American Yacht Harbor

American Yacht Harbor Income Statement . Actual Comparison For the Three Months Ending March 31,2016 UNAUDITED Revenues March 2016 Quarter and 'ar to Date Actual Budget Vat $ Var % Actual Budget VarS Var % Marina Slip Revenue 158,317 160,623 (2,336) (13%) 447,336 452,390 (5,(154) (1.1%) ',Latina Slip Discounts (1315) (803) (712) (88.7%) (5,315) (1,955) (3,360) (171.9%) Upland Revenue 118,801 112,425 6,376 5.7% 352,473 342,268 10,205 30%. Manna Concierge Services 9,075 5,973 3,102 51.9% 22,874 19,447 3,427 17.6% Utility Revenue 75,027 9(1,642 (15415) (172%) 243,871 261,560 (17,689) (6.8%.) Fuel 169,721 230,116 (60,395) (262%) 486,142 544,203 (58,(161) (10.7%) Merchandise 7,637 8,970 (1,333) (14.9%) 19,789 23,082 (3,293) (14.3%) Pass Thmul.lt Expenses 41,238 41,138 125,551 123,714 1,637 13% Other 5,953 4,541 1,412 31.1% 15,613 13,119 2,494 190%. Total Revenues 584,224 653,725 (69,501) (104%) 1,7(8,334 1,777,828 (69,494) (3.9%) Direct Costs Marina Concierge Services 351 351 100.0% 1,365 1,143 (222) (19.4%) Utilities 40,437 49,412 8,975 182% 131,184 146,365 26,181 17.9% Utilities con% 53.90 54.51 0.62 0.01 49.28 55.96 6.68 (1.12 Fuel 82,423 144,334 61,911 429% 237,536 342,495 104,959 30.6% Fuel con e/. 4836 62.72 14.16 0.23 48.86 62.94 14.07 (1.22 Merchandise 4,268 6,926 2,658 38.4% 9,017 17,823 8,806 49.4% Total Direct Costs 127,128 3/1,023 73,895 36.8% 368,102 507,826 139,724 27.5% Gross Profit 457,096 452,702 4,394 1.0% 1,34(1,232 1,270,002 70,230 5.5% Gross Pmfit % 7824 69.15 (8.99) (0.13) 78.45 71.44 (7.02) (0.10) Payroll & Employee Benefits Total Payroll 65,829 68,029 2,21%1 3.2% 209,089 204,087 (5,0(12) (2.5%) Total Employee Benefits 20,241 24,090 3,849 I6.(PA 72,651 75,611 2,960 3.9% Total Payroll & Employee Benefits 86,070 92,119 6,049 6.6% 281,74(1 279,698 (2,(02) (ark) Other Operating Expenses Rent 13,333 13,333 81,OIX1 39,999 (I) «WM Utilities Unallocated 6,592 15,330 8,738 57.0% 25,765 34,385 8,620 25.1% Utilities 5,638 6,669 1,031 15.5% 15,571 18,875 3,304 17.5% Insurance 24,677 24,504 (173) (0.7%) 74,031 73,512 (516) (3.7%) 31anagement Fees 29,211 32,686 3,475 10.6% 85,417 88,891 3,474 3.9% Taxes 11,308 14,434 3,126 21.7% 32,527 35,636 3309 8.7% Rclkiir'& Maintenance 5,773 12,763 6,990 54.8% 31,681 57,806 37,125 64.2% Supplies 1,972 4,155 2,183 525% 9,071 10,873 1,802 16.6% Marketing 2,558 7,100 4,542 6.1.0% 17,197 23,300 6,103 262% Security 455 455 100.0% 237 1,681 1,444 85.9% Professional Fees 4,267 23,835 19,568 821% 32,655 40,682 8,027 19.7% Travel Expenses 326 2.386 2,060 86.3% Provision for Doubtful Accounts 7,280 (7,280) (12,613) 12,613 Telephone 1,203 1,425 222 15.6% 3,409 4,972 1,563 31.4% Credit Card Commission 13,683 10,128 (3,555) (35.1%) 32,780 29,741 (3,(539) (lark) Donations 3,544 3,413 (131) (3.8%) 11,132 10,219 (893) (8.7%) Information Technology 1,462 1,655 193 11.7% 4474 5,554 880 15.8% Other Operating Expenses 120 99 (21) (212%) 377 401 24 60/.. Total Other Operating Expense 132,621 171,984 39,363 219% 393,234 478,933 85,699 17.9% Total Operating Expenses 218,691 264,103 45,412 172% 674,974 758,631 83,657 11.1W, Operating Expense% 37.43 40.40 2.97 0.07 39.51 42.67 3.16 0.07 Net ()penning Incnme 238,815 168,599 49,806 26.4% 665,258 511,371 153,687 30.1% NOI% 40.81 28.85 (11.96) (0.41) 38.94 28.76 (10.18) ((135) Fixed Cost 3rd Patsy Cash Interest Expense 26,872 54,751 27,879 50.9% 78,935 161,133 82.198 510%. 3rd Party Interest Income (1,422) 1,422 (2,910) 2910 Depreciation 74,451 94,733 31,262 21.4% 221,682 282,562 60,880 21.5% Amortization 11,337 (11,337) 34,011 (34,(511) Accretion 2,601 (2,601) 7,803 (7,803) Income(Ims) Before Other Cost 124,566 39,115 85,451 218.5% 325,737 67,676 258,061 381.3% Net Income 124,566 39,115 85,451 2155% 325,737 67,676 258,061 381.3% EFTA01084501 American Yacht Harbor Balance Sheet March 31, 2016 UNAUDITED ASSETS Current Assets: December 2015 March 2016 Cash and cash equivalents $1,150 $1,700 Restricted cash 2,663,555 2,973,743 Accounts receivable 157,652 182,447 Inventory 47,162 56,375 Prepaids and other current assets 193,081 130,529 Total Current Assets 3,062,600 3,344,794 Land 1,847,000 1,847,000 Property and equipment, net 14,307,838 14,183,306 Intangible assets, net 253,699 227,673 Deferred financing costs 53,209 45,223 Other long term assets 304,816 296,996 Total Assets 19,829,162 19,944,992 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable 405,000 306,000 Accounts payable 41,655 85,712 Accrued expenses 292,818 229,261 Deferred revenue 14,577 13,393 Customer deposits 300,536 302,513 Total Current Liabilities 1,054,586 936,879 Notes payable 12,508,200 12,508,200 Other liabilities 624,217 632,020 Total Liabilities 14,187,003 14,077,099 Equity: Paid in capital 10,276,223 10,276,223 Retained earnings (5,043,927) (4,734,067) Current year profit/loss 409,863 325,737 Total Equity 5,642,159 5,867,893 Total liabilities and Equity 19,829,162 19,944,992 EFTA01084502 American Yacht Harbor Cash Flow Statement For the Three Months Ending March 31, 2016 UNAUDITED January Actual February Actual March Actual 1Q16 Total Beginning Cash Balance $2,664,705 $2,717,234 $2,826,632 $2,664,705 Net Income From Operations $124,394 $76,777 $124,566 $325,737 Add Back Non-Cash Expenses: Depreciation and Amortization 87,788 87,318 88,389 263,495 Provision for doubtful accounts (19,893) 0 7,280 (12,613) Cash from Operations $192,289 $164,095 $220,235 $576,619 Sources (Uses) of Cash: Accounts Receivable (40,710) (12,945) 41,473 (12,182) Inventory (857) (379) (7,977) (9,213) Prepaid Expenses (20,190) 39,236 51,326 70,372 Accounts Payable (24,546) 23,346 45,256 44,056 Deferred revenue 5,826 (6,613) (397) (1,184) Accrued Expenses and Other Liabilities 31,203 (41,867) (50,917) (61,581) Total Sources (Uses) of Cash ($49,274) $778 $78,764 $30,268 NET CASH FLOW FROM OPERATING ACTIVITIES: $143,015 5164,873 $298,999 $606,887 CASH FLOW FROM INVESTING ACTIVITIES: Additions to Fixed Assets (57,486) (22,475) (17,188) (97,149) ($57,486) ($22,475) ($17,188) ($97,149) CASH FLOW FROM FINANCING ACTIVITIES: Payments on Long Term Debt (33,000) (33,000) (33,000) (99,000) Excess Cash Distribution (100,000) (100,000) (S33,000) ($33,000) ($133,000) ($199,000) NET CASH FLOW $52,529 $109,398 $148,811 $310,738 Ending Cash Balance $2,717,234 $2,826,632 $2,975,443 $2,975,443 EFTA01084503