C O N T E N T S PARK WEST MHP, LLC

Transcription

1 C O N T E N T S PARK WEST MHP, LLC Accountant s Compilation Report... Page 3 Statement of Assets, Liabilities, and Members Equity- Tax Basis... 4 Statement of Revenues, Expenses and Members Equity- Tax Basis... 5 Selected Information Substantially All Disclosures Required by Tax Basis of Accounting Are Not Included... 6

2 To the Members Park West MHP, LLC Stillwater, Oklahoma Management is responsible for the accompanying financial statements of Park West MHP, LLC, which comprise the statement of assets, liabilities, and members equity tax basis as of December 31, 2017, and the related statement of revenues, expenses, and members equity tax basis for the year then ended, in accordance with the tax basis of accounting, and for determining that the tax basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. The financial statements are prepared in accordance with the tax basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all the disclosures ordinarily included in financial statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user s conclusions about the Company s assets, liabilities, members equity, revenues, and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters. We are not independent with respect to Park West MHP, LLC. January 24, 2018 Henderson, Nevada Certified Public Accountants Certified Public Accountant s Report

3 STATEMENT OF ASSETS, LIABILITIES, AND MEMBERS' EQUITY - TAX BASIS DECEMBER 31, 2017 ASSETS CURRENT ASSETS: Cash $ 10,804 Notes receivable, current 3,685 Other receivable, related party 10,870 Total Current Assets $ 25,359 PROPERTY AND EQUIPMENT (AT COST): Equipment 5,981 Land and improvements 2,324,291 Buildings 189,058 2,519,330 Less: accumulated depreciation (1,205,284) Net Property and Equipment 1,314,046 OTHER ASSETS: Investment homes held for sale 93,709 Notes receivable, long term 1,477 Loan fees, net of amortization 9,271 Total Other Assets 104,457 TOTAL ASSETS $ 1,443,862 LIABILITIES AND MEMBERS' EQUITY CURRENT LIABILITIES: Security deposits $ 23,515 Notes payable, related party 185,300 Other payable, related party 1,554 Current portion of long-term debt 1,449,372 Total Current Liabilities $ 1,659,741 Financial Statements LONG-TERM DEBT, less current portion 60,015 MEMBERS' EQUITY (DEFICIT) (275,894) TOTAL LIABILITIES AND MEMBERS' EQUITY $ 1,443,862 See accompanying notes -4-

4 STATEMENT OF REVENUES, EXPENSES AND MEMBERS' EQUITY - TAX BASIS FOR THE YEAR ENDED DECEMBER 31, 2017 REVENUE $ 441,728 EXPENSES: Amortization $ 2,378 Automobile 1,389 Bank charges 83 Depreciation 189,386 Insurance 29,326 Casual labor 650 Landscaping 700 Licenses and permits 4,779 Management fees 3,600 Move 1,440 Office 1,699 Payroll 41,836 Payroll taxes 5,336 Penalties 6,000 Postage and delivery 406 Professional fees 67,515 Property tax 29,528 Repairs and maintenance 48,629 Supplies 2,978 Travel 2,482 Utilities 79,519 Total Expenses 519,659 OPERATING INCOME (LOSS) (77,931) OTHER INCOME (EXPENSE): Loss on sale of assets (17,479) Interest expense (101,174) Interest income 759 Total Other Income (Expense) (117,894) Financial Statements NET INCOME (LOSS) (195,825) MEMBERS' EQUITY (DEFICIT)- Beginning of Period (80,069) MEMBERS' EQUITY (DEFICIT) - End of Period $ (275,894) See accompanying notes -5-

5 SELECTED INFORMATION Substantially All Disclosures Required by the Tax Basis of Accounting Are Not Included DECEMBER 31, 2017 SEE ACCOUNTANT S COMPILATION REPORT NOTE 1 OMISSION OF SUBSTANTIALLY ALL DISCLOSURES: Management has elected to omit substantially all the disclosures ordinarily included in financial statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user s conclusions about the Company s assets, liabilities, equity, revenue, and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters. Footnotes -6-