-----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, C5NJADrs5eK2h+zJwRdCgaNUpMeCukRL4zpZCq/9BiT8mPIHCVxIqpBG0c3jCoBa PIxrGj9p0yKCssbPqYzdYA== 0000936392-03-001090.txt : 20030808 0000936392-03-001090.hdr.sgml : 20030808 20030808151952 ACCESSION NUMBER: 0000936392-03-001090 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INCOME GROWTH PARTNERS LTD X CENTRAL INDEX KEY: 0000830051 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330294177 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-18528 FILM NUMBER: 03831644 BUSINESS ADDRESS: STREET 1: 11300 SORRENTO VALLEY RD STE 108 CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 8584572750 MAIL ADDRESS: STREET 1: 11300 SORRENTO VALLEY ROAD STREET 2: SUITE 108 CITY: SAN DIEGO STATE: CA ZIP: 92121 10QSB 1 a92215e10qsb.htm FORM 10-QSB PERIOD ENDED 6-30-03 Income Growth Partners, LTD. X
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FORM 10-QSB

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

(Mark One)

     
x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2003

OR

     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number     0-18528

INCOME GROWTH PARTNERS, LTD. X

(Exact name of registrant as specified in its charter)
     
CALIFORNIA   33-0294177
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

11230 Sorrento Valley Road, Suite 220, San Diego, California 92121
(Address of principal executive offices) (Zip Code)

(858) 457-2750
(Registrant’s telephone number, including area code)

11300 Sorrento Valley Road, Suite 108, San Diego, California 92121
(Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the registration (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 filing requirements for the past 90 days. Yes [X] No [   ]

The number of the registrant’s Original Limited Partnership Units outstanding as of August 8, 2003 was 18,826.5. The number of the registrant’s Class A Units outstanding as of August 8, 2003 was 8,100.

 

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ITEM 1. BASIS OF FINANCIAL STATEMENT PRESENTATION:
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
EXHIBIT INDEX
EXHIBIT 31.1
EXHIBIT 31.2
EXHIBIT 32.1
EXHIBIT 32.2

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
CONSOLIDATED BALANCE SHEETS

     PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                   
      June 30   December 31,
      2003   2002
      (unaudited)    
     
 
ASSETS
                
Rental properties
                
 
Land
   $ 7,078,365     $ 7,078,365  
 
Buildings and improvements
     23,132,848       22,907,239  
 
    
     
 
 
     30,211,213       29,985,604  
 
Less accumulated depreciation
     (13,364,558 )     (12,909,758 )
 
    
     
 
 
     16,846,655       17,075,846  
Cash and cash equivalents
     752,781       604,969  
Deferred loan fees, net of accumulated amortization of $461,094 and $415,758, respectively
     316,089       361,425  
Prepaids and other assets
     189,444       182,775  
 
    
     
 
 
   $ 18,104,969     $ 18,225,015  
 
    
     
 
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
                
Mortgage loans payable
   $ 18,556,846     $ 18,689,960  
Other liabilities
                
 
Accounts payable and accrued liabilities
     285,957       144,320  
 
Accrued interest payable
     122,317       122,317  
 
Security deposits
     233,575       233,005  
 
    
     
 
 
     19,198,695       19,189,602  
Commitments and contingencies
                
Partners’ capital (deficit)
     (1,083,726 )     (954,587 )
Note receivable from general partner
     (10,000 )     (10,000 )
 
    
     
 
 
   $ 18,104,969     $ 18,225,015  
 
    
     
 

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS — - UNAUDITED

                                   
      FOR THE THREE MONTHS   FOR THE SIX MONTHS
      ENDED JUNE 30,   ENDED JUNE 30,
     
 
      (unaudited)   (unaudited)   (unaudited)   (unaudited)
      2003   2002   2003   2002
     
 
 
 
REVENUES
                                
 
Rents
   $ 1,384,785     $ 1,327,787     $ 2,733,218     $ 2,608,907  
 
Other
     61,161       62,911       172,028       133,634  
 
    
     
     
     
 
 
Total revenues
     1,445,946       1,390,698       2,905,246       2,742,541  
 
    
     
     
     
 
EXPENSES
                                
 
Operating expenses
     643,913       599,351       1,333,856       1,220,203  
 
Depreciation and amortization
     250,067       235,601       500,136       469,945  
 
Interest
     358,458       363,396       714,393       724,131  
 
    
     
     
     
 
Total expenses
     1,252,438       1,198,348       2,548,385       2,414,279  
 
    
     
     
     
 
Net income
   $ 193,508     $ 192,350     $ 356,861     $ 328,262  
 
    
     
     
     
 
BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA
                                
 
Net income per limited partnership unit
   $ 6.11     $ 6.07     $ 11.27     $ 10.36  
 
    
     
     
     
 
 
Distributions per Class A limited unit holder
   $ 30.00     $ 23.66     $ 60.00     $ 48.64  
 
    
     
     
     
 
Weighted average limited partnership units
     26,926       26,926       26,926       26,926  
 
    
     
     
     
 

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

                         
            FOR THE SIX MONTHS
            ENDED JUNE 30,
           
            (unaudited)   (unaudited)
            2003   2002
           
 
CASH FLOWS FROM OPERATING ACTIVITIES
                
 
Net income
   $ 356,861     $ 328,262  
 
Adjustments to reconcile net income to net cash provided by operating activities
                
   
Depreciation and amortization
     500,136       469,945  
       
(Increase) / Decrease in
                
     
Prepaid expenses and other assets
     (6,669 )     55,386  
       
Increase /(Decrease) in
                
     
Accounts payable, accrued liabilities and accrued interest payable
     141,637       (23,638 )
       
Increase /(Decrease) in
                
     
Security deposits
     570       (4,349 )
 
    
     
 
       
Net cash provided by operating activities
     992,535       825,606  
 
    
     
 
CASH FLOWS FROM INVESTING ACTIVITIES
                
 
Capital expenditures
     (225,609 )     (326,495 )
 
    
     
 
       
Net cash used in investing activities
     (225,609 )     (326,495 )
 
    
     
 
CASH FLOWS FROM FINANCING ACTIVITIES
                
 
Principal payments under mortgage debt
     (133,114 )     (123,376 )
 
Principal payments to affiliate
     —       (8,000 )
 
Distributions to Investors
     (486,000 )     (394,015 )
 
    
     
 
       
Net cash used by financing activities
     (619,114 )     (525,391 )
 
    
     
 
       
Net increase / (decrease) in cash and cash equivalents
     147,812       (26,280 )
 
    
     
 
       
Cash and cash equivalents at beginning of period
     604,969       429,729  
 
    
     
 
       
Cash and cash equivalents at end of period
   $ 752,781     $ 403,449  
 
    
     
 

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 2003 AND 2002

ITEM 1. BASIS OF FINANCIAL STATEMENT PRESENTATION:

    The accompanying unaudited consolidated financial statements of Income Growth Partners, Ltd. X, a California limited partnership, and subsidiaries (the “Partnership”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Partnership believes that the disclosures made are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Partnership’s latest audited financial statements for the year ended December 31, 2002, filed on Form 10-KSB.
 
    The accompanying consolidated financial statements have not been audited by independent public accountants, but include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of the general partners, necessary for a fair presentation of the financial condition, results of operations and cash flows for the periods presented. However, these results are not necessarily indicative of results for a full year.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 2003 AND 2002

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

    The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto filed herewith.
 
    a. Critical Accounting Standards

      Rental revenues are recognized at the beginning of each month based on the current occupancy of the apartments. Tenant leases are generally for a minimum term of six months with an option to rent on a month-to-month basis.
 
      Land, buildings, and improvements are recorded at cost. Buildings and improvements are depreciated using the straight-line method over the estimated useful lives of 27.5 and 5 to 15 years, respectively. Expenditures for maintenance and repairs are charged to expense as incurred. Significant renovations are capitalized and depreciated over the remaining life of the property. The Partnership assesses its property for impairment whenever events or changes in circumstances indicate that the carrying amount of the property may not be recoverable. Recoverability of property to be held and used is measured by a comparison of the carrying amount of the property to future undiscounted net cash flows expected to be generated by the property. If the property is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property exceeds the fair value of the property. The cost and related accumulated depreciation of real estate are removed from the accounts upon disposition. Gains and losses arising from the dispositions are reported as income or expense.

    b. Liquidity and Capital Resources:

      Since inception, the Partnership’s operating and debt service obligations have been financed through the sale of Partnership Units, cash provided by operating activities, and 1995 debt restructuring activities. During the six months ended June 30, 2003, all of the Partnership’s operating and debt service cash requirements have been met through cash generated from operations.
 
      The Mission Park mortgage was refinanced in December 1995 at a fixed interest rate of 7.76%. The Shadowridge Meadows mortgage was refinanced in October 1997 at a fixed interest rate of 7.49%.
 
      In the event that one or more of the properties is unable to support its debt service and the Partnership is unable to cover operational shortfalls from cash reserves, the Partnership may have to take one or more alternative courses of action. The general partners would then determine, based on their analysis of relevant economic conditions and the status of the properties, a course of action intended to be consistent with the best interests of the Partnership. Possible courses of action might include the sacrifice, sale or refinancing of one or more of the properties, the entry into one or more joint venture partnerships with other entities, or the filing of another bankruptcy petition.
 
      Net cash provided by operating activities for the six months ended June 30, 2003 was approximately $993,000 compared to approximately $826,000 for the same period in 2002. The principal reason for this increase can be attributed to an increase in net income and an increase in accounts payable and accrued liabilities for the period.
 
      Net cash used in investing activities for the six months ended June 30, 2003 was approximately $226,000 compared to approximately $326,000 for the same period in 2002. The principal reason for this decrease was a decrease in capital expenditures.
 
      Net cash used in financing activities for the six months ended June 30, 2003 was approximately $619,000 compared to approximately $525,000 for the same period in 2002. The principal reason for this increase was an increase in principal payments under mortgage debt and distributions to investors.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 2003 AND 2002

  b.   Liquidity and Capital Resources – (Continued):
 
      In October, 2001 the FASB issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” SFAS No. 144 establishes a single accounting model, based on the framework established in SFAS No. 121, “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of “, for long-lived assets to be disposed of by sale, and resolves significant implementation issues related to SFAS No. 121. The adoption of this statement had no material impact on the Company’s financial statements.
 
      In April 2002, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections.” SFAS No. 145 rescinds SFAS No. 4, “Reporting Gains and Losses from Extinguishment of Debt,” and an amendment of that SFAS, SFAS No. 64, “Extinguishment of Debt Made to Satisfy Sinking-Fund Requirements.” SFAS No. 145 also rescinds SFAS No. 44, “Accounting for Intangible Assets of Motor Carriers.” Further, SFAS No. 145 amends SFAS No. 13, “Accounting for Leases,” to eliminate an inconsistency between the required accounting for sale-leaseback transactions and the required accounting for certain lease modifications that have economic effects that are similar to sale-leaseback transactions. SFAS No. 145 also amends other existing authoritative pronouncements to make various technical corrections, clarify meanings, or described their applicability under changed conditions. This pronouncement requires gains and losses from extinguishment of debt to be classified as an extraordinary item only if the criteria in Accounting Principles Board Opinion No. 30, “Reporting the Results of Operations—Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions,” have been met.
 
      Further, lease modifications with economic effects similar to sale-leaseback transactions must be accounted for in the same manner as sale-leaseback transactions. The provisions of SFAS No. 145 related to the rescission of SFAS No. 4 shall be applied in fiscal years beginning after May 15, 2002. The provisions of SFAS No. 145 related to Statement 13 shall be effective for transactions occurring after May 15, 2002.. The adoption of SFAS No. 145 did not have a material impact on the Company’s consolidated financial position or results of operations for the six months ended June 30, 2003.
 
  c.   Results of Operations:

      COMPARISON OF THREE MONTHS ENDED JUNE 30, 2003 TO THE THREE MONTHS ENDED JUNE 30, 2002

      Rental revenue for the three months ended June 30, 2003 was approximately $1,385,000, an increase of 4.30% over rents of approximately $1,328,000 for the comparable period in 2002. The increase is primarily attributable to a market increase of 4.1% in monthly tenant rental rates at both Shadow Ridge Meadows and Mission Park and steady average occupancy rates.
 
      Operating expenses for the three months ended June 30, 2003 were approximately $644,000, an increase of 7.51% over operating expenses of approximately $599,000 for the comparable period in 2002. The increase is primarily attributable to an increase in property tax, depreciation, liability insurance and worker’s compensation insurance along with administrative expenses.

      COMPARISON OF SIX MONTHS ENDED JUNE 30, 2003 TO THE SIX MONTHS ENDED JUNE 30, 2002.

      Rental revenue for the six months ended June 30, 2003 was approximately $2,733,000, an increase of 4.75% over rents of approximately $2,609,000 for the comparable period in 2002. The increase is primarily attributable to a market increase of 4.1% in monthly tenant rental rates and steady average occupancy rates.
 
      Operating expenses for the six months ended June 30, 2003 were approximately $1,334,000, an increase of 9.34% over operating expenses of approximately $1,220,000 for the comparable period in 2002. The increase is primarily attributable to an increase in property tax, depreciation, insurance and administrative expenses.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 2003 AND 2002

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS:

      There are no pending legal proceedings, which may have a material adverse effect on the Partnership. However, the Partnership is involved in small claims court proceedings against certain present or former tenants of its apartment complexes with regard to landlord-tenant matters, all of which are considered to be in the ordinary course of its business.

ITEM 2. CHANGES IN SECURITIES:

      None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES:

      None

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:

    31.1 & 31.2
 
    32.1 & 32.2

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(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.

             
Date: August 8, 2003            
             
    INCOME GROWTH PARTNERS, LTD. X,
    a California Limited Partnership
             
    By:   Income Growth Management, Inc.
        General Partner
             
        By:   /s/ Timothy C. Maurer
           
        Timothy C. Maurer
        Principal Financial Officer AND
        Duly Authorized Officer of the Registrant

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EXHIBIT INDEX

     
EXHIBIT NUMBER   DESCRIPTION
 
31.1   CERTIFICATION OF CHIEF EXECUTIVE OFFICER AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 — CEO
     
31.2   CERTIFICATION OF CHIEF FINANCIAL OFFICER AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 — CFO
     
32.1   CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 — CEO
     
32.2   CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - - CFO

  EX-31.1 3 a92215exv31w1.txt EXHIBIT 31.1 Exhibit 31.1 INCOME GROWTH PARTNERS, LTD. X A California Limited Partnership CERTIFICATION OF CHIEF EXECUTIVE OFFICER Section 302 Certification I, David W. Maurer, certify that: 1. I have reviewed this quarterly report on Form 10-QSB of INCOME GROWTH PARTNERS, LTD. X, a California Limited Partnership (the "registrant"); 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order 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 quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure 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 quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; 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; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 8, 2003 /s/ David W. Maurer By: -------------------------------------------- David W. Maurer Chief Executive Officer EX-31.2 4 a92215exv31w2.txt EXHIBIT 31.2 Exhibit 31.2 INCOME GROWTH PARTNERS, LTD. X A California Limited Partnership CERTIFICATION OF CHIEF FINANCIAL OFFICER Section 302 Certification I, Timothy C. Maurer, certify that: 1. I have reviewed this quarterly report on Form 10-QSB of INCOME GROWTH PARTNERS, LTD. X, a California Limited Partnership (the "registrant"); 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order 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 quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure 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 quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; 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; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 8, 2003 /s/ Timothy C. Maurer By: -------------------------------------------- Timothy C. Maurer Chief Financial Officer EX-32.1 5 a92215exv32w1.txt EXHIBIT 32.1 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 INCOME GROWTH PARTNERS, LTD. X (the "Company") on Form 10-QSB for the period ending June 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David W. Maurer, Chief Executive Officer of the Company, 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; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ David W. Maurer David W. Maurer Chief Executive Officer August 8, 2003 EX-32.2 6 a92215exv32w2.txt EXHIBIT 32.2 EXHIBIT 32.2 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 INCOME GROWTH PARTNERS, LTD. X (the "Company") on Form 10-QSB for the period ending June 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Timothy C. Maurer, Chief Financial Officer of the Company, 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; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Timothy C. Maurer Timothy C. Maurer Chief Financial Officer August 8, 2003 -----END PRIVACY-ENHANCED MESSAGE-----