American Yacht Harbor

American Yacht Harbor Intnme Suummit For the Six Months Eating June 30, 228 Revenues June 2018 Quartet to Dim Year to Date Actual Budget We Vat% Actual Budget Vats Vas% Actor' Budget Vas Vas% Manna Slip Rewnue 104128 96,236 8,292 Ill.e% 329,855 358,904 (28,949) (8.1%) 6261138 734122 (108,134) (14.1%) MAMA Slip Discounts (8523) (5.528) 021 923 (12,182) (21,991) (21,991) Upland Revenue 102565 114,443 (13.878) (111%) 282165 142,852 (60 687) (173%) 314,811 584,993 (50,192) (8.6%) MAMA Conocny Sennett 5,025 4,135 890 21.5% 16182 15,6011 974 62% 21,983 33,052 (13,067) (373%) Utility Revenue 691 16 791 35 (9.219) (11.6% 179,530 214,929 (35,379) (16.5%) 312,296 424,069 (111,773) (268%) fuel 205,831 178701 34,130 19.9% 434220 464189 (30,169) (63%) 702837 922034 (221,197) (23.9%) Merchandise 8,620 6,561 2,039 31.4% 12937 16,113 $12 3.1% 26104 32,933 (6,831) (20.7%) Pam 1%040 Expenses 41810 40,777 1123 2-9% 125233 121131 3,302 17% 248619 219,362 19,267 84% Other E736 3,944 1,792 45.4% 23256 11,416 12219 101.2% 4501 24297 21,204 889% TOM &MUMS% 536,503 516,932 19,371 33% 1196215 1,546,644 (150229) (9.7%) 2497850 2990054 (492702 (16.9%) Disco' Co.'* Manna Conoco% Servos% 248 248 100.0% 1.522 937 (583) (6227) 1122 2,104 584 278% Utilities 52,950 45,302 (7.6%) (16.9%) 121.849 111298 1,440 1.2% 196,278 2421% 44,078 183% !Adagios cost lo 75.73 57.25 (18.49) (0.ax) 6787 57.37 (10.50) (0.18) 6285 56.69 (6.17) (0.11) AM 152217 98,008 (52,209) (3.13%) 279,322 %END (14,3003 (54%) 443,243 527,131 MPS 15.9% Fuel/sot% 72.98 57.08 (15.90) (228) 64.30 57.04 (7.25) (0.13) 62% 56.99 (5.99) (0.11) Merchandise 6,384 4,593 (1.791) (39.0% 11.990 18930 (7107 (6.88) 18,272 23254 4,782 20.1% Total Diem Coos 209,551 148151 (61200) (41.4% 414000 400237 (14,153) (33%) 659.113 792245 111,132 168% Gram Poult 326,952 368781 (41829) (11.3% 981125 1,146,101 (114182) (143%) 1838637 2198,09 (359,312) (163%) Gnus Profit 51. 60.94 71.34 10.40 0.15 7031 74.10 380 086 7161 7150 (0.11) 6700) Pyri& Employee Benefits Total Payroll 95,851 71,272 (24,579) (34.3% 213211 211138 01733 (24% 404,872 429,992 23,120 58% Total Employee Benefits 18,877 11,206 4,129 19.7% 50194 67,8/2 12873 24.9% AEI% 143,428 322% 21.1% Total Payroll & Employee Benefits 114,728 94,478 (20.25A (21.4%) 264205 282410 16025 3.7% 518012 573,420 35,408 9.7% ()thew( Oomatum l'apecom Rent 13,415 13,333 (82) (26% 40243 19,999 (244) (0.6% 92487 79,998 (489) NI% Aloes Unallocated 4,680 11,631 6,951 59.8% 18,360 35,80) I6,640 47.3% 42867 72192 27105 38.9% Aloes 24287 8,284 (16,003) (193.2% 26$01 24,906 (1,896) (7.6%) 28126 49,984 21,658 43.3% IMUOACC 34,015 33,962 (53) (0.2%) 102,140 101.870 (270) 033%3 204,467 221,721 ( 959) (nA%) MAIMMICAI Pen 14,393 25,847 11,454 443% 69,831 77,333 2502 9.7% 124,415 149,511 23,118 168% Tams 11265 10,740 (1,925) (17.9%) 29,544 29,766 m 27% 48181 58,863 12214 173% R'pai" & Mramenance 6,789 5,417 (1,372) (25.3%) 16,751 12251 (50(1) (11%) 43,182 31102 (12.68(9 (393%) Sultk43 32 45 2) 00 (1,145) (43.8%) 14$78 2500 (1,370 (184%) 11103 I 5$00 8693 113% Mulcting 533 2,510 1,977 79.8% 2,420 9,130 6,720 73.3% 4,673 11240 12187 729% Security 29,270 (29.220) 95.841 (95,581) 166354 116 (1(6118) (70,473.7%) Professional Fero 19,083 17,317 (1,766) (122%) 50,698 52,952 1,253 14% 67,670 103,902 36,112 34.9% Travel I:Arcata. 2,800 8803 200nó 1,800 8800 1020% Pressman for Doubtful Amounts 14,435 8123 (2312) (77.7% 14,392 24,369 9977 40.9% 48864 48,738 (126) (03%) Telephone 1,198 1,192 (6) SS%) 1,923 3151 1,628 488% 2.626 6160 4134 623% Credo Csal C:usomosion 10,413 10,834 421 3.9% 30,904 32,428 1,526 4.7% 48131 61289 14,488 23.1% Donau% 3,585 3,544 (41) (1.2%) 10,756 126.12 (124) (1.2%) 21113 21,764 231 12% Inforautron Teohnolorm 284 1,223 939 763% 2299 2164 2875 629% 6,104 102139 4,733 417% Other Operoung Expenses ISO 12 (IAA (1,150.0%) 674 242 (391) (1393%) 8% 659 (141) (223%) Total( Mier ()penning Esprose 191840 156,411 (2.29) (212%) 522185 471121 (49,262) (10.4%) 934261 934029 (20.032) (2.1%) Total Operating Expenses 301168 2-50,949 (56219) (216%) 786190 753,111 (33,151) (4.4%) 8472.671 1,508849 351, 6 23% Operating Expense % 57.33 48.55 (8183 11118) 56.12 4871 (7.61) (016) 58.96 5043 (8SS) An/ Net Operating Income 19,394 117,832 (98,448) (315%) 195.335 392,774 (197,439) (503%) 3%864 689,9W (323,996) (478%) BBB 4. 3.61 2179 19.18 0.84 13.99 25.40 1141 245 14.65 11.07 8.42 036 Axed Costs 3m) Party Cash Imam( Expense 49,029 49,031 2 Oil% 149,132 149,139 7 20% 2841:0 297,861 (342) (0.1%) 3n1 loarty Interest Incisive (26 ) 264 (5,435) 5,435 (11,522) 11,322 Affiliate &NUM &UMW (2,143) 2,143 (2,586) 21% (2,584) 2186 03quecistion 60,573 98,133 27160 313% 162,308 76821 102313 38.2% 361145 522958 157213 303% 4m%%04ó0 1,472 (1272) MAN (16,829) 46,733 (40 53) Acmenon 2,868 (2808) 8,603 (8,603) 17203 (11) 057 leimme(lato) &fide Other Costa (91,951) (19.112) (72,619) (373.6%) (133,510 (19.186) (114,330) (395.9%) (345,434) (12809) (216,515) (169.1%) Othet Nonopreating Income (1266191) 1,266,191 Othet Nonopreating Fiume 414,319 (414,319) 633100 (633,600) 8002843 (80008 43) Net Income (506,270) (19,332) (486,938) (1.1188%) (767,116) (19,186) (747,930) (38983%) (79,886) (124,859) 48,973 38.0% PROT0 American Yacht Harbor (AYH) Cash Flow Statement For the Three Months Ending June 30, 2018 UNAUDITED 1Q18 Total April 2018 Actual May 2018 Actual June 2018 Actual 2Q18 Total 2018 YTD Actual Beginning Cash Balance $1,259,439 $1,034,360 $1,068,903 $3,810,401 $1,034,360 $1,259,439 Net Income From Operations $687,228 ($63,520) ($197,324) ($506,270) ($767,114) ($79,886) Add Back Non-Cash Expenses: Depreciation and Amortization 239,563 79,706 43,121 64,913 187,740 427,303 Provision for doubtful accounts 34,472 (6,411) 6,368 14,435 14,392 48,864 Cash from Operations $961,263 $9,775 ($147,835) ($426,922) ($564,982) $396,281 Sources (Uses) of Cash: Accounts Receivable (1,007,834) 148,292 2,659,592 166,798 2,974,682 1,966,848 Inventory (3,851) 7,203 7,132 (15,982) (1,647) (5,498) Prepaid Expenses and Other Current Assets 3,558 14,290 17,670 18,452 50,412 53,970 Other Assets 20,484 (31,080) 37,103 8,737 14,760 35,244 Accounts Payable (69,020) 6,067 (64,200) 406,571 348,438 279,418 Deferred revenue 30,701 1,183 100 (1,956) (673) 30,028 Accrued Expenses and Other Liabilities (61,380) (88,187) 264,936 (196,717) (19,968) (81,348) Total Sources (Uses) of Cash ($1,087,342) $57,768 $2,922,333 $385,903 $3,366,004 $2,278,662 NET CASH FLOW FROM OPERATING ACTIVITIES: ($126,079) $67,543 $2,774,498 ($41,019) $2,801,022 $2,674,943 CASH FLOW FROM INVESTING ACTIVITIES: Additions to Fixed Assets $o [repeated 4 times] $0 $0 CASH FLOW FROM FINANCING ACTIVITIES: Payments on Long Term Debt (99,000) (33,000) [repeated 3 times] (99,000) (198,000) ($99,000) ($33,000) [repeated 3 times] ($99,000) ($198,000) NET CASH FLOW ($225,079) $34,543 $2,741,498 ($74,019) $2,702,022 $2,476,943 Ending Cash Balance $1,034,360 $1,068,903 $3,810,401 $3,736,382 $3,736,382 $3,736,382 PROT1 American Yacht Harbor Balance Sheet June 30, 2018 UNAUDITED ASSETS Current Assets: March 2018 June 2018 Cash and cash equivalents $5,000 $5,000 Restricted cash 1,029,360 3,731,382 Accounts receivable 3,334,173 345,099 Inventory 70,583 72,231 Prepaids and other current assets 99,022 48,610 Total Current Assets 4,538,138 4,202,322 Land 1,847,000 1,847,000 Property and equipment, net 11,490,858 11,328,550 Intangible assets, net 19,466 6,534 Deferred financing costs 78,183 74,286 Other long term assets 464,460 449,703 Total Assets 18,438,105 17,908,395 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable 297,000 198,000 Accounts payable 29,088 377,526 Accrued expenses 366,248 347,597 Deferred revenue 57,825 57,152 Net due to and from affiliates 12,769 23,237 Customer deposits 308,154 296,375 Total Current Liabilities 1,071,084 1,299,887 Notes payable 11,687,765 11,687,765 Other liabilities 696,802 705,404 Total Liabilities 13,455,651 13,693,056 Equity Noncontrolling interests (3,115,499) (3,115,499) Paid in capital 9,276,223 9,2767)3 Retained earnings (1,865,500) (1,865,500) Current year profit/loss 687,230 (79,885) Total Equity 4,982,454 4,215,339 Total Liabilities and Equity 18,438,105 17,908,395 PROT2 AYH 2018 Hurricane Expenditures American Yacht Harbor Categories Month April May June Grand Total Corporate - Travel $777 $777 Marina - Clean-up and Salvage $22,053 $5,520 $65,380 $92,953 Marina - Structural $11,191 $135,030 $324,024 $470,244 Other/Engineering/Consulting $28,609 $24,914 $53,524 Security 816,102 $16,102 Grand Total $50,123 $169,158 $414,319 $633,600 The above schedule represents hurricane related costs incurred for the second quarter of 2018. We will conduct a year-to-date review of hurricane expenses to determine if any projects meet our capitalization standards. If upon review any projects meet these standards, those costs will be reclassified to fixed assets and capitalized. PROT3