Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - AG&E HOLDINGS INC. | ex99-3.htm |
| EX-99.1 - EXHIBIT 99.1 - AG&E HOLDINGS INC. | ex99-1.htm |
| EX-23.1 - EXHIBIT 23.1 - AG&E HOLDINGS INC. | ex23-1.htm |
| 8-K/A - FORM 8-K/A - AG&E HOLDINGS INC. | wga20170214_8ka.htm |
Exhibit 99.2
ADVANCED GAMING ASSOCIATES
LLC FINANCIAL STATEMENTS
SEPTEMBER 30, 2016
INDEX
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PAGE |
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ACCOUNTANT'S AUDIT REPORT |
1 |
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FINANCIAL STATEMENT: |
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BALANCE SHEET |
2-3 |
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STATEMENT OF INCOME |
4-5 |
| PORTOCK, BYE, WEISS & CO., LLC | ||
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CERTIFIED PUBLIC ACCOUNTANTS
JAMES F. PORTOCK, C.P.A. KIRK D. BYE, C.P.A. BRIAN C. WEISS, C.P.A. |
2701 NEW ROAD, P.O. BOX 159 NORTHFIELD, NEW JERSEY 08225
(609) 646-6676 • 646-0006 FAX 484-0572 |
INDEPENDENT ACCOUNTANT’S COMPILATION REPORT
OCTOBER 31, 2016
TO THE MEMBERS
ADVANCED GAMING ASSOCIATES LLC
109 EAST WILMONT AVE
SOMERS POINT, NEW JERSEY 08244
MANAGEMENT IS RESPONSIBLE FOR THE ACCOMPANYING FINANCIAL STATEMENTS, OF ADVANCED GAMING ASSOCIATES LLC, WHICH COMPRISE THE BALANCE SHEET AS OF SEPTEMBER 30, 2016 AND THE RELATED STATEMENTS OF INCOME AND EXPENSES FOR THE NINE MONTHS THEN ENDED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. 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.
MANAGEMENT HAS ELECTED TO OMIT SUBSTANTIALLY ALL THE DISCLOSURES AND THE STATEMENT OF CASH FLOWS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. IF THE OMITTED DISCLOSURES AND STATEMENT OF CASH FLOWS WERE INCLUDED IN THE FINANCIAL STATEMENTS, THEY MIGHT INFLUENCE THE USER’S CONCLUSIONS ABOUT THE COMPANY’S FINANCIAL POSITION, RESULTS OF OPERATIONS, AND CASH FLOWS. ACCORDINGLY, THE FINANCIAL STATEMENTS ARE NOT DESIGNED FOR THOSE WHO ARE NOT INFORMED ABOUT SUCH MATTERS.
RESPECTFULLY SUBMITTED,
/s/ PORTOCK, BYE, WEISS & CO., LLC
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
ADVANCED GAMING ASSOCIATES LLC
BALANCE SHEET
AS OF SEPTEMBER 30, 2016
ASSETS
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2016 |
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CURRENT ASSETS |
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CASH IN BANKS |
$ | 514,251.50 | ||
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ACCOUNTS RECEIVABLE |
674,615.55 | |||
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EMPLOYEE LOANS - R GELMAN |
1,000.00 | |||
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INVENTORY |
420,000.00 | |||
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TOTAL CURRENT ASSETS |
1,609,867.05 | |||
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PROPERTY AND EQUIPMENT |
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LEASEHOLD IMPROVEMENTS |
44,448.42 | |||
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TRUCKS & AUTOS |
99,330.59 | |||
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MACHINERY & EQUIPMENT |
4,723.50 | |||
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FURNITURE & FIXTURES |
25,718.59 | |||
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OFFICE EQUIPMENT |
5,882.15 | |||
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LESS: ACCUMULATED DEPRECIATION |
(66,761.50 |
) | ||
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NET PROPERTY AND EQUIPMENT |
113,341.75 | |||
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OTHER ASSETS |
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ORGANIZATION EXPENSE |
5,000.00 | |||
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LOAN FEES |
12,400.00 | |||
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EXCHANGES |
1,000.00 | |||
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LESS: ACCUMULATED AMORTIZATION |
(12,225.25 |
) | ||
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TOTAL OTHER ASSETS |
6,174.75 | |||
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TOTAL ASSETS |
$ | 1,729,383.55 | ||
SEE ACCOMPANYING ACCOUNTANTS COMPILATION LETTER
WHICH IS AN INTEGRAL PART OF THIS STATEMENT
ADVANCED GAMING ASSOCIATES LLC
BALANCE SHEET
AS OF SEPTEMBER 30, 2016
LIABILITIES AND CAPITAL
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2016 |
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CURRENT LIABILITIES |
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SALES TAX PAYABLE |
$ | 11,184.25 | ||
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ACCOUNTS PAYABLE |
437,195.40 | |||
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NOTE PAYABLE - BMW |
5,534.21 | |||
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NOTE PAYABLE- FULTON BANK |
686,368.22 | |||
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NOTE PAYABLE - CAPE BANK |
19,039.04 | |||
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NOTE PAYABLE- ALLY |
3,725.25 | |||
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TOTAL CURRENT LIABILITIES |
1,163,046.37 | |||
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NON-CURRENT LIABILITIES |
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NOTE PAYABLE - CAPE BANK |
152,966.46 | |||
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NOTE PAYABLE - ALLY |
11,119.59 | |||
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TOTAL NON-CURRENT LIABILITIES |
164,086.05 | |||
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TOTAL LIABILITIES |
1,327,132.42 | |||
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CAPITAL |
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BEGINNING CAPITAL |
609,383.93 | |||
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WITHDRAWS |
(108,632.85 |
) | ||
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NET PROFIT YEAR TO DATE |
(98,499.95 | ) | ||
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TOTAL CAPITAL |
402,251.13 | |||
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TOTAL LIABILITIES AND CAPITAL |
$ | 1,729,383.55 | ||
SEE ACCOMPANYING ACCOUNTANTS COMPILATION LETTER
WHICH IS AN INTEGRAL PART OF THIS STATEMENT.
ADVANCED GAMING ASSOCIATES LLC
STATEMENT OF INCOME
FOR THE 9 MONTHS ENDED SEPTEMBER 30, 2016
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9 MONTHS ENDED |
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SEPTEMBER 30, 2016 |
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CONTRACT INCOME |
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SALES |
$ | 5,000,204.86 | ||
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TOTAL CONTRACT INCOME |
5,000,204.86 | |||
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COST OF CONTRACTS |
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INVENTORY – BEGINNING |
219,212.60 | |||
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PURCHASES |
1,079,941.05 | |||
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FREIGHT |
37,949.87 | |||
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PAYROLL |
2,132,204.51 | |||
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PAYROLL TAX |
228,561.21 | |||
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SUBCONTRACTORS |
387,341.11 | |||
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INVENTORY ENDING |
(420,000.00 |
) | ||
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TOTAL COST OF CONTRACTS |
3,665,210.35 | |||
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GROSS PROFIT |
1,334,994.51 | |||
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OPERATING EXPENSES (SCHEDULE) |
1,442,463.55 | |||
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NET OPERATING PROFIT |
(107,469.04 | ) | ||
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OTHER INCOME INSURANCE RECOVERY |
8,969.09 | |||
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TOTAL OTHER INCOME |
8,969.09 | |||
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NET PROFIT |
$ | (98,499.95 | ) | |
SEE ACCOMPANYING ACCOUNTANTS COMPILATION LETTER
WHICH IS AN INTEGRAL PART OF THIS STATEMENT
ADVANCED GAMING ASSOCIATES LLC
STATEMENT OF INCOME
FOR THE 9 MONTHS ENDED SEPTEMBER 30, 2016
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9 MONTHS ENDED |
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SEPTEMBER 30, 2016 |
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OPERATING EXPENSES |
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ADVERTISING |
$ | 1,822.99 | ||
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AUTO EXPENSE |
9,490.61 | |||
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AUTO LEASE |
8,460.40 | |||
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AMORTIZATION |
1,286.25 | |||
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BANK CHARGES |
4,965.04 | |||
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CLEANING |
349.84 | |||
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DEPRECIATION |
12,319.50 | |||
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DUES & SUBSCRIPTION |
1,280.00 | |||
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ELECTRIC |
7,469.87 | |||
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EQUIPMENT LEASING |
1,773.37 | |||
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GAS |
3,288.55 | |||
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INSURANCE |
85,616.69 | |||
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INSURANCE - LIFE |
1,965.06 | |||
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INTEREST |
18,075.88 | |||
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JANITORIAL |
200.00 | |||
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LEGAL & PROFESSIONAL |
262,271.85 | |||
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LICENSES |
118,803.94 | |||
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MAINTENANCE |
1,084.83 | |||
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OFFICE EXPENSE |
13,041.95 | |||
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OUTSIDE SERVICE |
3,057.88 | |||
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PAYROLL SERVICE |
9,293.10 | |||
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PENSION EXPENSE |
307,610.20 | |||
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RENT |
70,848.20 | |||
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STATUTORY REPRESENTATION |
2,832.01 | |||
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SUPPLIES |
748.18 | |||
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TAXES - OTHER |
13,250.66 | |||
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TELEPHONE |
12,094.79 | |||
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TRAVEL |
78,672.76 | |||
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TRAVEL – AMEX |
101,115.79 | |||
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TRAVEL – MASTERCARD |
287,728.48 | |||
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TRASH REMOVAL |
552.10 | |||
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UNIFORMS |
1,092.78 | |||
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TOTAL OPERATING EXPENSES |
$ | 1,442,463.55 | ||
SEE ACCOMPANYING ACCOUNTANTS COMPILATION LETTER
WHICH IS AN INTEGRAL PART OF THIS STATEMENT
Page 5