EFTA00796974.pdf

Amerkan Yacht Hothot Income Statement For the Nine Months Ending September 30,2018 September MS Cumin to Dale Year to Dam Acme* Budget Vat $ VU114 Acme* Budget Vat $ Vat 54 Annual Budget Vat $ Vat % Revenues Mara. Sip Revenue 109,750 10124 1118 1.4% 371,103 372.610 (1,501) (02%) 997,492 1,107,132 (101640) (9.9%) ?darts Sip Doman° (3400) (.608th (11,554 (11153) 0 3.5444 (13,544) Upland Reirom 91772 118413 (24,641) (20.8%) 218,380 354486 (76106) (21.9%) 813,192 939479 (126,4411) (113%) Manna Cone eµ8 Services 3,473 4,267 (794) (18.0%) 20,878 16181 4,497 273% 42162 51133 4171) (16.7%) Unity Revenue 93,041 78,191 11650 18.7% 276116 271474 4,702 1.7% 541,812 695443 (101411) (15.4%) Fad 157,073 121,710 35,303 29.0% 513.467 522.942 24215 3.9% 1247,004 1147,976 (20),972) (119%) Olerchandise 6,172 5204 9(9 186% 22.291 21,277 1414 48% 41195 54212 (1811) (I0.154) Pass Thmagh Expenses 38,009 41116 (1,487) (8.414) 114,48 124728 (10.460) (NATO 362496 354490 8,806 2.9% Odin 14,159 1417 11,742 485.8% 25445 1141 16444 1903% 11176 33.528 30,04/1 113.E Total Revenues 512,457 400.278 31179 6.9% 1440795 1693,339 02144 (3.1%) 4.111741 4,(80,993 (545248) (11.6%) Drew Cons Alain. Cothaerge Services 1,140 256 (904) (353.1%) 2140 983 (1151) (150.44) 4440 340 (973) 01.167 Utitics, 50,611 41118 (1,493) (52%) 166122 156,752 (10110) (6.9%) 36144 197,108 33,908 19% I1ti0des coot. 54.40 6138 6.99 011 005 57.66 (210) (0.05) 61.68 57.06 (4.62) 8404 Fad 109,305 69448 (39157) (56.3%) 319172 300,632 (41,540) (26.1%) 822,446 827.763 5,147 044,. Fuel cost % 69.59 57.44 (1114 (0.21) 0181 57.49 (1234 (0.21) 65.95 57.17 (8.18) 804 Alerthandise 6,549 340 (2,906) (79.8%) 11522 14894 1,372 92% 31,794 37.948 6,154 112% Total Darn Cons 16/625 121146 (41660) 0734 561156 473261 (2105) (101%) 1221.470 1,265.905 44,436 19% Goo* Profit 344,032 3581B (11481) ogyo 1416659 1,220.078 (141.439) (II" 2,917,273 3.400 1 (504 112) (14.1%) Coca Profit % 67.29 7161 7.32 010 65.74 7105 6.31 0.0 10.49 72.97 2.49 0.03 Payroll & Employes Ilcimits Total 54,447 60271 1824 9.7% 170181 192,295 21,914 11.4% 571151 122127 47,036 7.4% Told Empkiwe Brock% 16,090 18126 2,828 14.9% 44,407 61,711 17,304 210% 157145 205139 47,594 232% Total Rosana Employee Benefits 70,545 79,197 8,652 10.9% 214.788 2.54416 39,210 15.4% 73.2.7% 827326 94,610 11.414 Odor Operaticit Expenses Rent 13,414 13113 (81) (0.6%) 40244 39,999 (245) (0.6%) 111730 119497 014 (0.6%) Utillit. Enalcaued 6,336 12499 6.563 50.9% 15,411 36,811 21,400 58.1% 51291 107,003 40,705 419% lltitim 5,326 8114 3.588 40.3% 18431 15,678 7,647 291% 46158 75,662 29,304 30.7% Insurance 36,445 16.114 (131) (01%) 109132 1004351 (1181) (1.1%) 311999 311059 (19409 46%) Alanorancen Fees 25,623 24414 (1409) (6.7%) 82440 04,667 2.627 3.1% 201455 234,200 27,745 118% Taxes 10,240 8249 (1,991) (24.19d 33250 33158 11)0 00% 81131 92223 10,392 111% Repairs fir MaillWARItie 702 5,411 (2,475) (45.7%) 20174 16,251 (4,123) (25.4) 65364 41753 (16,801) (34.5%) Supplies 5,681 2100 (3,181) (127270 11358 7,500 (1154 (70.1%) 26,643 22100 (4,164 (1115%) Olartaing 3,007 2,510 (497) (198%) 7,111 8,130 1419 123% 11479 25.390 12,911 501% Smutty 28,007 (31,807) 86.673 46,6731 24.1.777 236 (22,991) (10/1916%) Pm/33mnd Fees 7,638 17,311 9,679 55.9% 38,995 51,951 12,956 24.9% 106,664 155.853 49,189 31.6% Trawl FR:pewits 1,07 1,707 1040% 1,707 1,707 100.0% 3307 3107 100.0% Provision Pe DiMailkii ACOOUrg£ 8214 8284 IWO% 91081 24,691 (10,390) (285.19d 143,941 71429 (70,316) (96.0%) TeEphone 1229 1,229 1040% 1961 3,657 1496 46.4% 4,587 10,617 6,030 56.834 Credit Catd Commis:ow 12.985 10447 (1918) (29O%) 31987 35,494 (493) (12Yd 84388 98183 13,995 14364 Danatinto 3,586 3144 (44 (12%) 10,159 10,632 (124 (1.2%) 32,272 32,396 124 0.4% Informonon Tethnolatcy 783 1.202 419 34.9% 1716 3,528 812 23.0% 8.124 14.367 6,243 43.5% Other Operating Expenses 149 355 206 58.0% 690 614 (66) (10.7%) EMM 1273 (213) (16.7%) Toul OM.% Operating Expense 167,912 157455 (1007) (6.5%) 612411 491019 (119,184 (242411 1,4rms 09214 (9.8%) Totn1(*mating Espana 110,451 236452 (1604 (0.1%) 126101 `CAS (t966) (10%) Orating livens< % 46.53 4932 2.78 0.06 50.40 44.12 (629) (0.14) 5534 48.14 ('4Z) (OAS) Net t/peirating Income 106,375 1214461 (13306) (122%) 251.648 473,053 (221,405) (46.44) 617419 1,163413 (541394) (46.9%) NOE% 20.76 2529 4.53 018 1534 27.44 12.60 0.45 14.92 24.83 9.91 0.40 Fixed Cams 31J PartyCash MICMAC F.ipense 40,620 0424 4 00% 149125 149,534 9 0.0% 441,721 447,395 (33) (01%) 31J Patty Intami Income MB 321 (1,271) 1,271 (12.793) 12.793 Aftiliate Interell Income (410) 410 03116 3400 (6,185) 6,385 Orpteciition 60,573 49,10 29117 311% 181,20 267,554 83,834 321% 545,065 781512 243,447 30.9% .kmouvation 1,472 (1471) 4415 (4.415) 51.163 41,164 Accretion 2,868 (18a) 8400 (g.603) 25$08 MOO Income(Idis) Before Othet Coto (6,421) (16,874 10446 61.9% (87,544) 55,965 (141509) (2563%) (432.972) (71,894) (360.014 (494.0%) Other Moms. Hort Income (1,266,391) 1,266,191 Odor Nimiciperanim Expos.. 153,886 (153184 (109,464 109,468 891,175 (81,175) Net Income (164314 (16,873) (141440) (850.1%) 21,924 55,965 (34441) (602%) (57,956) (72494) 14,930 20.E EFTA00796974  American Yacht Harbor (AYH) Cash Flow Statement For the Three Months Ending September 30, 2018 UNAUDITED 1Q18 2Q18 July 2018 August 2018 September 2018 3Q18 2018 YTD Total Total Actual Actual Actual Total Actual Beginning Cash Balance $1,259,439 $1,034,360 $3,736,383 53,110,236 52,798,724 $3,736,383 $1,259,439 Net Income From Operations $687,231 ($767,111) $307,691 ($125,454) ($160,313) $21,924 ($57,956) Add Back Non-Cash Expenses: Depreciation and Amortization 239,563 187,740 61,155 68,672 64,913 194,740 622,043 Provision for doubtful accounts 34,472 14,392 89,817 5,264 0 95,081 143,945 Cash from Operations $961,266 ($564,979) $458,663 (851,518) ($95,400) $311,745 $708,032 Sources (Uses) of Cash: Accounts Receivable (1,007,834) 2,974,682 (158,810) 1,921 555 (156,334) 1,810,514 Invenmry (3,851) (1,647) 8,123 (8,374) 13,147 12,896 7,398 Prepaid Expenses and Other Current Assets 3,558 50,412 (77,735) (165,265) 46,867 (196,133) (142,163) Other Assets 20,484 14,760 50,719 14,339 12,831 77,889 113,133 Accounts Payable (69,020) 348,438 (271,051) (56,443) 44,738 (282,756) (3.338) Deferred revenue 30,701 (674) (3,198) (10,494) (11,747) (25,439) 4,588 Accrued Expenses and (61,382) (19,970) (33,555) (2,678) (36,370) (72,603) (153,955) Other Liabilities Total Sources (Uses) of Cash ($1,087,344) $3,366,001 ($485,507) ($226,994) $70,021 ($642,480) $1,636,177 NET CASH FLOW FROM OPERATING ($126,078) $2,801,022 ($26,844) ($278,512) ($25,379) ($330,735) $2,344,209 ACTIVITIES: CASH FLOW FROM INVESTING ACTIVITIES: Additions to Fixed Assets 0 0 (566,303) 0 (14,065) (580,368) (580,368) $0 SO ($566,303) $0 ($14,065) ($580,368) ($580,368) CASH FLOW FROM FINANCING ACTIVITIES: Payments on Long Term Debt (99,000) (99,000) (33,000) (33,000) (33,000) (98,000) (29; 000 ($99,000) ($99,000) ($33,000) ($33,000) ($33,000) ($99,000) ($297,000) NET CASH FLOW ($225,078) $2,702,022 ($626,147) ($311,512) ($72,444) ($1,010,103) $1,466,841 Ending Cash Balance $1,034,361 $3,736,382 $3,110,236 $2,798,724 $2,726,280 $2,726,280 $2,726,280 EFTA00796975  American Yacht Harbor Balance Sheet September 30, 2018 UNAUDITED June 2018 September 2018 ASSETS Current Assets: Cash and cash equivalents $5,000 $5,000 Restricted cash 3,731,382 2,721,280 Accounts receivable 345,099 406,353 Inventor), 72,231 59,335 Prepaids and other current assets 48,610 244,743 Total Current Assets 4,202,322 3,436,711 Land 1,847,000 1,847,000 Property and equipment, net 11,328,550 11,727,198 Intangible assets, net 6,534 6,016 Deferred financing costs 74,286 70,388 Other long term assets 449,703 371,813 'rota] Assets 17,908,395 17,459,126 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable 198,000 99,000 Accounts payable 377,526 94,770 Accrued expenses 347,597 266,654 Deferred revenue 57,152 31,713 Net due to and from affiliates 23,237 10,740 Customer deposits 296,375 317,209 Total Current Liabilities 1,299,887 820,086 Notes payable 11,687,765 11,687,765 Other liabilities 705,404 714,007 Total Liabilities 13,693,056 13,221,858 Equity: Noncontmlling interests (3,115,499) (3,115,499) Paid in capital 9,276,223 9,276,223 Retained earnings (1,865,500) (1,865,500) Current year profit/loss (79,885) (57,956) Total Equity 4,215,339 4,237,268 Total li abilities and Equity 17,908,395 17,459,126 EFTA00796976  AYH 2018 Hurricane Expenditures American Yacht Harbor Month Categories July August September Grand Total , Construction Supervision $25,703 $25,643 $26,402 $77,748 Engineering and consultants $2,496 $1,388 $6,343 $10,227 Signage ($7,717) $6,477 ($1,240) Marina WIFI, Security, Access Control ($8,490) ($8,490) Exterior Lighting $0 $5,807 $5,807 IGY Corporate Overhead, Travel, Program Management $35,015 $10,004 $45,019 Marina Pile Cap Repair $18,279 $18,279 Exterior Paint Buildings & Decks $66,750 $66,750 Roofs ($406,739) ($406,739) Flag Poles ($11,969) (511,969) HVAC ($76,354) $22,396 $43,284 (510,674) Interior Finishes and Fit-Out $19,380 $450 $19,830 Marina Decking $10,783 $10,783 Pavement Repair $10,080 $10,080 Marina Miscellaneous - sigmage, cleats, etc $3,457 $3,457 Marina electrical and pedestals $68 $68 Building Exterior Misc $37,435 $37,435 Interior Drywall Putback $24,160 $24,160 Grand Total ($363,026) $99,672 $133,886 ($109,468) The above schedule represents hurricane related costs incurred for the third quarter of 2018. In July 2018, a year to date review was conducted which resulted in the reclassification of $537,134 to fixed assets. We will continue to conduct periodic reviews of hurricane expenses in the fourth quarter to determine if any additional projects meet our capitalization standards. If upon review any projects meet these standards, those costs will be reclassified to fixed assets and capitalized. EFTA00796977