-----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, PmsCIdHt/jUdLetIUt9bR2kUayJLzi9PcpZkAf3LgdmnU8M66z72gEzLLqLXK0LZ 1jglgUui5zdk0bAHeOV6qA== 0000912057-95-003883.txt : 19950518 0000912057-95-003883.hdr.sgml : 19950518 ACCESSION NUMBER: 0000912057-95-003883 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 II CENTRAL INDEX KEY: 0000812084 STANDARD INDUSTRIAL CLASSIFICATION: 6189 IRS NUMBER: 954061580 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15537 FILM NUMBER: 95539627 BUSINESS ADDRESS: STREET 1: 11340 W OLYMPIC BLVD 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 0-15537 -------------- --------- Keystone Mortgage Fund II, a California Limited Partnership - - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter.) California 95-4061580 - - ------------------------------------- --------------------------------------- (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 -------------------- Indicate 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 II, A California Limited Partnership 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 for 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
-2- KEYSTONE MORTGAGE FUND II, A California Limited Partnership BALANCE SHEETS
December 31 March 31 1994 1995 ----------- ---------- ASSETS CURRENT ASSETS Cash and cash equivalents 207,216 60,682 Short-term investments 1,003,965 1,253,622 Interest receivable on trust deed notes receivable 21,408 22,115 Current portion of trust deed notes receivable (note B) 1,483,373 1,455,251 ---------- ---------- TOTAL CURRENT ASSETS 2,715,962 2,791,670 Trust deed notes receivable, net (note B) 1,467,525 1,456,892 ---------- ---------- $4,183,487 $4,248,562 ---------- ---------- ---------- ---------- LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Due General Partners $ 241,500 Accounts Payable 1,852 1,569 ---------- ---------- TOTAL CURRENT LIABILITIES $ 1,852 $ 243,069 PARTNERS' CAPITAL: General Partners (207,816) (209,577) Limited Partners-41,454 units outstanding 1994 and 1995, respectively 4,389,451 4,215,070 ---------- ---------- NET PARTNERS' CAPITAL 4,181,635 4,005,493 ---------- ---------- $4,183,487 $4,248,562 ---------- ---------- ---------- ----------
See accompanying notes to financial statements -3- CONDENSED STATEMENTS OF INCOME (UNAUDITED) KEYSTONE MORTGAGE FUND II, A California Limited Partnership
Three Months Ended March 31 ----------------------- 1995 1994 --------- -------- Revenue: Interest on mortgage loans $ 66,066 $129,949 Interest on short-term investments 15,511 9,214 --------- -------- 81,577 139,163 Expenses: Servicing related expenses 13,816 20,422 General and administrative expenses 243,903 1,534 --------- -------- 257,719 21,956 --------- -------- NET INCOME (Loss) $(176,142) $117,207 --------- -------- --------- -------- Weighted average number of limited partnership units outstanding 41,459 41,459 --------- -------- --------- -------- Net income (loss) per limited partnership unit $ (4.25) $ 2.83 --------- -------- --------- --------
See notes to financial statements. -4- STATEMENTS OF PARTNERS' CAPITAL (DEFICIT) KEYSTONE MORTGAGE FUND II, A California Limited Partnership
General Limited Partners Partners Total --------- ---------- ---------- Balance at December 31, 1994 $(207,816) $4,389,451 $4,181,635 Net income (Loss)three months ended March 31, 1995 (1,761) (174,381) (176,142) --------- ---------- ---------- Balance at March 31, 1995 (unaudited) $(209,577) $4,215,070 $4,005,493 --------- ---------- ---------- --------- ---------- ----------
See notes to financial statements. -5- STATEMENTS OF CASH FLOWS KEYSTONE MORTGAGE FUND II, A California Limited Partnership
Three Months Ended March 31, 1995 1994 --------- ---------- OPERATING ACTIVITIES Net income $(176,142) $ 117,207 Changes in operating assets and liabilities: Amortization of net origination fees (427) (600) Increase in interest receivable (707) (9,041) Increase in due general partners 241,500 Increase (decrease) in accounts payable (283) 2,885 Decrease in other assets 324 --------- ---------- NET CASH PROVIDED BY OPERATING ACTIVITIES 63,941 110,775 INVESTING ACTIVITIES: Decrease in notes receivable 39,182 106,065 Increase in short term investments (249,657) --------- ---------- NET CASH PROVIDED BY INVESTING ACTIVITIES (210,475) 106,065 --------- ---------- Increase in cash and cash equivalents (146,534) 216,840 Cash and cash equivalents at beginning of year 207,216 1,069,015 --------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 60,682 $1,285,855 --------- ---------- --------- ----------
See notes to financial statements. -6- NOTES TO CONDENSED FINANCIAL STATEMENTS KEYSTONE MORTGAGE FUND II, A California Limited Partnership NOTE A - UNAUDITED BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared by Keystone Mortgage Fund II 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 II, A CALIFORNIA LIMITED PARTNERSHIP Notes to Financial Statements, Continued (B) Trust Deed Notes Receivable
Monthly payment, including December 31, March 31 interest 1994 1995 --------- ------------ ---------- First trust deed on industrial building, rate of 10.75%, due October 1, 1995 $ 16,592 $1,449,254 $1,420,132 First trust deed on industrial building, interest rate, adjusted every six months at 2.65% plus 11th District monthly weighted average cost of funds, due February 1, 1999 $ 16,797 $1,572,584 $1,562,524 --------- ---------- ---------- --------- 3,021,838 2,982,656 Less current portion 1,483,373 1,455,251 Less net deferred origination fees 6,940 6,513 Less allowance for loss 64,000 64,000 ---------- ---------- Net concurrent trust deeds notes receivable $1,467,525 $1,456,892 ---------- ---------- ---------- ----------
-8- NOTES TO FINANCIAL STATEMENTS (Continued) KEYSTONE MORTGAGE FUND II, A California Limited Partnership Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Total revenue decreased $57,586 or 41.3% for the three months ended March 31, 1995 over the same period March 31, 1994. This decrease was due to a decrease in interest income from mortgage loans. The portion of partnership cash flow consisting of principal repayments is being distributed to the limited partners less required reserves. Total expenses increased $235,763 for the three months ended March 31, 1995 over the same period March 31, 1994. Servicing related expenses decreased $6,606 and G & A expenses increased $242,369 for the three months ended March 31, 1995 over 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 $241,500. Net income decreased $293,349 for the three months ended March 31, 1995 over the same period March 31, 1994. Net income per limited partnership unit decreased $7.08 for the three months ended March 31, 1995 over the same 1994 period. Working capital decreased $165,509 for 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 II 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 60,682 1,253,622 1,477,366 64,000 0 2,791,670 12,760 12,760 4,248,562 243,069 0 0 0 0 4,005,493 4,248,562 0 81,577 0 257,719 0 0 0 (176,142) 0 (176,142) 0 0 0 (176,142) (4.25) (4.25)
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