Notes to Financial Statements Clause Samples

Notes to Financial Statements. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ------------ ------------ (UNAUDITED) Current assets: Cash...................................................... $ 298,865 $ 282,299 Accounts receivable -- oil and gas sales.................. 245,370 162,293 ------------ ------------ Total current assets.............................. 544,235 444,592 ------------ ------------ Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 20,155,692 20,141,411 Accumulated depletion....................................... (17,288,051) (17,119,544) ------------ ------------ Net oil and gas properties........................ 2,867,641 3,021,867 ------------ ------------ $ 3,411,876 $ 3,466,459 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 63,405 $ 34,972 Partners' capital: Managing general partner.................................. 33,454 34,289 Limited partners (28,811 interests)....................... 3,315,017 3,397,198 ------------ ------------ 3,348,471 3,431,487 ------------ ------------ $ 3,411,876 $ 3,466,459 ============ ============ The financial information included as of June 30, 1999 has been prepared by management without audit by independent public accountants. The accompanying notes are an integral part of these financial statements. 3 126 PARKER & PARSLEY 87-A, LTD. (A TEXAS LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $367,387 $366,885 $671,386 $789,531 Interest......................................... 3,341 5,034 6,290 10,568 Gain on disposition of assets.................... -- -- -- 765 -------- -------- -------- -------- 370,728 371,919 677,676 800,864 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 233,876 313,3...

Notes to Financial Statements. All audited financial statements of the Parent Group Members that are consolidated to include the Borrowers will contain notes clearly stating that (A) all of the Assets are owned by the Borrowers and (B) each Borrower is a separate legal entity.

Notes to Financial Statements. 5-7 [LETTERHEAD OF ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇] INDEPENDENT AUDITORS' REPORT Board of Directors International Information Technology, Inc. Coral Gables, Florida We have audited the accompanying balance sheets of International Information Technology, Inc. at December 31, 1997 and 1996, and the related statements of operations and retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of International Information Technology, Inc. at December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. /s/ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ CERTIFIED PUBLIC ACCOUNTANTS Coral Gables, Florida July 22, 1998 ASSETS December 31, 1997 1996 ---- ---- CURRENT ASSETS Cash $ 9,520 $ 12,379 Accounts receivable 590,246 153,769 Due from related company in Venezuela 186,030 -- Other current assets 17,690 470 -------- -------- TOTAL CURRENT ASSETS 803,486 166,618 PROPERTY AND EQUIPMENT Computer equipment 43,954 21,578 Vehicles 45,119 45,119 -------- -------- 89,073 66,697 Less accumulated depreciation (46,547) (25,650) -------- -------- 42,526 41,047 -------- -------- $846,012 $207,665 -------- -------- -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Cash overdraft $187,121 $ -- Accounts payable and accrued expenses 311,935 75,740 Income taxes payable 11,000 -- Unsecured loan payable to stockholder, non-interest bearing 30,060 60,061 Deferred income taxes 78,890 -- -------- -------- TOTAL CURRENT LIABILITIES 619,006 135,801 STOCKHOLDERS' EQUITY Capital stock, $1 par va...

Notes to Financial Statements. 7 ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.................. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 11 27.1 Financial Data Schedule Signatures............................................. 12 PART I. FINANCIAL INFORMATION

Notes to Financial Statements. Class A Class C -------------------------------------------- -------------------------------------------- Year Ended September 30, Year Ended September 30, ------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2008 2007 ------------------------------------------------------------------------------------------------------------------------------ Missouri Fund Shares Amount Shares Amount Shares Amount Shares Amount ------------------------------------------------------------------------------------------------------------------------------ Net proceeds from sales of shares 83,328 $ 630,707 42,792 $ 329,162 10,807 $ 81,606 -- $ -- ------------------------------------------------------------------------------------------------------------------------------ Investment of dividends 75,025 567,955 78,969 603,504 401 3,014 44 334 ------------------------------------------------------------------------------------------------------------------------------ Exchanged from associated funds 11,056 83,797 2,801 21,453 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------ Converted from Class D* -- -- -- -- 42,861 325,316 -- -- ------------------------------------------------------------------------------------------------------------------------------ Investment of gain distributions 12,997 98,372 18,571 143,739 29 222 17 139 ------------------------------------------------------------------------------------------------------------------------------ Total 182,406 1,380,831 143,133 1,097,858 54,098 410,158 61 473 ------------------------------------------------------------------------------------------------------------------------------ Cost of shares repurchased (224,475) (1,692,803) (395,783) (3,017,372) (2,874) (21,656) (43) (334) ------------------------------------------------------------------------------------------------------------------------------ Exchanged into associated funds (5,978) (45,623) (36,940) (280,359) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------ Total (230,453) (1,738,426) (432,723) (3,297,731) (2,874) (21,656) (43) (334) ------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) (48,047) $ (357,595) (...

Notes to Financial Statements. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................. 8

Notes to Financial Statements. DECEMBER 31, 1994 ---------- The Brazilian Investment Fund, Inc. (the "Fund") was incorporated on November 7, 1990, and is registered as a non-diversified, closed- end management investment company under the Investment Company Act of 1940, as amended. The Fund's common stock is not registered under the Securities Act of 1933. The Fund makes its investments in Brazil through an investment fund established in compliance with Brazilian law. The accompanying financial statements are prepared on a consolidated basis and present the financial position and results of operations of the investment fund and the Fund.

Notes to Financial Statements. Pursuant to Rule 31a-1(b)(9) of the Investment Company Act of 1940, prepare quarterly broker security transaction summaries.

Notes to Financial Statements. 6 - 7 MANTYLA, McREYNOLDS AND ASSOCIATES, C.P.A's A Professional Co▇▇▇▇▇▇▇on ▇▇▇▇▇ ▇▇ Directors and Stockholders Seafoods Plus, LTD. Salt Lake City, Utah We have audited the accompanying balance sheets of Seafoods Plus, LTD. [a development stage, Utah corporation] as of December 31, 1997 and December 31, 1996, and the related statements of stockholders' equity/(deficit), operations, and cash flows for the years then ended and for the period from reactivation [December 31, 1994] through December 31, 1997. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements me free of material misstatement. An audit includes examining, on a test basis, evidence supporting the mounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Seafoods Plus, LTD. as of December 31, 1997, and December 31, 1996, and the results of its operations and its cash flows for the years then ended and for the period from reactivation [December 31, 1994] through December 31, 1997, in conformity with generally accepted accounting principles. The accompanying financial statements have been prepared assuming that Seafoods Plus, LTD. will continue as a going concern. As discussed in Note D to the financial statements, the Company has accumulated losses from inception totaling $47,022 and presently has no prospects for commencing operations or generating revenue. These issues raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note D. The financial statements do not include any adjustment that might result front the outcome of this uncertainty. /s/ Mantyla McReynolds & Assoc. ------------------------------- Mantyla McReynolds & Associates February 27, 1998 Salt Lake ▇▇▇▇, ▇t▇▇ SEAFOODS PLUS, LTD. [A Development Stage Company] ...