Topic	Was the companys failure to meet cash balance requirements a result of the company being unable to meet the requirement or because of management actions?
Discussion
Topic	What could be managements motivation for not complying with the loans CC&Rs?
Discussion

Thank you!

Common Sized Balance Sheet 2017 % of Assets 2016 % of Assets Assets 1.2 0.6 9.8 12.5 13.9 15.9 1.5 1.1 $33,411 260,205 423,819 41,251 $758,686 1,512,675 382,145 $2,653,506 $16,566 318,768 352,740 29,912 $717,986 1,403,220 412,565 $2,533,771 28.5 57 14.5 28.4 55.4 16.2 100 100 14.2 21.8 Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Plant and equipment (net) Goodwill and other assets Total assets Liabilities and Stockholders' Equity: Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Common stock Additional paid-in capital Retained earnings Less: Treasury stock Total Common equity Total liabilities and equity 0 0 0.8 1.1 $378,236 0 21,125 $413,848 679,981 $1,093,829 0 $332,004 0 16,815 $356,681 793,515 $1,150, 196 0 15.6 25.6 23.2 20.5 43.6 41.3 0 0 0 0 0 0 0 0 0 58.7 0 0 0 0 $1,559,677 $2,653,506 0 $842.20 $1,493.80 56.4 100 100 Cash Flow Statement 2017 $3,155,848 212,366 46,232 0 $4,310 -58,563 71,079 $3,431,272 Operating Cash Flow Net Income Depreciation & Amortization Increase in accounts payable Decrease in other current assets Increase in accrued income taxes Increase in accounts receivable Increase in inventories Net Cash provided by operating Long-Term Investing Activities Property, equipment, & other assets Increase in goodwell & other assets Net cash used in Investing activities Financing Activities Increase in long-term debt Dividends Paid Purchase of treasury stock Increase in notes payable Net cash provided by financing Cash Reconciliation Net increase in cash & marketable secu Cash & securities at beginning $109,455 30,420 139,875 -113,534 2,966,412 0 0 -3,079,946 0 $33,411 2017 2016 % of Assets % of Assets Assets 1.2 0.6 9.8 12.5 15.9 13.9 1.5 1.1 $33,411 260,205 423,819 41,251 $758,686 1,512,675 382,145 $2,653,506 $16,566 318,768 352,740 29,912 $717,986 1,403,220 412,565 $2,533,771 28.5 28.4 57 55.4 14.5 16.2 100 100 14.2 $332,004 21.8 Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Plant and equipment (net) Goodwill and other assets Total assets Liabilities and Stockholders' Equity: Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Common stock Additional pald-in capital Retained earnings Less: Treasury stock Total Common equity Total liabilities and equity $378,236 0 0 0 0 0.8 1.1 15.6 23.2 21,125 $413,848 679,981 $1,093,829 16,815 $356,681 793,515 $1,150,196 25.6 20.5 41.3 43.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 58.7 56.4 $1,559,677 $2,653,506 $842.20 $1,493.80 100 100 Common Sized Balance Sheet 2017 % of Assets 2016 % of Assets Assets 1.2 0.6 9.8 12.5 13.9 15.9 1.5 1.1 $33,411 260,205 423,819 41,251 $758,686 1,512,675 382,145 $2,653,506 $16,566 318,768 352,740 29,912 $717,986 1,403,220 412,565 $2,533,771 28.5 57 14.5 28.4 55.4 16.2 100 100 14.2 21.8 Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Plant and equipment (net) Goodwill and other assets Total assets Liabilities and Stockholders' Equity: Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Common stock Additional paid-in capital Retained earnings Less: Treasury stock Total Common equity Total liabilities and equity 0 0 0.8 1.1 $378,236 0 21,125 $413,848 679,981 $1,093,829 0 $332,004 0 16,815 $356,681 793,515 $1,150, 196 0 15.6 25.6 23.2 20.5 43.6 41.3 0 0 0 0 0 0 0 0 0 58.7 0 0 0 0 $1,559,677 $2,653,506 0 $842.20 $1,493.80 56.4 100 100 Cash Flow Statement 2017 $3,155,848 212,366 46,232 0 $4,310 -58,563 71,079 $3,431,272 Operating Cash Flow Net Income Depreciation & Amortization Increase in accounts payable Decrease in other current assets Increase in accrued income taxes Increase in accounts receivable Increase in inventories Net Cash provided by operating Long-Term Investing Activities Property, equipment, & other assets Increase in goodwell & other assets Net cash used in Investing activities Financing Activities Increase in long-term debt Dividends Paid Purchase of treasury stock Increase in notes payable Net cash provided by financing Cash Reconciliation Net increase in cash & marketable secu Cash & securities at beginning $109,455 30,420 139,875 -113,534 2,966,412 0 0 -3,079,946 0 $33,411 2017 2016 % of Assets % of Assets Assets 1.2 0.6 9.8 12.5 15.9 13.9 1.5 1.1 $33,411 260,205 423,819 41,251 $758,686 1,512,675 382,145 $2,653,506 $16,566 318,768 352,740 29,912 $717,986 1,403,220 412,565 $2,533,771 28.5 28.4 57 55.4 14.5 16.2 100 100 14.2 $332,004 21.8 Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Plant and equipment (net) Goodwill and other assets Total assets Liabilities and Stockholders' Equity: Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Common stock Additional pald-in capital Retained earnings Less: Treasury stock Total Common equity Total liabilities and equity $378,236 0 0 0 0 0.8 1.1 15.6 23.2 21,125 $413,848 679,981 $1,093,829 16,815 $356,681 793,515 $1,150,196 25.6 20.5 41.3 43.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 58.7 56.4 $1,559,677 $2,653,506 $842.20 $1,493.80 100 100