UNITED STATES SECURITIES AND EXCHANGE COMMISSION

0001548123-13-000451.txt : 20131114 0001548123-13-000451.hdr.sgml : 20131114 20131114123448 ACCESSION NUMBER: 0001548123-13-000451 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131114 DATE AS OF CHANGE: 20131114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASTLE GROUP INC CENTRAL INDEX KEY: 0000918543 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 990307845 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23338 FILM NUMBER: 131218222 BUSINESS ADDRESS: STREET 1: 500 ALA MOANA BLVD. STREET 2: 3 WATERFRONT PLAZA, SUITE 555 CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085240900 MAIL ADDRESS: STREET 1: 500 ALA MOANA BLVD. STREET 2: 3 WATERFRONT PLAZA, SUITE 555 CITY: HONOLULU STATE: HI ZIP: 96813 10-Q 1 castlegroup10q093013toedgari.htm QUARTERLY REPORT ON FORM 10Q FOR THE QUARTER ENDED SEPTEMBER 30, 2013 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ____________ to____________

Commission File No. 000-23338

THE CASTLE GROUP, INC.

(Exact name of Registrant as specified in its charter)



Utah	99-0307845
(State or Other Jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

500 Ala Moana Boulevard, 3 Waterfront Plaza, Suite 555

Honolulu, Hawaii 96813

(Address of Principal Executive Offices)

(808) 524-0900

(Registrant’s Telephone Number)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the past 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 [ ]

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [ ] No [ ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check whether the Registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by a court.

Not applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant’s classes of common equity, as of the latest practicable date:

November 14, 2013 - 10,026,392 shares of common stock.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2013 & DECEMBER 31, 2012
UNAUDITED
ASSETS
	SEP 30, 2013	DEC 31, 2012
Current Assets
Cash and cash equivalents	$ 505,078	$ 781,662
Accounts receivable, net of allowance for bad debts	2,455,229	2,047,772
Deferred tax asset	431,000	431,000
Note receivable, current portion	25,000	40,000
Prepaids and other current assets	408,916	298,429
Total Current Assets	3,825,223	3,598,863
Property plant & equipment, net	7,293,830	7,380,379
Goodwill	54,726	54,726
Deposits and other assets	225,764	242,259
Note receivable	188,825	185,000
Investment in limited liability company	481,480	459,705
Deferred tax asset	972,337	1,069,695

TOTAL ASSETS	$ 13,042,185	$ 12,990,627

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable	$ 2,454,516	$ 2,665,431
Payable to related parties	79,148	112,681
Deposits payable	642,726	638,156
Current portion of long term debt	212,758	280,054
Current portion of long term debt to related parties	-	6,250
Accrued salaries and wages	1,545,299	1,213,839
Accrued taxes	25,912	67,770
Other current liabilities	48,421	18,514
Total Current Liabilities	5,008,780	5,002,695
Non Current Liabilities
Long term debt, net of current portion	4,232,661	4,496,447
Notes payable to related parties, net of current portion	117,316	132,421
Other long term obligations, net	3,469,123	3,443,494
Total Non Current Liabilities	7,819,100	8,072,362
Total Liabilities	12,827,880	13,075,057
Stockholders' Equity (Deficit)
Preferred stock, $100 par value, 50,000 shares authorized, 11,050	1,105,000	1,105,000
shares issued and outstanding in 2013 and 2012, respectively
Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392	200,529	200,529
shares issued and outstanding in 2013 and 2012, respectively
Additional paid in capital	4,574,004	4,423,984
Retained deficit	(5,719,305)	(5,830,379)
Accumulated other comprehensive income (loss)	54,077	16,436
Total Stockholders' Equity (Deficit)	214,305	(84,430)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 13,042,185	$ 12,990,627


The accompanying notes are an integral part of these condensed consolidated financial statements


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012
UNAUDITED

	Three Months Ended Sep 30		Nine Months Ended Sep 30
	2013	2012	2013	2012
Revenues
Revenue attributed from properties	$ 3,153,178	$ 2,888,388	$ 9,119,549	$ 8,824,777
Management & Service	2,905,098	2,682,844	8,958,409	8,114,998
Other Revenue	100	300	29,067	922
Total Revenues	6,058,376	5,571,532	18,107,025	16,940,697

Operating Expenses
Attributed property expenses	2,858,516	2,600,889	8,195,635	7,851,523
Payroll and office expenses	2,899,101	2,681,600	8,863,411	8,204,959
Administrative and general	107,273	92,830	388,167	355,613
Depreciation	55,944	56,242	166,049	169,445
Total Operating Expense	5,920,834	5,431,561	17,613,262	16,581,540
Operating Income	137,542	139,971	493,763	359,157
Foreign Currency Transaction Gain (Loss)	(219,735)	(142,008)	(25,629)	(234,860)
Investment income	-	28,000	37,000	159,145
Gain on sale of investment and contract	-	-	-	395,000
Interest Expense	(92,209)	(97,302)	(284,799)	(287,304)
Income (Loss) before taxes	(174,402)	(71,339)	220,335	391,138
Income tax provision	(18,139)	(33,862)	(109,261)	(256,829)
Net Income (Loss)	(192,541)	(105,201)	111,074	134,309


Other Comprehensive Income
Foreign currency translation adjustment	200,445	115,215	37,641	195,892
Total Comprehensive Income	$ 7,904	$ 10,014	$ 148,715	$ 330,201


Earnings Per Share
Basic	$ (0.02)	$ (0.01)	$ 0.01	$ 0.01
Diluted	$ (0.02)	$ (0.01)	$ 0.01	$ 0.01
Weighted Average Shares
Basic	10,026,392	10,026,392	10,026,392	10,026,392
Diluted	10,026,392	10,026,392	10,026,392	10,026,392












The accompanying notes are an integral part of these condensed consolidated financial statements


THE CASTLE GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012
UNAUDITED


	2013	2012
Cash Flows from Operating Activities
Net income	$ 111,074	$ 134,309
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation	166,048	169,445
Non cash interest expense	150,020	-
Foreign exchange loss on guarantor obligation	25,629	234,860
Investment income	(21,775)	(159,143)
Deferred taxes	97,358	256,829
(Increase) decrease in:
Accounts receivable	(507,234)	50,305
Other current assets	(109,532)	(188,543)
Customer advance deposits	4,223	86,629
Notes Receivable	11,175	(225,000)
Deposits and other assets	17,932	(215,740)
Increase (decrease) in:
Accounts payable and accrued expenses	186,757	(359,745)
Net Change From Operating Activities	131,675	(215,794)

Cash Flows from Investing Activities
Purchase of assets	(26,155)	(8,229)
Sale of ownership in hotel	-	180,000
Net Change from Investing Activities	(26,155)	171,771

Cash Flows from Financing Activities
Proceeds from notes	-	150,000
Payments on notes to related parties	(3,011)	(4,686)
Payments on notes	(381,331)	(577,735)
Net Change from Financing Activities	(384,342)	(432,421)

Effect of foreign currency exchange rate on changes in cash and cash equivalents	2,238	1,398

Net Change in Cash and Cash Equivalents	(276,584)	(475,046)
Beginning Balance	781,662	710,487
Ending Balance	$ 505,078	$ 235,441

Supplementary Information
Cash Paid for Interest	$ (125,980)	$ (277,962)
Cash Paid for Income Taxes	$ (11,903)	$ -






The accompanying notes are an integral part of these condensed consolidated financial statements

Notes to Condensed Consolidated Financial Statements:

Summary of Significant Accounting Policies

Organization

The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii and in New Zealand under the trade name “Castle Resorts and Hotels.” The accounting and reporting policies of The Castle Group, Inc. (the “Company” or “Castle”) conform with U.S. generally accepted accounting principles and practices within the hotel and resort management industry.

Principles of Consolidation

The condensed consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels’ wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation). All significant inter-company transactions have been eliminated in the condensed consolidated financial statements.

Note 1 Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for a full-year period as the tourism industry that the Company relies on is highly seasonal. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s most recent Annual Report on Form 10-K.

Revenue Recognition

The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.

The Company has two basic types of agreements, a “Gross Contract” and a “Net Contract”.

Under a “Gross Contract” the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. The Company pays the remaining gross rental proceeds to the owner of the rental unit. The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as “Revenue Attributed from Properties.” Under this arrangement, the Company is responsible for all of the operating expenses for the hotel or condominium unit. The Company records the expenses of operating the rental program at the property covered by the agreement. These expenses typically include housekeeping, food & beverage, maintenance, front desk, sales & marketing, advertising and all other operating costs at the property covered by the agreement and are recorded as “Attributed Property Expenses”.

Under a “Net Contract”, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under this arrangement, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owner’s unit and in addition to the percentage of gross rental proceeds the Company typically receives an incentive management fee based on the net operating profit of the covered property. Additionally, we employ on-site personnel to provide services such as housekeeping, maintenance and administration to property owners under our management agreements and for such services the Company recognizes revenue in

an amount equal to the expenses incurred. Revenues received under the net contract are recorded as Management and Service Income. Under a Net Contract, the Company does not record the operating expenses of the property covered by the agreement, other than the personnel costs mentioned above.

The difference between the Gross and Net contracts is that under a Gross Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss, belong to and is the responsibility of the Company; under a Net Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss belong to and is the responsibility of the owner of the property.

Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.

Note 2 New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB (Financial Accounting Standards Board) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

Note 3 Foreign Currency Transaction Gain / Loss

As part of the Company’s purchase of real estate in New Zealand, the Company has guaranteed an amount of up to NZ$4,201,433 (US$3,018,000) to the seller of the real estate and the Company recorded this guaranty as “Other Long Term Obligations” on its balance sheet. The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars. Due to the fluctuations in the exchange rate of the New Zealand dollar against the US dollar, the obligation has been increased to US$3,469,123 at September 30, 2013. For the three months ended September 30, 2013 and 2012, the Company recorded exchange losses of $219,735 and $142,008, respectively; for the nine months ended September 30, 2013 and 2012, the Company recorded exchange losses of $25,629 and $234,860, respectively. These losses were offset by foreign currency translation adjustment gains of $200,445 and $115,215 for the three months ended September 30, 2013 and 2012, respectively, and gains of $37,641 and $195,892 for the nine months ended September 30, 2013 and 2012, respectively.

Note 4 Income Taxes

Income tax expense reflects the expense or benefit only on the Company’s domestic taxable income. Income tax expense and benefit from the Company’s foreign operations are not recognized as they have been fully reserved.

Note 5 Equity-Based Compensation

None issued during the nine months ended September 30, 2013 or 2012.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation.

Forward Looking Statements

Statements made in this Quarterly Report of the Castle Group, Inc. (“Castle” or the “Company”) which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business of the Company, including, without limitation, (i) Castle’s ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the

Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which the Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the Company’s ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Castle’s operations, products, services and prices.

Factors that may affect forward-looking statements include a wide range of factors that could materially affect future developments and performance, including the following: changes in company-wide strategies, which may result in changes in the types or mix of businesses in which Castle is involved or chooses to invest; changes in U.S., global or regional economic conditions, changes in U.S. and global financial and equity markets, including significant interest rate fluctuations, which may impede Castle’s access to, or increase the cost of, external financing for its operations and investments; increased competitive pressures, both domestically and internationally, legal and regulatory developments, such as regulatory actions affecting environmental activities, the imposition by foreign countries of trade restrictions and changes in international tax laws or currency controls; adverse weather conditions or natural disasters, such as hurricanes and earthquakes, and labor disputes, which may lead to increased costs or disruption of operations. This list of factors that may affect future performance and the accuracy of forward-looking statements are illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Plan of Operation

Principal products or services and their markets

General

Castle is a hospitality and hotel management company that prides itself on its ability to be both “Flexible and Focused,” which is the Company’s operations motto. Flexible, to meet the specific needs of property condo owners at the properties that it manages; and focused, in its efforts to achieve enhanced rental income and profitability for those owners. Castle earns its revenues by providing several types of services to property owners including, hotel and resort management and operations; reservations staffing and operations; sales and marketing; and accounting. In addition, Castle provides design services to properties that are furnishing, refurnishing or remodeling, as well as, pre-opening technical services for new hotel and resort properties being planned or under construction. Castle’s revenues are derived primarily from two sources: (1) the rental of hotel rooms and condominium accommodations; and food and beverage sales at the properties it manages and; (2) fees paid for services it provides to property owners. Castle also derives revenues from commissions and incentive payments, based on sales and performance criteria at each property.

Marketing Strategy

Most of our marketing efforts are focused towards acquiring and retaining guests for the properties we manage. Castle does not own any hotels or resorts; however, it has made real estate investments in the properties that it manages in Hilo, Hawaii and New Zealand. Marketing is done through a variety of distribution channels including direct internet sales, wholesalers, online and traditional travel agencies, and group tour operators. Unlike many other hotel and resort operators, we do not market the properties we manage under the Castle brand. Instead of emphasizing the “Flag” or “Chain” name, Castle’s strategy is to promote the name and reputation of the individual properties under management as we believe that “one standard does not fit all”. We believe that this allows the consumer to better choose the specific type of vacation experience desired based upon the specific attributes of the property selected.

Our website (www.CastleResorts.com) offers state-of-the-art functionalities, user-friendly navigation, interactive features and

rich content, while offering attractive rates and a travel booking engine that supports a dynamic pricing model which maximizes

revenues for all of our properties under management. We intend to continue to invest in optimizing our on-line presence directed specifically towards our own website, since revenue derived through our own branded website yields a higher margin utilizing

retail rates. Castle supports its online presence with its own full service, reservation call center that provides a wide range of services from tour reservation processing and rooms control, to handling group bookings. The reservation center electronically connects resort property inventory and rates to the four major Global Distribution Systems (“GDS”). This connectivity displays rates and inventory of Castle’s properties to over 500,000 travel agents worldwide as well as Internet connectivity to over 1,200 travel websites worldwide.

For customer convenience, we offer direct to consumer online booking reservations of guest rooms at resort and condominium properties under contract and also vacation packages with attractions and activities related to our hotels and condominiums through Castle’s interactive web site at www.CastleResorts.com.

Diversity

Castle has a diverse portfolio of properties located in desired island resort destinations throughout the Pacific Region. We represent hotels, resort condominiums, and lodging accommodations throughout Hawaii, as well as in Saipan and New Zealand.

In Hawaii, Castle represents properties on all of the five major Hawaiian Islands of Oahu (Waikiki), Maui, Kauai, Molokai and Hawaii (Big Island). This allows customers the option to island-hop, and provides Castle cross-selling opportunities. Our Honolulu headquarters serves as the epicenter for our international operations in Saipan and New Zealand. Our diverse destinations offer customers the opportunity to discover new experiences and varying geographic areas and cultures.

Castle offers a wide range of accommodations at various price points from exclusive private villas, full-service all-suites hotels, and oceanfront resort condominiums to modestly priced hotels with hundreds of guest rooms. Our collection of all-suites condominium resorts, hotels, lodges and vacation rentals allows customers to select the best accommodation to suit their individual style and budget.

Our ability to deliver consistent financial returns to our property owners demonstrates Castle’s competency in managing and marketing a wide range of accommodations to our customers via multiple channels of distribution.

Brand Strategy

Castle does not brand the properties under its management. Each property Castle manages is individually marketed in order to extract maximum value from its unique strengths. Our strategy is that we do not promote Castle as a brand name but instead, we focus on our customers, the owners of the properties we manage. As Castle represents a diverse range of properties, its brand strategy is that one size does not fit all. The Castle brand stays in the background and our focus is on marketing the uniqueness of each property, while satisfying the needs and expectations of our owners. Each property we manage maintains its own brand identity and personality, while utilizing the Castle advantage of our powerful marketing resources, channel distribution, resort management expertise, industry partnerships, and networks.

Castle’s brand strategy is one of the areas that clearly differentiate us from the high profile branded hospitality companies. When a hotel owner or developer is considering contracting a large worldwide hospitality company for possible hotel management, there are several considerations that must be assessed. With major worldwide brands, usually come the high costs that the owner must bear to sustain the expensive marketing and operational expense that the brand demands to offset their marketing costs. The owner may also have to make a substantial investment in the property in order to fit into the “cookie cutter” mold that the brand desires. There are also some tangible differences from the guest’s or customer’s perspective.

Castle markets each property with its own independent brand identity and deploys customized marketing, operational and service

programs to fit the specific demographics attracted to each of our properties. Through our individual property brand building efforts, we begin the process of positioning each of our resort brands to our key market segments, niche targeted customers and distribution channels.

We do not flag our properties with the Castle name. The advantages of doing so are several. There is a high demand for the independent smaller boutique hotels and condominiums, as travelers favor a more individualized and unique travel experience. This ongoing trend towards smaller, independent hotels, as opposed to the familiar chains, is not only occurring in Hawaii, but is also seen throughout the world tourism marketplace. This increased demand is fueled by the following traveler’s expectations:

· Travelers seek individualized recognition, attention, and service.

· Guests desire hotel and condominium accommodations that impart a sense of place and provide a unique, hospitable guest experience.

· Customers demand differing quality and personalized service and providing this creates high customer loyalty and repeat business.

· Customers seek Hawaii due to the feeling of “Ohana”, or family, experiencing the unique feeling of Aloha imparted by the people of Hawaii.

Marketing Programs and Promotions

Castle has implemented numerous marketing programs and promotions directed towards both the consumer and trade markets to generate incremental revenue and market loyalty for the individual properties. We have developed a wide range of programs designed specifically to reflect the unique attributes of each of our resort properties, while also providing various incentives. At any given time, we have a number of ongoing marketing programs and promotions in place, some of which are seasonal to drive incremental room night revenues during valley or shoulder periods and some of which are ongoing throughout the year.

Growth Strategy

The majority of the properties presently managed by Castle are located within the state of Hawaii. Significant opportunities for Castle to obtain additional contracts within the State of Hawaii are also available to us due to a myriad of factors that include sales of properties, foreclosures, underperformance, and dissatisfaction with the current management of our competitors. In addition, Castle has a presence in New Zealand, while at the same time keeping the option to strategically expand operations into Thailand and Guam. We believe that there are significant opportunities to expand Castle’s operations both in the markets it currently serves, as well as other Pacific Basin and Asian vacation destinations.

As part of Castle’s strategies to secure long term, multi-year management contracts, from time to time, we have found it advantageous to purchase or lease selected real property within a resort or condominium project. This occurred in 2004, when

Castle’s wholly owned subsidiary, NZ Castle Resorts and Hotels Limited, entered into an agreement to purchase all of the shares of Mocles Holdings Limited (“Mocles”), a New Zealand Corporation. Mocles owns the Podium levels (“Podium”) of the Spencer on Byron Hotel in Auckland, New Zealand, which includes the front desk, restaurant, bar, ballroom, board room, conference rooms, back of the house facilities and other areas necessary for the hotel’s operation. Through our ownership of the Podium and a ten year management contract for the Spencer on Byron hotel, which we signed in February 2012, Castle is assured of ongoing revenues in future years from this property.

In 2010, we acquired a 7% common series ownership interest in one of the hotels managed by the Company and in 2011, the Company acquired a minority interest in a Waikiki hotel, which was subsequently sold at a gain in the first quarter of 2012.

In addition to seeking new hotel and resort condominium management contracts, we will continue to seek investment opportunities with hotel developers and owners.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and

“Plan of Operation” including statements regarding the anticipated development and expansion of Castle’s business, the intent, belief or current expectations of the performance of Castle and the products and/or services it expects to offer and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the factors set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Plan of Operation.”

Revenues

Total Revenues for the quarter ended September 30, 2013 increased by 9% to $6,058,376 from $5,571,532 in the prior year. The increase is attributed to a strong market for Hawaii tourism during the first two months of our third quarter, as well as the Company adding a Maui property on a Gross Contract to its portfolio on September 1, 2013. Total revenues for the nine months ended September 30, 2013 increased by 7% to $18,107,025 from $16,940,697 for the nine months ended September 30, 2012. The increase for the nine months is attributed to the especially strong first quarter experienced in our domestic markets driven by higher average room rates. The tourism industry in Hawaii has experienced a resurgence in 2013 which resulted in the Company experiencing an increase in REVPAR (Revenue per Available Room) by 11% for the nine months ended September 30, 2013 as compared to the prior year.

Revenues Attributed from Properties increased from $2,888,388 to $3,153,178, for the three months ended September 30, 2013 compared to 2012. For the nine months ended September 30, 2013, Revenues Attributed from Properties increased by 3%, to $9,119,549 from $8,824,777 for the nine months ended September 30, 2012. Management and Service Revenues for the three months ended September 30, 2013 increased 8%, to $2,905,098 from $2,682,844 for the quarter ended September 30, 2012. For the nine months ended September 30, 2013, Management and Service Revenues increased by 10%, to $8,958,409 from $8,114,998 for the nine months ended September 30, 2012. Again, the increase for the nine month period is attributed to the especially strong first quarter and an 11% increase in REVPAR.

The Company recorded investment income of $0 and $28,000, for quarters ended September 30, 2013 and 2012, respectively, and investment income of $37,000 and $159,145 for the nine months ended September 30, 2013 and 2012, respectively, which represents the Company’s 7% share of the income from the limited liability company that owns one of the hotels managed by the Company. The decrease in investment income is due to the property being under extensive renovations beginning in June of 2013 with an expected completion in November 2013.

During the quarter ended March 31, 2013, the Company recorded $27,902 included in Other Revenue for a termination fee received from a property that was sold in 2011, which accounted for the increase in Other Revenue from $922 to $29,067 for the nine months ended September 30, 2013 as compared to the prior year.

During the first quarter of 2012, the Company also sold its 2% ownership share in another property located in Hawaii and recorded a gain on the sale of $170,000. During the second quarter of 2012, the Company sold one of its management contracts and recorded a gain of $225,000.

Guaranty

As part of the Company’s purchase of real estate in New Zealand, the Company has guaranteed an amount of up to $3,018,000 to the seller of the real estate and the Company recorded this guaranty as “Other Long Term Obligations” on its balance sheet. The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars. Due to the strengthening of the New Zealand dollar against the US dollar, when comparing the exchange rates for 2004 and September 30, 2013, the obligation has increased to $3,469,123 as of September 30, 2013. Due to the fluctuation in the exchange rate between the New Zealand and US dollar, the Company recorded exchange losses of $219,735 and $142,008, for the three months ended September 30, 2013 and 2012 respectively; for the nine months ended September 30, 2013 and 2012, the Company recorded exchange losses of $25,629 and $234,860, respectively.

Expenses

Attributed Property Expenses are those expenses related to the management of the resort and condominium properties which are operated on a Gross Contract basis. Property expenses for the three months ended September 30, 2013 compared to 2012 increased by $257,627, or 10%, from $2,600,889 to $2,858,516. Property expenses for the nine months ended September 30, 2013 compared to 2012 increased by $344,112, or 4%, from $7,851,523 to $8,195,635. The increases are attributed to the Company renegotiating two of its gross contracts and the increase in Attributed Property Revenue.

Compared to the prior year, payroll and office expenses increased by 8% from $2,681,600 to $2,899,101 for the quarter ended September 30, 2013. The increase is a result of the labor costs associated with a hotel and restaurant on Kauai that the Company acquired the management of in October of 2012. For the nine months ended September 30, 2013, payroll and office expenses increased by 8%, from $8,204,959 in the prior year to $8,863,411. The increase in cost for the nine month period is a result of the payroll costs for the nine month period in 2013 for a property which we acquired in October of 2012.

Administrative and general expenses increased by 16% from $92,830 to $107,273 for the quarter ended September 30, 2013 as compared to 2012 and increased by 9% from $355,167 to $388,613 for the nine months ended September 30, 2013 as compared to 2012. This increase was due to additional general excise taxes incurred on the increased revenue from our domestic operations and increased travel costs during 2013 as the Company performed more operational audits of both our domestic and overseas operations.

Investments

In 2010 the Company acquired a 7% common series interest in the ownership of a hotel located in Hawaii. The Company received the interest in exchange for the Company’s assistance to the buyers of the hotel in negotiating the purchase, performing due diligence work and other consulting services. During the three months ended September 30, 2013 and 2012, the Company recorded investment income of $0 and $28,000, respectively, representing the Company’s 7% allocation of net income from its investment. For the nine months ended September 30, 2013 and 2012, the Company recorded investment income of $37,000 and $159,145, respectively. The hotel commenced a $5 million renovation in June of 2013 which is scheduled to be completed in November 2013.

Depreciation

Our business is to provide services to our clients and as such does not require a great deal of capital expenditure for equipment or fixed assets. As a result, depreciation expense was $55,944 and $56,242 for the three months ended and $166,049 and $169,445 for the nine months ended September 30, 2013 and 2012, respectively.

Interest Expense

Interest Expense was $92,209 and $97,302, respectively, for the three months ended September 30, 2013 and 2012. Interest Expense for the nine months ended September 30, 2013 and 2012 was $284,799 and $287,304, respectively. Included in interest expense for the three and nine months ended September 30, 2013 is $50,010 and $150,020, respectively, of interest that is imputed on the mortgage note for our Podium located in New Zealand.

Net Income (Loss)

Net income (loss) for the three months ending September 30, 2013 and 2012 was ($192,541) and ($105,201), respectively. Net income for the nine months ended September 30, 2013 and 2012 was $111,074 and $134,309, respectively. Included in net income for the nine months ended September 30, 2012 are gains $395,000 for the sale of an investment and a management contract.

Foreign Currency Translation Adjustment

For consolidated entities whose functional currency is not the U.S. dollar, Castle translates their financial statements into U.S. dollars. Assets and liabilities are translated at the exchange rate currently in effect as of the financial statement date, and results of operations are translated using the weighted average exchange rate for the period.

Translation adjustments from foreign exchange are included as a separate component of stockholders’ equity. Changes in the carrying value of the assets and liabilities of the consolidated entities outside of the United States due to foreign exchange changes are reflected as Foreign Currency Adjustments. Foreign Currency Translation adjustments totaled $200,445 and $115,215 for the three months ended September 30, 2013 and 2012, respectively. Foreign Currency Translation adjustments totaled $37,641 and $195,892 for the nine months ended September 30, 2013 and 2012, respectively.

Total Comprehensive Income

Total Comprehensive Income for the three months ended September 30, 2013 was $7,904 as compared to $10,014 for the prior year period. Total Comprehensive Income for the nine months ended September 30, 2013 and 2012 was $148,715 and $330,201, respectively. This is primarily a result of the changes in Revenue and Property and Operating Expenses, Investment Income, and foreign exchange rates noted above.

EBITDA and Adjusted EBITDA

EBITDA (Earnings before Interest, Depreciation, Taxes and Amortization) reflects the Company’s earnings without the effect of depreciation, interest income or expense, or taxes. Adjusted EBITDA reflects certain other non-cash income or expense items. Adjusted EBITDA and EBITDA are non-GAAP measures. Management believes that in many ways it is a good alternative indicator of the Company’s financial performance. It removes the effects of non-cash depreciation and amortization of assets, fluctuations of interest costs based on the Company’s borrowing history, increases and decreases in tax expense brought about by changes in the provision for future tax effects rather than current income, and fluctuations in foreign exchange rates. A comparison of Adjusted EBITDA, EBITDA and Net Income (Loss) is shown below. EBITDA totaled ($26,249) and $82,205 for the three months ended September 20, 2013 and 2012, respectively, and $671,183 and $847,887 for the nine months ended September 30, 2013 and 2012, respectively. Adjusted EBITDA totaled $193,486 and $224,213 for the three months ended September 30, 2013 and 2012, respectively, and $696,812 and $1,082,747 for the nine months ended September 30, 2013 and 2012, respectively. The decrease for the three month period is attributed to the renovation of one of the properties managed by the Company, and startup costs associated with a contract acquired on September 1, 2013. The decrease for the nine month period is attributable to the sale of our minority interest in a Waikiki hotel during the prior year resulting in a gain of $170,000 and the sale of one of our management contracts for a gain of $225,000. Excluding the effects of these gains, EBITDA increased by 48% and Adjusted EBITDA increased by 1%, respectively, for the nine months ended September 30, 2013 as compared to the prior year.

Comparison of Net Income to EBITDA and Adjusted EBITDA:

Three months ended September 30,

Nine months ended September 30,

               2013

               2012

               2013

               2012

Net Income (Loss)

$          (192,541)

$          (105,201)

$            111,074

$            134,309

Add Back:

Income Tax Provision

               18,139

               33,862

               109,261

               256,829

Net interest expense

                 92,209

                 97,302

              284,799

               287,304

Depreciation

                 55,944

                 56,242

               166,049

               169,445

EBITDA

(26,249)

82,205

671,183

847,887

Foreign Exchange Loss

             219,735

               142,008

             25,629

               234,860

Adjusted EBITDA

$            193,486

$           224,213

$            696,812

$         1,082,747

Liquidity

Our primary sources of liquidity include available cash and cash equivalents, and borrowing under the credit facility which was secured in October 2008, consisting of a $500,000 term loan and a $150,000 line of credit. As of September 30, 2013, the Company has the total $150,000 available to use of the line of credit. Additionally, our New Zealand subsidiary has an available NZ$300,000 (US$247,710) line of credit which was fully available as of September 30, 2013. These facilities contain representations and warranties, conditions, covenants and events of default that are customary for this type of credit facility but do not contain financial covenants. The Company is in compliance with the terms and conditions of these borrowing covenants. We do not believe the limitations contained in the credit facility will, in the foreseeable future, adversely affect our ability to use the credit facility and execute our business plan.

Expected uses of cash in fiscal 2013 include funds required to support our operating activities, including continuing to opportunistically and selectively expand the number of properties under our management.

We experienced Total Comprehensive Income of $7,904 and $10,014 for the third quarter of 2013 compared to 2012, and total comprehensive income of $148,715 and $330,201 for the nine months ended September 30, 2013 as compared to 2012. The third quarter of the year is typically a shoulder season for the travel industry in Hawaii and we have established a trend of profitability in recent quarters as we reported positive Adjusted EBITDA and Total Comprehensive Income in our last eight previous quarters. We anticipate stabilization of the current occupancy levels, together with a slight increase in average rate trends and levels for the properties currently under contract for the remainder of 2013 when compared to 2012. We will continue our efforts to expand the number of properties under management through the remainder of 2013, which has the potential to increase the overall revenue stream in 2013. The specific impact of these additions on revenue depends on the timing of when and if new properties are added during the year. More importantly, over the past two fiscal years we implemented a number of cost saving and efficiency programs that began to improve our profitability and cash flows. We are beginning to see the results of our operational changes as we reported positive Adjusted EBITDA and Total Comprehensive Income in each of the last eight quarters. We project that we will continue to improve the overall profitability, cash flows, and working capital liquidity through 2013. This view is based on the following assumptions:

· The maintaining of current occupancy levels as the global economy stabilizes rather than deteriorates resulting in increased visitor trends to Hawaii and New Zealand.

·A continuation of increases in average daily rates at the properties we manage as compared to recent years, although the increase shall not be as large as we have experienced over the past nine months.

·Focus of our corporate office on increasing our properties room revenue through increased sales, advertising and marketing efforts.

·Careful monitoring of our costs and expenses which will provide the basis for improved operating trends throughout 2013.

·Expansion of the number of properties under management, with emphasis on Hawaii and New Zealand.

·A stabilization of the United States / New Zealand exchange rates.

Our plans to manage our liquidity position in fiscal 2013 include:

·Accessing additional sources of debt or equity financing at competitive rates.

·Minor expenditures to replace and upgrade to our existing technological equipment.

·Refinancing our long term debt in New Zealand.

We have considered the impact of the financial outlook on our liquidity and have performed an analysis of the key assumptions

in our forecast such as sales, gross margin and expenses; an evaluation of our relationships with our travel partners and property owners and an analysis of cash requirements, other working capital changes, capital expenditures and borrowing availability under our credit facility. Based upon these analyses and evaluations, we expect that our anticipated sources of liquidity will be sufficient to meet our short term obligations without disposition of assets outside of the ordinary course of business or significant revisions of our planned operations through 2013.

We are currently negotiating a long term extension of our long term debt that will be due in December 2014, and although no assurances can be given, we are confident that we will be successful in extending the term of this debt. Upon the extension of this debt, we expect that our sources of liquidity will be sufficient to meet our long term obligations without disposition of assets outside of the ordinary course of business or significant revisions of our planned operations.

Off-balance sheet arrangements

None; not applicable.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

Our management, with the participation of our chief executive officer (and acting chief financial officer), evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Based on that evaluation, our chief executive officer (and acting chief financial officer) concluded that, as of September 30, 2013, our disclosure controls and procedures were, subject to the limitations noted above, effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules, regulations and forms, and that such information is accumulated and communicated to our management, including our chief executive officer (and acting chief financial officer), as appropriate, to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting

Our management, with the participation of the chief executive officer (and acting chief financial officer), has concluded there were no significant changes in our internal controls over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None during the nine months ended September 30, 2013.

Item 1A. Risk Factors.

Not required to be enumerated by smaller reporting companies.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Recent Sales of Unregistered Securities

None during the nine months ended September 30, 2013.

Use of Proceeds of Registered Securities

No proceeds were received from the sale of registered securities during the nine months ended September 30, 2013.

Purchases of Equity Securities by Us and Affiliated Purchasers

None during the nine months ended September 30, 2013.

Item 3. Defaults Upon Senior Securities.

None; not applicable.

Item 4. Mine Safety Disclosures.

None, not applicable.

Item 5. Other Information.

None reported

Item 6. Exhibits

(a) Exhibits and index of exhibits.

31.1 302 Certification of Rick Wall, Chief Executive Officer

32 Section 906 Certification

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE CASTLE GROUP, INC.




Date:	11/14/2013	By:	/s/Rick Wall
			Rick Wall
			Chief Executive Officer and Chairman of the Board of Directors and Acting CFO

EX-31 2 ex31.htm 302 CERTIFICATION OF RICK WALL Exhibit 31

Exhibit 31

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rick Wall, certify that:

1. I have reviewed this Form 10-Q of The Castle Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary 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 report;

3.Based on my knowledge, the financial statements, and other financial information included in this 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 report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a). Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 report is being prepared;

(b). Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c). Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d). Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a). All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b). Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting



Date:	November 14, 2013	By:	/s/Rick Wall
			Rick Wall, Chief Executive Officer, Acting CFO, and Chairman of the Board of Director

EX-32 3 ex32.htm 906 CERTIFICATION OF RICK WALL Exhibit 32

Exhibit 32

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 Annual Report of The Castle Group, Inc. (the “Registrant”) on Form 10Q for the period ending September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rick Wall, CEO and Chairman of the Board of Directors and acting CFO, 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 Registrant.





Date:	November 14, 2013	By:	/s/ Rick Wall
			Rick Wall
			Chief Executive Officer and Chairman of the Board of Directors and acting CFO

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Summary of Significant Accounting Policies   Organization   The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii and in New Zealand under the trade name Castle Resorts and Hotels.  The accounting and reporting policies of The Castle Group, Inc. (the Company or Castle) conform with U.S. generally accepted accounting principles and practices within the hotel and resort management industry.   Principles of Consolidation   The condensed consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation).  All significant inter-company transactions have been eliminated in the condensed consolidated financial statements.   Note 1 Basis of Presentation   The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted.  In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation.  The results of operations for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for a full-year period as the tourism industry that the Company relies on is highly seasonal.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castles most recent Annual Report on Form 10-K.   Revenue Recognition   The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.   The Company has two basic types of agreements, a Gross Contract and a Net Contract.     Under a Gross Contract the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units.   The Company pays the remaining gross rental proceeds to the owner of the rental unit.  The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as Revenue Attributed from Properties.  Under this arrangement, the Company is responsible for all of the operating expenses for the hotel or condominium unit.  The Company records the expenses of operating the rental program at the property covered by the agreement. These expenses typically include housekeeping, food & beverage, maintenance, front desk, sales & marketing, advertising and all other operating costs at the property covered by the agreement and are recorded as Attributed Property Expenses.     Under a Net Contract, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under this arrangement, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owners unit and in addition to the percentage of gross rental proceeds the Company typically receives an incentive management fee based on the net operating profit of the covered property. Additionally, we employ on-site personnel to provide services such as housekeeping, maintenance and administration to property owners under our management agreements and for such services the Company recognizes revenue in an amount equal to the expenses incurred.  Revenues received under the net contract are recorded as Management and Service Income.  Under a Net Contract, the Company does not record the operating expenses of the property covered by the agreement, other than the personnel costs mentioned above.   The difference between the Gross and Net contracts is that under a Gross Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss, belong to and is the responsibility of the Company; under a Net Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss belong to and is the responsibility of the owner of the property.     Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.    Note 2  New Accounting Pronouncements   From time to time, new accounting pronouncements are issued by FASB (Financial Accounting Standards Board) that are adopted by the Company as of the specified effective date.  If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Companys consolidated financial statements upon adoption.

Note 5 Equity-Based Compensation   None issued during the nine months ended September 30, 2013 or 2012.

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Organization Net Change in Cash and Cash Equivalents Effect of foreign currency exchange rate on changes in cash and cash equivalents Weighted Average Shares Diluted Total Operating Expense Total Operating Expense Preferred stock issued Accrued taxes Accounts payable Current Fiscal Year End Date Entity Central Index Key New Zealand real estate guaranty New Accounting Pronouncements Earnings Per Share Diluted Total Non Current Liabilities Total Non Current Liabilities Entity Common Stock, Shares Outstanding Notes Weighted Average Shares Basic Interest Expense Interest Expense Other Revenue Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392 shares issued and outstanding in 2013 and 2012, respectively Total Current Liabilities Total Current Liabilities Accrued salaries and wages Current portion of long term debt to related parties Cash and cash equivalents Beginning Balance Ending Balance Amendment Flag EX-101.DEF 7 cagu-20130930_def.xml XBRL TAXONOMY EXTENSION 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - Foreign Currency Transaction Gain / Loss link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - Foreign Currency Transaction Gain / Loss (Details) link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, 2011 (UNAUDITED) & DECEMBER 31, 2010 link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Equity-based Compensation link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2013 & DECEMBER 31, 2012 UNAUDITED link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - THE CASTLE GROUP INC Balance Sheet (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0!@S45;B@$``.()```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,EEU/PC`4AN]-_`]+;\W6 M@8IH&%SX<:DDX@^HZQEKV-JF+0C_WK/R$4,FA$AB;]9L/>=]GYV+]AV,EG45 M+8G[)+*.2).H4S-'+Z:*=4LG[$IT&Z:]FBNI`/I8M=HD.'@"0HV MKUSTO,3/:Q(#E271X[JP\2[[G$&X<$.WV-+86V5XA!:*M# ML_.[P:;O#4=C!(=HS(Q[935BT&5%OY29?2HU2PZ+M%"JHA`Y<)7/:YQ`8K4! 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THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Revenues

Revenue attributed from properties $ 3,153,178 $ 2,888,388 $ 9,119,549 $ 8,824,777

Management & Service 2,905,098 2,682,844 8,958,409 8,114,998

Other Revenue 100 300 29,067 922

Total Revenues 6,058,376 5,571,532 18,107,025 16,940,697

Operating Expenses

Attributed property expenses 2,858,516 2,600,889 8,195,635 7,851,523

Payroll and office expenses 2,899,101 2,681,600 8,863,411 8,204,959

Administrative and general 107,273 92,830 388,167 355,613

Depreciation 55,944 56,242 166,049 169,445

Total Operating Expense 5,920,834 5,431,561 17,613,262 16,581,540

Operating Income 137,542 139,971 493,763 359,157

Foreign Currency Transaction Gain (Loss) (219,735) (142,008) (25,629) (234,860)

Investment income 0 28,000 37,000 159,145

Gain on sale of investment and contract 0 0 0 395,000

Interest Expense (92,209) (97,302) (284,799) (287,304)

Income (Loss) before taxes (174,402) (71,339) 220,335 391,138

Income tax provision (18,139) (33,862) (109,261) (256,829)

Net Income (Loss) (192,541) (105,201) 111,074 134,309

Other Comprehensive Income

Foreign currency translation adjustment 200,445 115,215 37,641 195,892

Total Comprehensive Income $ 7,904 $ 10,014 $ 148,715 $ 330,201

Earnings Per Share Basic $ (0.02) $ (0.01) $ 0.01 $ 0.01

Earnings Per Share Diluted $ (0.02) $ (0.01) $ 0.01 $ 0.01

Weighted Average Shares Basic 10,026,392 10,026,392 10,026,392 10,026,392

Weighted Average Shares Diluted 10,026,392 10,026,392 10,026,392 10,026,392

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED (USD $)	3 Months Ended	9 Months Ended
Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Revenue attributed from properties	$ 3,153,178	$ 2,888,388	$ 9,119,549	$ 8,824,777
Management & Service	2,905,098	2,682,844	8,958,409	8,114,998
Other Revenue	100	300	29,067	922
Total Revenues	6,058,376	5,571,532	18,107,025	16,940,697
Operating Expenses
Attributed property expenses	2,858,516	2,600,889	8,195,635	7,851,523
Payroll and office expenses	2,899,101	2,681,600	8,863,411	8,204,959
Administrative and general	107,273	92,830	388,167	355,613
Depreciation	55,944	56,242	166,049	169,445
Total Operating Expense	5,920,834	5,431,561	17,613,262	16,581,540
Operating Income	137,542	139,971	493,763	359,157
Foreign Currency Transaction Gain (Loss)	(219,735)	(142,008)	(25,629)	(234,860)
Investment income	0	28,000	37,000	159,145
Gain on sale of investment and contract	0	0	0	395,000
Interest Expense	(92,209)	(97,302)	(284,799)	(287,304)
Income (Loss) before taxes	(174,402)	(71,339)	220,335	391,138
Income tax provision	(18,139)	(33,862)	(109,261)	(256,829)
Net Income (Loss)	(192,541)	(105,201)	111,074	134,309
Other Comprehensive Income
Foreign currency translation adjustment	200,445	115,215	37,641	195,892
Total Comprehensive Income	$ 7,904	$ 10,014	$ 148,715	$ 330,201
Earnings Per Share Basic	$ (0.02)	$ (0.01)	$ 0.01	$ 0.01
Earnings Per Share Diluted	$ (0.02)	$ (0.01)	$ 0.01	$ 0.01
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Summary of Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2013

Policies

Organization

Organization

The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii and in New Zealand under the trade name “Castle Resorts and Hotels.” The accounting and reporting policies of The Castle Group, Inc. (the “Company” or “Castle”) conform with U.S. generally accepted accounting principles and practices within the hotel and resort management industry.

Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels’ wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation). All significant inter-company transactions have been eliminated in the condensed consolidated financial statements.

Basis of Presentation

Note 1 Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for a full-year period as the tourism industry that the Company relies on is highly seasonal. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s most recent Annual Report on Form 10-K.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.

The Company has two basic types of agreements, a “Gross Contract” and a “Net Contract”.

Under a “Gross Contract” the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. The Company pays the remaining gross rental proceeds to the owner of the rental unit. The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as “Revenue Attributed from Properties.” Under this arrangement, the Company is responsible for all of the operating expenses for the hotel or condominium unit. The Company records the expenses of operating the rental program at the property covered by the agreement. These expenses typically include housekeeping, food & beverage, maintenance, front desk, sales & marketing, advertising and all other operating costs at the property covered by the agreement and are recorded as “Attributed Property Expenses”.

Under a “Net Contract”, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under this arrangement, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owner’s unit and in addition to the percentage of gross rental proceeds the Company typically receives an incentive management fee based on the net operating profit of the covered property. Additionally, we employ on-site personnel to provide services such as housekeeping, maintenance and administration to property owners under our management agreements and for such services the Company recognizes revenue in an amount equal to the expenses incurred. Revenues received under the net contract are recorded as Management and Service Income. Under a Net Contract, the Company does not record the operating expenses of the property covered by the agreement, other than the personnel costs mentioned above.

The difference between the Gross and Net contracts is that under a Gross Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss, belong to and is the responsibility of the Company; under a Net Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss belong to and is the responsibility of the owner of the property.

Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.

New Accounting Pronouncements

Note 2 New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB (Financial Accounting Standards Board) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

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Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2013

Notes

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Organization

The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii and in New Zealand under the trade name “Castle Resorts and Hotels.” The accounting and reporting policies of The Castle Group, Inc. (the “Company” or “Castle”) conform with U.S. generally accepted accounting principles and practices within the hotel and resort management industry.

Principles of Consolidation

The condensed consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels’ wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation). All significant inter-company transactions have been eliminated in the condensed consolidated financial statements.

Note 1 Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for a full-year period as the tourism industry that the Company relies on is highly seasonal. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s most recent Annual Report on Form 10-K.

Revenue Recognition

The Company recognizes revenue from the management of resort properties according to terms of its various management contracts.

The Company has two basic types of agreements, a “Gross Contract” and a “Net Contract”.

Under a “Gross Contract” the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. The Company pays the remaining gross rental proceeds to the owner of the rental unit. The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as “Revenue Attributed from Properties.” Under this arrangement, the Company is responsible for all of the operating expenses for the hotel or condominium unit. The Company records the expenses of operating the rental program at the property covered by the agreement. These expenses typically include housekeeping, food & beverage, maintenance, front desk, sales & marketing, advertising and all other operating costs at the property covered by the agreement and are recorded as “Attributed Property Expenses”.

Under a “Net Contract”, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under this arrangement, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owner’s unit and in addition to the percentage of gross rental proceeds the Company typically receives an incentive management fee based on the net operating profit of the covered property. Additionally, we employ on-site personnel to provide services such as housekeeping, maintenance and administration to property owners under our management agreements and for such services the Company recognizes revenue in an amount equal to the expenses incurred. Revenues received under the net contract are recorded as Management and Service Income. Under a Net Contract, the Company does not record the operating expenses of the property covered by the agreement, other than the personnel costs mentioned above.

The difference between the Gross and Net contracts is that under a Gross Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss, belong to and is the responsibility of the Company; under a Net Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss belong to and is the responsibility of the owner of the property.

Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.

Note 2 New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by FASB (Financial Accounting Standards Board) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

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Other long term obligations, net 3,469,123 3,469,123 3,443,494

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THE CASTLE GROUP INC Balance Sheet (Parenthetical) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Statement of Financial Position

Preferred stock authorized 50,000 50,000

Preferred stock par value $ 100 $ 100

Preferred stock issued 11,050 11,050

Preferred stock outstanding 11,050 11,050

Common stock authorized 20,000,000 20,000,000

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THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED (USD $)
9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Cash Flows from Operating Activities

Net income $ 111,074 $ 134,309

Depreciation expense 166,048 169,445

Non cash interest expense 150,020 0

Foreign exchange (gain) loss on guarantor obligation 25,629 234,860

Income from investment (21,775) (159,143)

Deferred taxes 97,358 256,829

(Increase) decrease in Accounts receivable (507,234) 50,305

(Increase) decrease in Other current assets (109,532) (188,543)

(Increase) decrease in Customer advance deposits 4,223 86,629

(Increase) decrease in Notes Receivable 11,175 (225,000)

(Increase) decrease in Deposits and other assets 17,932 (215,740)

Increase (decrease) in Accounts payable and accrued expenses 186,757 (359,745)

Net Change From Operating Activities 131,675 (215,794)

Cash Flows from Investing Activities

Purchase of assets (26,155) (8,229)

Sale of ownership in hotel 0 180,000

Net Change from Investing Activities (26,155) 171,771

Cash Flows from Financing Activities

Proceeds from notes 0 150,000

Payments on notes to related parties (3,011) (4,686)

Payments on notes (381,331) (577,735)

Net Change from Financing Activities (384,342) (432,421)

Effect of foreign currency exchange rate on changes in cash and cash equivalents 2,238 1,398

Net Change in Cash and Cash Equivalents (276,584) (475,046)

Beginning Balance 781,662 710,487

Ending Balance 505,078 235,441

Supplementary Information

Cash Paid for Interest (125,980) (277,962)

Cash Paid for Income Taxes $ (11,903) $ 0

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THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2013 & DECEMBER 31, 2012 UNAUDITED (USD $)

Sep. 30, 2013

Dec. 31, 2012

Current Assets

Cash and cash equivalents $ 505,078 $ 781,662

Accounts receivable, net of allowance for bad debts 2,455,229 2,047,772

Deferred tax asset, current 431,000 431,000

Note receivable, current portion 25,000 40,000

Prepaids and other current assets 408,916 298,429

Total Current Assets 3,825,223 3,598,863

Property plant & equipment, net 7,293,830 7,380,379

Goodwill 54,726 54,726

Deposits and other assets 225,764 242,259

Note receivable 188,825 185,000

Investment in limited liability company 481,480 459,705

Deferred tax asset 972,337 1,069,695

TOTAL ASSETS 13,042,185 12,990,627

Current Liabilities

Accounts payable 2,454,516 2,665,431

Payable to related parties 79,148 112,681

Deposits payable 642,726 638,156

Current portion of long term debt 212,758 280,054

Current portion of long term debt to related parties 0 6,250

Accrued salaries and wages 1,545,299 1,213,839

Accrued taxes 25,912 67,770

Other current liabilities 48,421 18,514

Total Current Liabilities 5,008,780 5,002,695

Non Current Liabilities

Long term debt, net of current portion 4,232,661 4,496,447

Notes payable to related parties, net of current portion 117,316 132,421

Other long term obligations, net 3,469,123 3,443,494

Total Non Current Liabilities 7,819,100 8,072,362

Total Liabilities 12,827,880 13,075,057

Stockholders' Equity (Deficit)

Preferred stock, $100 par value, 50,000 shares authorized, 11,050 shares issued and outstanding in 2013 and 2012, respectively 1,105,000 1,105,000

Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392 shares issued and outstanding in 2013 and 2012, respectively 200,529 200,529

Additional paid in capital 4,574,004 4,423,984

Retained deficit (5,719,305) (5,830,379)

Accumulated other comprehensive income (loss) 54,077 16,436

Total Stockholders' Equity (Deficit) 214,305 (84,430)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 13,042,185 $ 12,990,627

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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

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Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.

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Foreign Currency Transaction Gain / Loss
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Foreign Currency Transaction Gain / Loss

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As part of the Company’s purchase of real estate in New Zealand, the Company has guaranteed an amount of up to NZ$4,201,433 (US$3,018,000) to the seller of the real estate and the Company recorded this guaranty as “Other Long Term Obligations” on its balance sheet. The loan issued upon the purchase of the New Zealand real estate is payable in New Zealand dollars. Due to the fluctuations in the exchange rate of the New Zealand dollar against the US dollar, the obligation has been increased to US$3,469,123 at Swptember 30, 2013. For the three months ended September 30, 2013 and 2012, the Company recorded exchange losses of $219,735 and $142,008, respectively; for the nine months ended September 30, 2013 and 2012, the Company recorded exchange losses of $25,629 and $234,860, respectively. These losses were offset by foreign currency translation adjustment gains of $200,445 and $115,215 for the three months ended September 30, 2013 and 2012, respectively, and gains of $37,641 and $195,892 for the nine months ended September 30, 2013 and 2012, respectively.

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Document and Entity Information
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	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Net Income (Loss)	$ (192,541)	$ (105,201)	$ 111,074	$ 134,309
Add Back:
Income Tax Provision	18,139	33,862	109,261	256,829
Net interest expense	92,209	97,302	284,799	287,304
Depreciation	55,944	56,242	166,049	169,445
EBITDA	(26,249)	82,205	671,183	847,887
Foreign Exchange Loss	219,735	142,008	25,629	234,860
Adjusted EBITDA	$ 193,486	$ 224,213	$ 696,812	$ 1,082,747

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Policies
Organization	Organization The Castle Group, Inc. was incorporated under the laws of the State of Utah on August 21, 1981. The Castle Group, Inc. operates in the hotel and resort management industry in the State of Hawaii and in New Zealand under the trade name “Castle Resorts and Hotels.” The accounting and reporting policies of The Castle Group, Inc. (the “Company” or “Castle”) conform with U.S. generally accepted accounting principles and practices within the hotel and resort management industry.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of The Castle Group, Inc. and its wholly-owned subsidiaries, Hawaii Reservations Center Corp., HPR Advertising, Inc., Castle Resorts & Hotels, Inc., Castle Resorts & Hotels Thailand Ltd., NZ Castle Resorts and Hotels Limited (a New Zealand Corporation), and NZ Castle Resorts and Hotels’ wholly-owned subsidiary, Mocles Holdings Limited (a New Zealand Corporation). All significant inter-company transactions have been eliminated in the condensed consolidated financial statements.
Basis of Presentation	Note 1 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The results of operations for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for a full-year period as the tourism industry that the Company relies on is highly seasonal. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Castle’s most recent Annual Report on Form 10-K.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from the management of resort properties according to terms of its various management contracts. The Company has two basic types of agreements, a “Gross Contract” and a “Net Contract”. Under a “Gross Contract” the Company records revenue which is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. The Company pays the remaining gross rental proceeds to the owner of the rental unit. The Company only records the difference between the gross rental proceeds and the amount paid to the owner of the rental unit as “Revenue Attributed from Properties.” Under this arrangement, the Company is responsible for all of the operating expenses for the hotel or condominium unit. The Company records the expenses of operating the rental program at the property covered by the agreement. These expenses typically include housekeeping, food & beverage, maintenance, front desk, sales & marketing, advertising and all other operating costs at the property covered by the agreement and are recorded as “Attributed Property Expenses”. Under a “Net Contract”, the Company receives a management fee that is based on a percentage of the gross rental proceeds received from the rental of hotel or condominium units. Under this arrangement, the owner of the hotel or condominium unit is responsible for all of the operating expenses of the rental program covering the owner’s unit and in addition to the percentage of gross rental proceeds the Company typically receives an incentive management fee based on the net operating profit of the covered property. Additionally, we employ on-site personnel to provide services such as housekeeping, maintenance and administration to property owners under our management agreements and for such services the Company recognizes revenue in an amount equal to the expenses incurred. Revenues received under the net contract are recorded as Management and Service Income. Under a Net Contract, the Company does not record the operating expenses of the property covered by the agreement, other than the personnel costs mentioned above. The difference between the Gross and Net contracts is that under a Gross Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss, belong to and is the responsibility of the Company; under a Net Contract, all expenses, and therefore the ownership of any profits or the covering of any operating loss belong to and is the responsibility of the owner of the property. Under both types of agreements, revenues are recognized after services have been rendered. A liability is recognized for any deposits received for which services have not yet been rendered.
New Accounting Pronouncements	Note 2 New Accounting Pronouncements From time to time, new accounting pronouncements are issued by FASB (Financial Accounting Standards Board) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

THE CASTLE GROUP INC Balance Sheet (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position
Preferred stock authorized	50,000	50,000
Preferred stock par value	$ 100	$ 100
Preferred stock issued	11,050	11,050
Preferred stock outstanding	11,050	11,050
Common stock authorized	20,000,000	20,000,000
Common stock par value	$ 0.02	$ 0.02
Common stock issued	10,026,392	10,026,392
Common stock outstanding	10,026,392	10,026,392

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2013 & 2012 UNAUDITED (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities
Net income	$ 111,074	$ 134,309
Depreciation expense	166,048	169,445
Non cash interest expense	150,020	0
Foreign exchange (gain) loss on guarantor obligation	25,629	234,860
Income from investment	(21,775)	(159,143)
Deferred taxes	97,358	256,829
(Increase) decrease in Accounts receivable	(507,234)	50,305
(Increase) decrease in Other current assets	(109,532)	(188,543)
(Increase) decrease in Customer advance deposits	4,223	86,629
(Increase) decrease in Notes Receivable	11,175	(225,000)
(Increase) decrease in Deposits and other assets	17,932	(215,740)
Increase (decrease) in Accounts payable and accrued expenses	186,757	(359,745)
Net Change From Operating Activities	131,675	(215,794)
Cash Flows from Investing Activities
Purchase of assets	(26,155)	(8,229)
Sale of ownership in hotel	0	180,000
Net Change from Investing Activities	(26,155)	171,771
Cash Flows from Financing Activities
Proceeds from notes	0	150,000
Payments on notes to related parties	(3,011)	(4,686)
Payments on notes	(381,331)	(577,735)
Net Change from Financing Activities	(384,342)	(432,421)
Effect of foreign currency exchange rate on changes in cash and cash equivalents	2,238	1,398
Net Change in Cash and Cash Equivalents	(276,584)	(475,046)
Beginning Balance	781,662	710,487
Ending Balance	505,078	235,441
Supplementary Information
Cash Paid for Interest	(125,980)	(277,962)
Cash Paid for Income Taxes	$ (11,903)	$ 0

THE CASTLE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2013 & DECEMBER 31, 2012 UNAUDITED (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 505,078	$ 781,662
Accounts receivable, net of allowance for bad debts	2,455,229	2,047,772
Deferred tax asset, current	431,000	431,000
Note receivable, current portion	25,000	40,000
Prepaids and other current assets	408,916	298,429
Total Current Assets	3,825,223	3,598,863
Property plant & equipment, net	7,293,830	7,380,379
Goodwill	54,726	54,726
Deposits and other assets	225,764	242,259
Note receivable	188,825	185,000
Investment in limited liability company	481,480	459,705
Deferred tax asset	972,337	1,069,695
TOTAL ASSETS	13,042,185	12,990,627
Current Liabilities
Accounts payable	2,454,516	2,665,431
Payable to related parties	79,148	112,681
Deposits payable	642,726	638,156
Current portion of long term debt	212,758	280,054
Current portion of long term debt to related parties	0	6,250
Accrued salaries and wages	1,545,299	1,213,839
Accrued taxes	25,912	67,770
Other current liabilities	48,421	18,514
Total Current Liabilities	5,008,780	5,002,695
Non Current Liabilities
Long term debt, net of current portion	4,232,661	4,496,447
Notes payable to related parties, net of current portion	117,316	132,421
Other long term obligations, net	3,469,123	3,443,494
Total Non Current Liabilities	7,819,100	8,072,362
Total Liabilities	12,827,880	13,075,057
Stockholders' Equity (Deficit)
Preferred stock, $100 par value, 50,000 shares authorized, 11,050 shares issued and outstanding in 2013 and 2012, respectively	1,105,000	1,105,000
Common stock, $.02 par value, 20,000,000 shares authorized, 10,026,392 shares issued and outstanding in 2013 and 2012, respectively	200,529	200,529
Additional paid in capital	4,574,004	4,423,984
Retained deficit	(5,719,305)	(5,830,379)
Accumulated other comprehensive income (loss)	54,077	16,436
Total Stockholders' Equity (Deficit)	214,305	(84,430)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 13,042,185	$ 12,990,627

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 14, 2013
Document and Entity Information
Entity Registrant Name	CASTLE GROUP INC
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Entity Central Index Key	0000918543
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,026,392
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3