TJ, WCAP. 10Q
I was just diggin' 10-Q of WCAP, and I couldn't hardly believe their
investment value went up almost 6 fold without increasing debts.
(Other investments has decreased so the Total Asset has increased 135%,
yet total liability actually went down.)
And according to Tom's figure,
they doubled that again!(from 35 mil. to 70 mil.)
ASSETS
------
December 31, March 31,
1998 1998
----------- -----------
Loans and investments
Loans and notes receivable ........... $ 4,651,098 $ 6,598,875
Equity interests in small business
concerns ........................... 35,465,323 6,051,901
Assets acquired in liquidation ....... 390,282 713,935
----------- -----------
Total investments ...... 40,506,703 13,364,711
Cash ..................................... 1,490,272 848,777
Short term marketable securities ......... -- 3,462,587
Accrued interest receivable .............. 152,760 164,556
Furniture and equipment (net of
accumulated depreciation of
$73,116 at December 31, 1998
and $68,250 at March 31, 1998) ....... 14,508 18,615
Other assets ............................. 308,496 373,869
----------- -----------
Total assets ........... $42,472,739 $18,233,115
=========== ===========
The accompanying notes are an integral part of this statement.
-5-
WINFIELD CAPITAL CORP.
CONDENSED BALANCE SHEETS
------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
December 31, March 31,
1998 1998
----------- -----------
Liabilities
Debentures payable to the U.S. Small
Business Administration .................... $ 8,300,000 $ 8,300,000
Subordinated debentures payable .............. 1,014,130 983,502
Accrued expenses ............................. 243,059 279,162
Deferred income .............................. 9,216 44,903
----------- -----------
Total liabilities .............. 9,566,405 9,607,567
----------- -----------
Total shareholders' equity ..... 32,906,334 8,625,548
----------- -----------
Total liabilities and
shareholders' equity ......... $42,472,739 $18,233,115
=========== =========== |
