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Hot Shoppes, Inc. and Subsidiaries
STATEMENT OF CONSOLIDATED FINANCIAL CONDITION
July SO, 1961— July SI, 1960
ASSETS
1961 1960
CURRENT ASSETS
Cash $ 6,506,406
Accounts Receivable (Less $75,817 and $21,927 reserves) 2,115,745
Balance due from Property Sales 719,444
Inventories, at lower of average cost or market
Food, Cigarettes, Novelties, etc 1,718,318
Farm Livestock 151,780
Expense Supplies 486,422
Prepaid Expenses 485,788
Total Current Assets $12,183,903
5,629,591
1,555,487
1,408,370
158,030
554,315
307,035
9,612,828
FIXED ASSETS (At Cost) (Nate 1)
Land and Land Improvements $ 858,367 $ 1,522,533
Buildings and Improvements 3,330,490 6,254,968
Leasehold Improvements 3,114,584 7,668,859
Furniture and Equipment 9,836,839 7,746,097
Automotive Equipment 1,174,710 1,100,069
$18,314,990 $24,292,526
Less Reserves for Depreciation and Amortization (Note 2) 7,202,611 6,867,205
Total Fixed Assets $11,112,379 $17,425,321
OTHER ASSETS
Cash Surrender Value of Life Insurance ($710,000 Face Amount)
Deferred Charges
Total Other Assets
TOTAL ASSETS
The accompanying notes are an integral part of this statement.
$ 266,000
280,452
$ 546,452
$23,842,734
241,400
348,243
$ 589,643
$27,627,792
Notes to Financial Statements
Included in
(1) Long-Term Debt
Current
Long-Term
Liabilities
Liabilities
Mortgages Payable
4'/2% Mortgage, due September 1,
1975 (payable $5,378 monthly, in
cluding interest and principal)
$ 34,996
$ 637,226
Non-interest bearing purchase money
Mortgage (payable $200,000 Jan
uary 2, 1962 and 1963, and $90,000
January 2, 1964)
200,000
290,000
5% purchase money Mortgage, due
July 26, 1966 (payable $14,200 an
nually)
14,200
$ 249,196
56,800
Total Mortgages Payable
$ 984,026
Long-Term
Liabilities
700,000
$ 712,500
Notes Payable
5% Subordinated debenture notes,
due December 31, 1962 (payable
$12,500 annually)
4/2 % Note, due June 1,1969 (payable
$50,000 semi-annually)
Total Notes Payable
Total Long-Term Debt
During 1961, the companies sold certain properties with a net book value of
$10,069,447. Mortgages on these properties, amounting to $6,579,873, were
assumed by the purchaser. The companies have leased back these properties
and hold options for their repurchase at the end of the lease period. The
parent company is contingently liable as a guarantor on one of the mortgages
in the amount of $800,000.
Current
Liabilities
$ 12,500
100,000
$ 112,500
$ 361,696
$ 1,696,526
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