-----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, GN+YvfAHY3+FcWNCSMUwbtMZydWlR1eSqJEAOxJr7pqSWXGWQdjlGWqGTS9H30UJ MtqJ1U902znKv6K7XF8gGA== 0000890566-00-000779.txt : 20000516 0000890566-00-000779.hdr.sgml : 20000516 ACCESSION NUMBER: 0000890566-00-000779 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDM PARTICIPATING INCOME CO II CENTRAL INDEX KEY: 0000832475 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 330177934 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16832 FILM NUMBER: 632983 BUSINESS ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: STE 1000 CITY: LONG BEACH STATE: CA ZIP: 90831 BUSINESS PHONE: 2134980141 MAIL ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: STE 1000 CITY: LONG BEACH STATE: CA ZIP: 90831-1000 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter ended March 31, 2000 ---------------------------------------------------- Commission file number 0-16832 ---------------------------------------------------- IDM Participating Income Company-II (A California Limited Partnership) State of California 33-0177934 - -------------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) Number) 2424 S.E. Bristol Street, Suite 333 Newport Beach, California 92660 - -------------------------------------- ----------------------------------- (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code: (713) 706-6271 ----------------------------------------------- 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 [ ]. Number of limited partnership interests outstanding as of March 31, 2000: 200,000 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The following financial statements are submitted in the next pages: PAGE NUMBER ------ Balance Sheets - March 31, 2000 and December 31, 1999 .................... 4 Statements of Operations - For the Three Months Ended March 31, 2000 and 1999 ............................................................ 5 Statements of Cash Flows - For the Three Months Ended March 31, 2000 and 1999 ................................................................. 6 Notes to Financial Statements ............................................ 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview: The following discussion should be read in conjunction with IDM Participating Income Company-II's (the Partnership) Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q. Results of Operations: Interest income decreased by approximately $3,000, or 6%, for the three months ended March 31, 2000 when compared to the corresponding period in 1999. This decrease was the result of the collection of principal on a loan receivable from an affiliate. General and administrative expenses remained unchanged for the three months ended March 31, 2000 when compared to the same period in 1999. An increase in data processing and auditing costs were offset due to lower legal and insurance costs incurred during the quarter. 2 Liquidity and Capital Resources: During the three months ended March 31, 2000, the Partnership's cash position decreased primarily as a result of loans to affiliates. The Partnership is in an illiquid position at March 31, 2000 with a cash balance of approximately $3,000 and current liabilities of approximately $21,000. The Partnership has no commitments for any future capital expenditures. Inflation: The Partnership does not expect inflation to be a material factor in its operations in 2000. 3 IDM PARTICIPATING INCOME COMPANY - II (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS MARCH 31, 2000 AND DECEMBER 31, 1999 - --------------------------------------------------------------------------------
MARCH 31, 2000 DECEMBER 31, 1999 --------------- --------------- (UNAUDITED) ASSETS Cash ........................................................... $ 3,000 $ 37,000 Loans to affiliates: Interest receivable ........................................ 218,000 175,000 Principal, less reserve for possible losses of $859,000 at March 31, 2000 and December 31, 1999 .......................................... 1,458,000 1,471,000 Receivables from affiliates .................................... 38,000 0 --------------- --------------- Total Assets ................................................... $ 1,717,000 $ 1,683,000 =============== =============== LIABILITIES AND PARTNERS' CAPITAL Accounts payable ............................................... $ 21,000 $ 0 Partners' capital: General Partner ................................................ 440,000 440,000 Limited Partners: 200,000 units authorized, 200,000 issued and outstanding ............................. 1,256,000 1,243,000 --------------- --------------- Total Partners' capital ........................................ 1,696,000 1,683,000 --------------- --------------- Total Liabilities and Partners' capital ........................ $ 1,717,000 $ 1,683,000 =============== =============== Limited partners' equity per unit .............................. $ 6.28 $ 6.22 =============== ===============
See accompanying notes. 4 IDM PARTICIPATING INCOME COMPANY - II (A California Limited Partnership) STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2000 and 1999 - -------------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31, ---------------------- 2000 1999 --------- --------- (UNAUDITED) (AUDITED) Interest income ..................................... $ 44,000 $ 47,000 General and administrative expenses ................. (31,000) (31,000) --------- --------- Net income .......................................... $ 13,000 $ 16,000 --------- --------- Net income allocable to limited partners ................................. $ 13,000 $ 16,000 ========= ========= Number of limited partnership interests outstanding ............................ 200,000 200,000 ========= ========= Net income per limited partnership interest ............................. $ 0.07 $ 0.08 ========= ========= See accompanying notes. 5 IDM PARTICIPATING INCOME COMPANY - II (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 - --------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, ------------------------------------ 2000 1999 --------------- --------------- (UNAUDITED) (UNAUDITED) --------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income ....................................................................... $ 13,000 $ 16,000 Adjustments to reconcile net income to cash used in operating activities: Increase in interest receivable ............................................... (43,000) (43,000) Decrease in prepaid expenses .................................................. 0 4,000 Increase in accounts payable .................................................. 21,000 3,000 --------------- --------------- Net cash used in operating activities ......................................... (9,000) (20,000) --------------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES: Collections of loans from affiliates ............................................. 13,000 17,000 --------------- --------------- Net cash provided by investing activities ..................................... 13,000 17,000 --------------- --------------- CASH FLOWS FROM FINANCING ACTIVITITES: Advances to affiliates ........................................................... (38,000) (1,000) --------------- --------------- Net cash used in financing activities ......................................... (38,000) (1,000) --------------- --------------- NET DECREASE IN CASH ............................................................... (34,000) (4,000) Cash beginning of period ........................................................ 37,000 8,000 --------------- --------------- Cash end of period .............................................................. $ 3,000 $ 4,000 =============== ===============
See accompanying notes 6 IDM PARTICIPATING INCOME COMPANY-II A California Limited Partnership Notes to Financial Statements (Unaudited) 1. BASIS OF FINANCIAL STATEMENTS In the opinion of the Partnership's management, these unaudited financial statements reflect all adjustments which are necessary for a fair presentation of its financial position at March 31, 2000 and results of operations and cash flows for the periods presented. All adjustments included in these statements are of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Form 10-K of the Partnership for the year ended December 31, 1999. 2. RELATED PARTY TRANSACTIONS Affiliates of the general partner are reimbursed for certain general and administrative services provided to the Partnership. During the three months ended March 31, 2000 and 1999, affiliates received approximately $2,000 and $3,000, respectively, for such services. 7 PART IV - OTHER INFORMATION ITEM 14. EXHIBITS AND REPORTS ON FORM 8-K A. EXHIBITS: The following Exhibits are filed herewith pursuant to Rule 601 of Regulation S-K. (27) Financial Data Schedule B. REPORTS ON FORM 8-K A Form 8-K was filed in May 2000 reporting a change in the Partnership's Certifying Accountant. 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. IDM PARTICIPATING INCOME COMPANY-II, a California Limited Partnership IDM PARTICIPATING INCOME CORPORATION General Partner of the General Partner Date: May 10, 2000 /s/ WILLIAM J. CARDEN ------------ ------------------------------------ William J. Carden Director 8 EX-27 2
5 THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM IDM PARTICIPATING INCOME COMPANY - II MARCH 31, 2000 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-2000 MAR-31-2000 3,000 0 256,000 0 0 259,000 0 0 1,717,000 21,000 0 0 0 0 1,696,000 1,717,000 0 44,000 0 31,000 0 0 0 13,000 0 13,000 0 0 0 13,000 .07 .07
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