Notes to Financial Statements. 15 8 144 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley 85-B, Ltd. (A Texas Limited Partnership): We have audited the balance sheet of Parker & Parsley 85-B, Ltd. as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership'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 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 Parker & Parsley 85-B, Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Ernst & Young LLP Dallas, Texas March 15, 1999 9 145 INDEPENDENT AUDITORS' REPORT The Partners Parker & Parsley 85-B, Ltd. (A Texas Limited Partnership): We have audited the financial statements of Parker & Parsley 85-B, Ltd. as of December 31, 1997, and the related statements of operations, partners' capital and cash flows for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 pre...
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 91-B, L.P. (A DELAWARE LIMITED PARTNERSHIP) BALANCE SHEETS ASSETS JUNE 30, DECEMBER 31, 1999 1998 ----------- ------------ (UNAUDITED) Current assets: Cash...................................................... $ 164,394 $ 165,231 Accounts receivable -- oil and gas sales.................. 168,967 97,159 ----------- ----------- Total current assets.............................. 333,361 262,390 ----------- ----------- Oil and gas properties -- at cost, based on the successful efforts accounting method................................. 9,739,820 9,728,987 Accumulated depletion....................................... (8,267,369) (8,171,041) ----------- ----------- Net oil and gas properties........................ 1,472,451 1,557,946 ----------- ----------- $ 1,805,812 $ 1,820,336 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable -- affiliate............................. $ 35,581 $ 18,255 Partners' capital: Managing general partner.................................. 14,669 14,988 Limited partners (11,249 interests)....................... 1,755,562 1,787,093 ----------- ----------- 1,770,231 1,802,081 ----------- ----------- $ 1,805,812 $ 1,820,336 =========== =========== 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 91-B, L.P. (A DELAWARE LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenues: Oil and gas...................................... $257,398 $217,358 $432,995 $472,291 Interest......................................... 2,096 2,796 3,859 5,661 Gain on disposition of assets -- -- 197 -------- -------- -------- -------- 259,494 220,154 436,854 478,149 -------- -------- -------- -------- Costs and expenses: Oil and gas production........................... 107,455 116,127 220,490 236,766 General and administr...
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 XXXXXXX & XXXXXXX] 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/ Xxxxxxx & Xxxxxxx 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. 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. REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Plan Administrator of the BellSouth Retirement Savings Plan: In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the BellSouth Retirement Savings Plan (the "Plan") at December 31, 1999 and 1998, and the changes in net assets available for benefits for each of the three years in the period ended December 31, 1999 in conformity with accounting principles generally accepted in the United States. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets Held for Investment Purposes is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The Fund Information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedule and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly state...
Notes to Financial Statements. Class A Class C -------------------------------------------- --------------------------------------- Year Ended September 30, Year Ended September 30, -------------------------------------------- --------------------------------------- 2008 2007 2008 2007 ------------------------------------------------------------------------------------------------------------------------- Georgia Fund Shares Amount Shares Amount Shares Amount Shares Amount ------------------------------------------------------------------------------------------------------------------------- Net proceeds from sales of shares 133,446 $ 1,007,467 55,767 $ 428,951 4,765 $ 35,143 671 $ 5,139 ------------------------------------------------------------------------------------------------------------------------- Investment of dividends 84,583 635,793 89,584 686,239 1,333 9,949 878 6,767 ------------------------------------------------------------------------------------------------------------------------- Exchanged from associated funds 2,371 17,724 14,116 108,485 -- -- 9,095 70,034 ------------------------------------------------------------------------------------------------------------------------- Converted from Class D* -- -- -- -- 127,826 966,365 -- -- ------------------------------------------------------------------------------------------------------------------------- Total 220,400 1,660,984 159,467 1,223,675 133,924 1,011,457 10,644 81,940 ------------------------------------------------------------------------------------------------------------------------- Cost of shares repurchased (372,487) (2,790,699) (398,383) (3,046,381) (26,748) (199,380) (34,679) (267,937) ------------------------------------------------------------------------------------------------------------------------- Exchanged into associated funds (13,495) (95,817) (5,517) (42,676) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------- Total (385,982) (2,886,516) (403,900) (3,089,057) (26,748) (199,380) (34,679) (267,937) ------------------------------------------------------------------------------------------------------------------------- Increase (decrease) (165,582) $(1,225,532) (244,433) $(1,865,382) 107,176 $ 812,077 (24,035) $(185,997) ------------------------------------------------------------------------------------------------------------------------- Class D -------------------------------------------- October 1, 2007...
Notes to Financial Statements. 1. Significant Accounting Policies Xxxxxxxxxxx International Growth Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C and Class N shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own expenses directly attributable to that class and exclusive voting rights with respect to matters affecting that class. Classes A, B, C and N have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares six years after the date of purchase. Beginning September 1, 2001, the Fund assesses a 2% fee on the proceeds of Fund shares that are redeemed (either by selling or exchanging to another Xxxxxxxxxxx fund) within 30 days of their purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith under consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are va...
