-----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, EhrVgoxpGvWswzuv9OQQaYT/u3wj9i8Y8Xr+qw1HS3ffA42TkxlHgwr7QxSvoHSu 8BFZPr1FGZailjqyBE+E0w== 0000823063-97-000003.txt : 19971117 0000823063-97-000003.hdr.sgml : 19971117 ACCESSION NUMBER: 0000823063-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORTGAGE BANCFUND OF AMERICA CENTRAL INDEX KEY: 0000823063 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 330281356 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-17643 FILM NUMBER: 97717894 BUSINESS ADDRESS: STREET 1: 2 CORPORATE PARK STE 106 CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7142532900 MAIL ADDRESS: STREET 1: 2 CORPORATE PARK STREET 2: SUITE 106 CITY: IRVINE STATE: CA ZIP: 92606-5128 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 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: 33-17643 THE MORTGAGE BANCFUND OF AMERICA, a California Limited Partnership (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) California 33-0281356 STATE OR OTHER JURISDICTION OF INCORPORATION IRS EMPLOYER IDENTIFICATION NUMBER 2 Corporate Park, Ste. 106, Irvine, CA 92606 ADDRESS OF PRINCIPAL EXECUTIVE OFFICES(ZIP CODE) (714) 253-2900 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 reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO_______ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: 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 subsequent to the distribution of securities under a plan confirmed by a court. N/A YES NO_______ APPLICABLE ONLY CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. N/A MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Index to Form 10-Q September 30, 1997 Part I - Financial Information Item 1 - Consolidated Financial Statements Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Part II - Other Information Item 1 - Legal Proceedings Item 2 - Changes in Securities Item 3 - Defaults Upon Senior Securities Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information Item 6 - Exhibits and Reports on Form 8-K Signatures MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Part I - Financial Information Item 1 - Consolidated Financial Statements Consolidated Balance Sheets Consolidated Income Statements Consolidated Statements of Partner's Equity Consolidated Statements of Cash Flow Notes to Consolidated Financial Statements See attached exhibit MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources: Liquidity for the Partnership remains a pressing concern for management. All cash needed for operations is being generated through operations of foreclosed properties and from the sale of those properties. Management has no plans to seek additional sources of capital from outside sources either in the form of debt or equity. However, management is confident cash generated from operations is sufficient to operate the Partnership in the future. The capital accounts continued to decline for the quarter ended September 30, 1997 due to a loss recorded of $27,105 Book value per limited partner unit outstanding is reported at $2.77; a decline of almost 100% since the inception of the Partnership. Results of Operations: There are no substantial changes in any of the accounts since December 31, 1996. Operations are very limited as management is seeking to market the foreclosed real estate and to collect the remaining loans on the Partnership books. Management will continue to strive to effectively sell foreclosed properties although the sagging California economy remains a formidable obstacle to that goal. Management is not seeking any additional investments other than any required to ultimately liquidate property acquired through foreclosure. MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Part II - Other Information Item 1 - Legal Proceedings None. Item 2 - Changes in Securities None. Item 3 - Defaults Upon Senior Securities N/A Item 4 - Submission of Matters to a Vote of Security Holders None. Item 5 - Other Information None. Item 6 - Exhibits and Reports on Form 8-K None. MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) 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. MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Registrant ________________________________ _________________________ Robert Y. Strom, General Partner Date THE MORTGAGE BANCFUND OF AMERICA (a California LImited Partnership) CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS Dec. 31, 19 Sept. 30, 1997 Cash $ 145,904 26,815 Loans receivable (Note 1) 191,567 133,782 Accounts receivable (Note 2) (6237) Other real estate owned (Note 3) 1,932,07 1,887,619 Other assets 180 110,908 Total Assets $2,263,491 2,159,124 LIABILITIES & PARTNER'S EQUITY Liabilities Accounts payable 234,229 55,320 Due to affiliates 142,409 Notes payable (Note 4) 1,680,442 1,887,976 Total liabilities 6,380,021 2,085,705 Minority interest (168,009) Partner's equity 348,820 241,428 Total liabilities & partner's equity $2,263,491 2,159,124 Book value per limited partner unit outstandin $ 4.01 $ 2.77 CONSOLIDATED INCOME STATEMENTS For the Three and Nine Months Ended 9/30/96 9/30/96 9/30/97 9/30/97 Three Month Nine Months Three Month Nine Months REVENUES: Interest: Loans $ 5,163 $ 17,624 $ 5,498 16,047 Investments 1,932 Total interest 5,163 17,624 5,498 17,979 Net partnership income (loss) (6,964) (26,986) Other income 175 425 250 2,222 Total income 5,338 18,049 (1,216) (6,785) COSTS & EXPENSES: Costs of loans 3,003 11,110 2,609 7,771 General & administrative costs 78,753 194,631 23,280 92,638 Total costs & expenses 81,756 205,741 25,889 100,409 NET LOSS $(76,418) $(187,692) $(27,105) (107,194) Net loss per partnership unit (.88) (2.16) (.31) (1.23) outstanding Partnership units outstanding 87,087 87,087 87,087 87,087 THE MORTGAGE BANCFUND OF AMERICA (a California LImited Partnership) CONSOLIDATED STATEMENTS OF PARTNER'S EQUITY (Unaudited) General Limited Partner Partner Total Balance, December 31, 1995 $ (280,568) $ 1,477,958 $1,197,390 Allocation of net loss (42,429) (806,142 (848,570) Balance, December 31, 1996 (322,997) 671,142 348,820 Allocation of net loss (5,360) (101,834) (107,194) Balance, September 30, 1997 $ (328,357) $ 569,983 $ 241,626 CONSOLIDATED STATEMENTS OF CASH FLOW For the Nine Months Ended CASH FLOWS FROM OPERATING ACTIVITIES: 9/30/96 9/30/97 Net (loss) $ (187,692 $ (107,194) Depreciation and Amortization 44,459 Adjustments to reconcile net income to cash provided by operating activities: (Decrease) increase in accounts payable 80,594 (178,909) (Increase) in accounts receivable 171,209 (6,237) (Decrease) increase in due to general partne (29,544) 142,409 (Decrease) increase in minority interest (1,007,310) (168,207) (Increase) decrease in other liabilities Decrease (increase) in other assets 5,534 (110,729) NET CASH PROVIDED (USED) BY OPERATING ACTIVITI (967,209) (384,408) CASH FLOW FROM INVESTING ACTIVITIES: Net change in loans receivable 5,084 57,785 Net change in other real estate owned 3,995,43 NET CASH PROVIDED (USED) BY FINANCING ACTIVITI 4,000,52 57,785 CASH FLOWS FROM FINANCING Activities Increase(Decrease) in notes payable (3,055,918) 207,534 NET CASH PROVIDED (USED) BY FINANCING ACTIVITI (3,055,918) 207,534 NET INCREASE(DECREASE) IN CASH (22,605) (119,089) CASH, Beginning of period 24,090 145,904 CASH, End of Period $ 1,485 $ 26,815 THE MORTGAGE BANCFUND OF AMERICA (a California LImited Partnership) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Loans Receivable Loans recievable are carried at the unpaid principal balance net of unearned loan fees. Points and other loan fees are deferred over the life of the loan. In management's opinion the book value of these loans is equal to the esimtated net realizable. value. Note 2 - Accounts Receivable This account represents funds owed to the Partnership from affiliate partnerships, and projects which were acquired thorugh foreclosure. Note 3 - Other Real Estate Owned This account represents properties owned by the partnerhsip which was acquired through foreclosure and which are owned by the majority-owned limited partnerships. A condensed balance sheet of the majority owned partnership follows: CONDENSED BALANCE SHEET, unaudited, at September 30, 1997 Assets: Cash and other assets 53,445 Real estate 1,887,619 Total assets $1,941,064 Liabilities and Partner's Equity: Accounts payable 45,948 Notes payable 1,887,976 Due to affiliates (143,165) Partner's equity 150,305 Total liabilities & partner's equity $1,941,064 Note 4 - Notes Payable Account represents debt owed by the majority owed limited partnerships on real estate owed. Note 5 - Accounting Policy The consolidated financial statements include the accounts of the Partnership and majority-controlled limited partnerships. All material intercompany transactions, profits, and balances have been eliminated. All adjustments made to the financial statements are of a normal recurring nature necessary to present fairly the financial condition of the Partnership. -----END PRIVACY-ENHANCED MESSAGE-----