-003880.txt : 19950518 0000912057-95-003880.hdr.sgml : 19950518 ACCESSION NUMBER: 0000912057-95-003880 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYSTONE MORTGAGE FUND CENTRAL INDEX KEY: 0000793038 STANDARD INDUSTRIAL CLASSIFICATION: 6189 IRS NUMBER: 953786580 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14562 FILM NUMBER: 95539620 BUSINESS ADDRESS: STREET 1: 11340 W OLYMPIC BLVD STREET 2: STE 300 CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 2134794121 MAIL ADDRESS: STREET 1: 11340 W OLYMPIC BLVD STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90064 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended March 31, 1995 Commission File Number 0-14562 -------------- ------- Keystone Mortgage Fund - - --------------------------------------------------------- (Exact name of registrant as specified in its charter.) California 95-3786580 - - ---------------------------- ---------------------------------------- (State of Incorporation) (I.R.S. Employer Identification No.) 11340 W. Olympic Boulevard 90064-1661 Suite 300 ------------------- Los Angeles, California (Zip Code) - - ----------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (310) 479-4121 -------------- Indicated by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 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 ----- ----- KEYSTONE MORTGAGE FUND INDEX PAGE ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements. (a) Condensed Balance Sheets, December 31, 1994 and March 31, 1995. 3 (b) Condensed Statements of Income, three months ended, March 31, 1995 and 1994. 4 (c) Condensed Statements of Partners' Capital (Deficit) for the year ended December 31, 1994 and the three months ended March 31, 1995. 5 (d) Condensed Statements of Cash Flows, three months ended March 31, 1995 and 1994. 6 (e) Notes to condensed financial statements. 7 & 8 Item 2. Management's discussion and analysis of financial condition and results of operations. 9 PART II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K. 10 & 11 -2- KEYSTONE MORTGAGE FUND, (A California Limited Partnership) BALANCE SHEETS
December 31 March 31 ASSETS 1994 1995 ------------------------------ CURRENT ASSETS Cash and cash equivalents $ 97,409 $ 44,011 Short-term investments 2,275,573 2,421,547 Interest receivable on trust deeds notes receivable 18,761 13,679 Current portion of trust deed notes receivable (note B) $ 580,508 $ 573,933 ------------------------------ TOTAL CURRENT ASSETS 2,972,251 3,053,170 Investment in real estate, net 1,155,504 1,141,804 Trust deed notes receivable, net (note B) 1,028,372 1,025,788 ------------------------------ $ 5,156,127 $ 5,220,762 ------------------------------ ------------------------------ LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Due general partner: 262,500 Accounts payable $ 1,957 $ 1,268 ------------------------------ TOTAL CURRENT LIABILITIES 1,957 263,768 PARTNERS' CAPITAL General Partners 23,047 21,075 Limited Partners--20,000 units authorized, 13,272 units outstanding 5,131,123 4,935,919 ------------------------------ 5,154,170 4,956,994 ------------------------------ $ 5,156,127 $ 5,220,762 ------------------------------ ------------------------------
See accompanying notes to financial statements -3- CONDENSED STATEMENTS OF INCOME (UNAUDITED) KEYSTONE MORTGAGE FUND, A California Limited Partnership
Three Months Ended March 31 1995 1994 ---- ---- Revenue: Interest on mortgage loans $ 34,383 $ 122,690 Interest on short-term investments 27,419 9,409 Rental and other revenue from investment in real estate 33,254 38,293 ------------------------------ 95,056 170,392 Expenses: Servicing related expenses 13,875 25,507 Administrative and general expenses 265,357 2,050 Expenses related to real estate acquired in settlement of loans 13,000 15,638 ------------------------------ 292,232 43,195 NET INCOME $(197,176) $ 127,197 ------------------------------ ------------------------------ Weighted average number of limited partnership units outstanding 13,272 13,272 ------------------------------ ------------------------------ Net income per limited partnership unit $ (14.86) $ 9.58 ------------------------------ ------------------------------
See notes to financial statements. -4- STATEMENTS OF PARTNERS' CAPITAL KEYSTONE MORTGAGE FUND, A California Limited Partnership
General Limited Partners Partners Total ---------------------------------------- Balance at December 31, 1994 $ 23,047 $5,131,123 $5,154,170 Net income three months ended March 31, 1995 (1,972) (195,204) (197,176) ---------------------------------------- Balance at March 31, 1995 $ 21,075 $4,935,919 $4,956,994 ---------------------------------------- ----------------------------------------
-5- STATEMENTS OF CASH FLOWS KEYSTONE MORTGAGE FUND, A California Limited Partnership
Three Months Ended March 31 1995 1994 ---- ---- OPERATING ACTIVITIES Net income (loss) $ (197,176) $ 127,197 Amortization of net origination fees (275) (825) Depreciation expense for investment in real estate 13,700 (1,744) Decrease (increase) in interest receivable 5,082 Increase in accounts payable and other liabilities 61,811 5,171 Decrease in other assets 14,595 ------------------------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 83,142 144,394 INVESTING ACTIVITIES: Decrease in trust deeds receivable 9,434 14,996 Sale (purchase) of short term investment (145,974) ------------------------------ NET CASH USED IN INVESTING ACTIVITIES (136,540) 14,996 ------------------------------ Increase (decrease) in cash and cash equivalents (53,398) 159,390 Cash and cash equivalents at beginning of year 97,409 1,228,378 ------------------------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 44,011 $ 1,387,768 ------------------------------ ------------------------------
-6- NOTES TO CONDENSED FINANCIAL STATEMENTS KEYSTONE MORTGAGE FUND, A California Limited Partnership NOTE A - UNAUDITED BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared by Keystone Mortgage Fund in accordance with generally accepted accounting principles, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed financial statements contain all adjustments necessary, which were of normal recurring nature, for a fair statement of the results for the interim periods presented. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in Form 10-K for the year ended December 31, 1994 filed by the Company under the Securities Exchange Act of 1934. -7- KEYSTONE MORTGAGE FUND (A California Limited Partnership) Notes to Financial Statements, Continued
Monthly Payment, including December 31 March 31 (B) Trust Deed Notes Receivable interest 1994 1995 - - ------------------------------------------ ----------------------------------------- Second trust deed on an office/warehouse/ light manufacturing facility, interest rate of 10.0%, due December 1, 1995 $ 6,913 $ 568,716 $ 562,141 First trust deed on an office/warehouse/light industrial building, interest rate 10.375%, due November 1, 1997 9,965 1,043,284 1,040,425 ---------------------------------------- --------- 1,612,000 1,602,566 Less net deferred loan origination fees 3,120 2,845 Less Current portion 580,508 573,933 ------------------------- $1,028,372 $1,025,788 ------------------------- -------------------------
-8- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Total revenues for the three months ended March 31, 1995 decreased $75,336 or 44.2% over the comparable 1994 period. Cash flow from principal payments have been distributed to the limited partners less required reserves. These amounts represent return of capital which has caused the decrease in income producing assets the past few years. Total expenses increased $249,037 for the three months ended March 31, 1995 over the same period March 31, 1994. Servicing related expenses decreased $11,632 and general and administrative expenses increased $263,307 for the three months ended March 31, 1995 over the same period March 31, 1994. Expenses related to real estate acquired in settlement of loans decreased $2,638 for the three months ended March 31, 1995 as compared to the same period March 31, 1994. During the first quarter of 1995, a determination was made by the general partners to seek reimbursement for which they were otherwise entitled. The amount of general and administrative expenses were determined to be $262,500. Net income per limited partnership unit decreased from $9.58 per unit for the three months ended March 31, 1994 to a loss of $14.86 per unit for the three months ended March 31, 1995. This decrease in unit income resulted from the decrease of earning assets and the increase in general and administrative expenses. The Partnership's working capital decreased by $180,892 during the three months ended March 31, 1995. The Partnership has adequate working capital and cash reserves to carry on its business. -9- PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) The Registrant filed no reports on Form 8-K during the quarter ended March 31, 1995. -10- 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. KEYSTONE MORTGAGE FUND A CALIFORNIA LIMITED PARTNERSHIP Date: May 3, 1995 John P. Sullivan ----------- ---------------------------------------- Keystone Mortgage Company By: John P. Sullivan, President Date: May 3, 1995 John P. Sullivan ----------- ---------------------------------------- John P. Sullivan General Partner Date: May 3, 1995 Christopher E. Turner ----------- ---------------------------------------- Christopher E. Turner General Partner -11- EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1995 MAR-31-1995 44,011 2,421,547 587,612 0 0 3,053,170 1,335,351 152,347 5,220,762 263,768 0 0 0 0 4,956,994 5,220,762 0 95,056 0 292,232 0 0 0 (197,176) 0 (197,176) 0 0 0 (197,176) (14.86) (14.86)
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