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Wilderness Development Corp – ‘S-11/A’ on 5/14/97

As of:  Wednesday, 5/14/97   ·   Accession #:  897069-97-230   ·   File #:  333-26569

Previous ‘S-11’:  ‘S-11’ on 5/6/97   ·   Next:  ‘S-11/A’ on 5/28/97   ·   Latest:  ‘POS AM’ on 7/7/97

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/14/97  Wilderness Development Corp       S-11/A                15:345K                                   Foley & Lardner/FA

Pre-Effective Amendment to Registration Statement for Securities of a Real Estate Company   —   Form S-11
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-11/A      Pre-Effective Amendment                               19     59K 
 8: EX-3.A      Articles of Incorporation                              1      8K 
 9: EX-3.B      Bylaws                                                15±    61K 
10: EX-3.C      Organizational Consent of Directors                    3±    12K 
 2: EX-4.A      Construction and Sales Agreement                      11±    44K 
 3: EX-4.B      Rental Pooling and Agency Agreement                   19±    79K 
 4: EX-4.C      Preliminary Price List                                 1      6K 
13: EX-8        Opinion re: Tax Matters                                2±    11K 
 5: EX-10.A     Draft Condominium Declaration                         28±   123K 
 6: EX-10.B     Draft Articles of Incorporation                        3±    12K 
 7: EX-10.C     Draft Bylaws                                          12±    42K 
11: EX-10.D     Draft Management and Use Agreement                     9±    34K 
12: EX-10.E     Use and Access Agreement                               5±    22K 
14: EX-17       Unit Description                                       2     15K 
15: EX-18       Economic Model and Information                        17     57K 


S-11/A   —   Pre-Effective Amendment
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
3Table of Contents
4Independent Auditor's Report
10Accountant's Report
19Operating Expenses
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As filed with the Securities and Exchange Commission on May 6, 1997 Registration No. ____________ _____________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________ FORM S-11 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________ Pre-Effective Amendment No. 1 133 HOTEL CONDOMINIUM UNITS TO BE BUILT IN TWO PHASES WITH MANDATORY (IF THE UNIT IS TO BE RENTED) RENTAL POOL AT THE WILDERNESS HOTEL & RESORT Wilderness Development Corporation (Exact name of registrant as specified in governing instrument) 511 E. Adams Street Wisconsin Dells, WI 53965 (608) 253-9729 (Address of principal executive offices) Thomas J. Lucke 511 E. Adams Street Wisconsin Dells, WI 53965 (Name and address of agent for service) Copy to: Timothy C. Sweeney, Esq. Patrick S. Sweeney, Esq. Sweeney & Sweeney, S.C. 440 Science Drive, 4th Floor Madison, WI 53711 (608) 238-4444 _______________________ Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective. The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. If the filing fee is calculated pursuant to Rule 457(o) under the Securities Act, only the title of the class of securities to be registered, the proposed maximum aggregate offering price for that class of securities and the amount of registration fee need to appear in the Calculation of Registration Fee table. Any difference between the dollar amount of securities registered for such offerings and the dollar amount of securities sold may be carried forward on a future registration statement pursuant to Rule 429 under the Securities Act. PHASE I Title of Each Class Proposed of Average Proposed Securities Amount Of Offering Maximum Amount of Being Units Being Price Aggregate Registration Registered Registered Per Unit* Offering Price Fee Hotel 61 138,999.00 8,478,900.00 $2,543.70 Condominium Units PHASE II Title of Each Class Proposed Proposed of Average Maximum Securities Amount Of Offering Aggregate Amount of Being Units Being Price Offering Registration Registered Registered Per Unit* Price Fee Hotel 72 145,956.00 10,508,800.00 $3,152.61 Condominium Units TOTAL COMBINED PHASES Title of Each Proposed Proposed Amount of Class Amount Of Average Maximum Registration of Securities Units Being Offering Aggregate Fee Being Registered Price Offering Registered Per Unit* Price Hotel 133 142,764.66 18,987,700.00 $5,696.31 Condominium Units * These prices represent an arithmetic average of the maximum Offering price for each type of Unit offered; i.e., Units range in price from $114,900.00 to $207,900.00 (see breakdown of Unit prices pages 20 and 21). __________________________
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INDEX TO EXHIBITS TO REGISTRATION STATEMENT OF WILDERNESS DEVELOPMENT CORPORATION Page Number In Sequentially Numbered Exhibit Title Document The Security 4-A Draft Wilderness Hotel Condominium Construction and Sales Agreement . . . . . . . . . . . . . . . . . . . . . . . . 4-B Rental Pooling and Agency Agreement . . . . . . . . . . . . . . . . 4-C Preliminary Price List . . . . . . . . . . . . . . . . . . . . . . The Condominium Documents 10-A Draft Condominium Declaration for Wilderness Hotel Condominium Association, Inc. . . . . . . . . . . . . . . . . 10-B Draft Articles of Incorporation of Wilderness Hotel Condominium Association, Inc. . . . . . . . . . . . . . . . . 10-C Draft Bylaws of Wilderness Hotel Condominium Association, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . The Registrant 3-A Articles of Incorporation of Wilderness Development Corporation . . . . . . . . . . . . . . . . . . . . . . 3-B Bylaws of Wilderness Development Corporation . . . . . . . . . . . . 3-C Organizational Consent of Directors . . . . . . . . . . . . . . . . Material Contracts and Agreements 10-D Draft Management and Use Agreement between the Association and Wilderness Hotel & Resort, Inc. . . . . . . . . . . 10-E Use and Access Agreement between Owners, Registrant, Wilderness Resort & Hotel, Inc., Wild Golf, Inc. and Tom and Terri Lucke . . . . . . . . . . . . . . Opinions 8 Tax Opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sales Materials 17 Unit Description . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Economic Model and Information . . . . . . . . . . . . . . . . . . . .
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WILDERNESS DEVELOPMENT CORPORATION (A Development Stage Corporation) Wisconsin Dells, Wisconsin FINANCIAL STATEMENT February 28, 1997 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT . . . . . . . . . . . . . . . 1 FINANCIAL STATEMENT Balance Sheet . . . . . . . . . . . . . . . . . . . . . . 2 Summary of Significant Accounting Policies . . . . . . . 3 Notes to Financial Statement . . . . . . . . . . . . . . 4
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Clifton Gunderson L.L.C. Certified Public Accounting & Consultants Independent Auditor's Report The Stockholders Wilderness Development Corporation (A Development Stage Corporation) Wisconsin Dells, Wisconsin We have audited the accompanying balance sheet of Wilderness Development Corporation, as of February 28, 1997. This financial statement is the responsibility of the corporation's management. Our responsibility is to express an opinion on this financial statement 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 balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Wilderness Development Corporation as of February 28, 1997, in conformity with generally accepted accounting principles. CLIFTON GUNDERSON L.L.C. Madison, Wisconsin March 11, 1997
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WILDERNESS DEVELOPMENT CORPORATION (A Development Stage Corporation) BALANCE SHEET February 28, 1997 ASSETS Cash $874 Development costs in process - design and feasibility 108,826 Development costs in process - offering costs 116,450 Organization costs, less accumulated amorization of $333 3,667 -------- TOTAL ASSETS $229,817 ======== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Notes payable $212,744 Accounts payable 30,357 Accrued interest 8,037 -------- Total liabilities 251,138 -------- STOCKHOLDERS' EQUITY Common stock, 9,000 shares of $.10 par value authorized; 562.50 shares issued and outstanding 56 Additional paid-in capital 507 Deficit accumulated during the development stage (21,884) -------- Total stockholders' equity (21,321) -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $229,817 ======== These financial statements should be read only in connection with the summary of significant accounting policies and notes to financial statement.
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WILDERNESS DEVELOPMENT CORPORATION (A Development Stage Corporation) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES February 28, 1997 Wilderness Development Corporation (A Wisconsin Corporation), was formed in July, 1996. The corporation is developing condominiums in Wisconsin Dells, WI. Significant accounting policies followed by the corporation are presented below: USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates. ORGANIZATION COSTS Costs incurred in organizing the corporation are amortized over five years. INCOME TAXES The corporation has elected S corporation status under the provisions of the tax code for both federal and state income taxation. As a result, the taxable income and income tax credits are passed through to its stockholders. This information is an integral part of the accompanying financial statement.
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WILDERNESS DEVELOPMENT CORPORATION (A Development Stage Corporation) NOTES TO FINANCIAL STATEMENT February 28, 1997 NOTE 1 - DEVELOPMENT STAGE OPERATIONS The corporation was formed July 25, 1996. Operations since that time have consisted primarily of preparing documents for a security offering, obtaining financing, land surveying, and architectural designing. NOTE 2 - NOTE PAYABLE The note is payable September 15, 1997 and bears interest at 9.75%. The maximum credit available is $400,000. The note is secured by real estate of a related entity. This information is an integral part of the accompanying financial statement.
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WILDERNESS HOTEL & RESORT, INC. Wisconsin Dells, Wisconsin FINANCIAL STATEMENTS December 31, 1996
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TABLE OF CONTENTS PAGE ACCOUNTANT'S REPORT . . . . . . . . . . . . . . . . . . . . 1 FINANCIAL STATEMENTS (Unaudited) Balance Sheet . . . . . . . . . . . . . . . . . . . . . . 2 Statement of Income . . . . . . . . . . . . . . . . . . . 3 Statement of Stockholders' Equity . . . . . . . . . . . . 4 Statement of Cash Flows . . . . . . . . . . . . . . . . . 5 Summary of Significant Accounting Policies . . . . . . . 7 Notes to Financial Statements . . . . . . . . . . . . . . 9 SUPPLEMENTAL INFORMATION (Unaudited) . . . . . . . . . . . 13 Direct Costs . . . . . . . . . . . . . . . . . . . . . . 14 Operating Expenses . . . . . . . . . . . . . . . . . . . 15
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Clifton Gunderson L.L.C. Certified Public Accountants & Consultants Accountant's Report The Stockholders and Board of Directors Wilderness Hotel & Resort, Inc. Wisconsin Dells, Wisconsin We have compiled the accompanying unaudited balance sheet of Wilderness Hotel & Resort, Inc., as of December 31, 1996, and the related statements of income, stockholders' equity, and cash flow for the year then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. The supplemental information accompanying the financial statements is presented only for additional analysis purposes. We have not audited or reviewed the accompanying supplemental information and, accordingly, do not express an opinion or any other form of assurance on such information. CLIFTON GUNDERSON L.L.C. Madison, Wisconsin April 22, 1997
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WILDERNESS HOTEL & RESORT, INC. BALANCE SHEET December 31, 1996 (Unaudited) ASSETS CURRENT ASSETS Cash $143,906 Accounts receivable 7,296 Prepaid expenses 23,835 Inventory 20,539 --------- Total current assets 195,576 --------- PROPERTY AND EQUIPMENT Land 9,380 Land improvements 440,336 Buildings 5,521,229 Equipment and furnishings 1,139,368 Vehicles 25,894 Construction in process 39,200 --------- Total, at cost 7,175,407 Less accumulated depreciation (657,658) --------- Net property and equipment 6,517,749 --------- OTHER ASSETS Due from related parties 2,079,950 Loan costs, less amortization of $26,801 41,453 Goodwill, less accumulated amortization of $13,333 86,667 Organization costs, less accumulated amortization of $4,368 6,552 --------- Total other assets 2,214,622 TOTAL ASSETS $8,927,947 ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $6,166,944 Accounts payable 44,013 Due to related party 60,000 Room deposits 113,875 Special assessments 6,454 Accrued expenses 0 Wages and related taxes 14,573 Sales and room taxes 21,847 Property taxes 105,227 Interest 189,132 --------- Total current liabilities 6,722,065 LONG-TERM DEBT less current maturities 936,473 --------- Total liabilities 7,658,538 --------- STOCKHOLDERS' EQUITY Common stock, 9,000 shares of $.10 par value authorized; 1,076.93 shares issued and outstanding 108 Less notes receivable for the purchase of common stock (2,038,840) Additional paid-in capital 3,549,892 Retained earnings (deficit) (241,751) --------- Total stockholders' equity 1,269,409 --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $8,927,947 ========= These financial statements should be read only in connection with the accompanying accountant's report, summary of significant accounting policies, and notes to financial statements.
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WILDERNESS HOTEL & RESORT, INC. STATEMENT OF INCOME Year Ended December 31, 1996 (Unaudited) REVENUE Room $2,657,592 Telephone 16,362 Gift shop sales 117,705 Retreat sales 73,709 Pool bar sales 93,454 Vending sales 41,127 Miscellaneous 11,173 --------- Total revenue 3,011,122 DIRECT COSTS 1,075,050 --------- Gross profit 1,936,072 OPERATING EXPENSES 1,348,093 --------- Income from operations 587,979 OTHER INCOME (EXPENSE) Interest income 91,514 Interest expense (672,445) Other income 3,300 Gain on sale of property and equipment 20,538 --------- NET INCOME $30,886 ========= These financial statements should be read only in connection with the accompanying accountant's report, summary of significant accounting policies, and notes to financial statements.
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[Enlarge/Download Table] WILDERNESS HOTEL & RESORT, INC. STATEMENT OF STOCKHOLDERS' EQUITY Year Ended December 31, 1996 (Unaudited) Notes Receivable Number for the Retained of Common Purchase of Paid-In Earnings Shares Stock Common Stock Capital (Deficit) Total BALANCE, JANUARY 1, 1996 1,000.00 $100 ($2,202,020) $3,399,900 $67,363 $1,265,343 Sale of common stock 76.93 8 0 149,992 0 150,000 Reduction in subscription note receivable 0 0 163,180 0 0 163,180 Net income 0 0 0 0 30,886 30,886 Dividends 0 0 0 0 (340,000) (340,000) --------- ------ ----------- ---------- --------- ---------- BALANCE, DECEMBER 31, 1996 1,076.93 $108 ($2,038,840) $3,549,892 ($241,751) $1,269,409 ========= ====== =========== ========== ========= ========== These financial statements should be read only in connection with the accompanying accountant's report, summary of significant accounting policies, and notes to financial statements.
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WILDERNESS HOTEL & RESORT, INC. STATEMENT OF CASH FLOWS Year Ended December 31, 1996 (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers $3,080,195 Cash paid to suppliers and employees (1,795,920) Interest paid (483,314) Interest received 91,514 -------- Net cash provided by operating activities 892,475 --------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment (2,812,562) --------- Net cash used in investing activities (2,812,562) --------- CASH FLOWS FROM FINANCING ACTIVITIES Loan proceeds 2,685,000 Loan costs (32,493) Dividends paid (340,000) Debt repayments (636,317) Proceeds of related party receivables 210,500 Proceeds from sale of common stock 150,000 --------- Net cash provided by financing activities 2,036,690 --------- NET INCREASE IN CASH 116,603 CASH, BEGINNING OF YEAR 27,303 -------- CASH, END OF YEAR $143,906 ======== NONCASH INVESTING AND FINANCING ACTIVITIES The corporation transferred $2,338,062 in assets and $316,600 in liabilities to a related corporation in exchange for a note receivable of $2,042,000. The corporation combined $4,015,000 of an existing mortgage into the new $6.3 million mortgage. Payments of $163,180 on the stock subscription receivable were applied as direct reductions to the note payable to Dellview Resorts, Inc. (Continued)
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WILDERNESS HOTEL & RESORT, INC. STATEMENT OF CASH FLOWS Year Ended December 31, 1996 (Unaudited) RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Net income $30,886 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation 456,151 Amortization 29,791 Gain on sale of property (20,538) Net operating changes in: Accounts receivable (4,122) Prepaid expenses (9,825) Accounts payable 50,133 Accrued expenses 297,430 Inventory (6,049) Room deposits held 69,895 Special assessments (1,277) NET CASH PROVIDED BY OPERATING ACTIVITES $892,475 ======== These financial statements should be read only in connection with the accompanying accountant's report, summary of significant accounting policies, and notes to financial statements.
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WILDERNESS HOTEL & RESORT, INC. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES December 31, 1996 (Unaudited) Wilderness Hotel & Resort, Inc. (a Wisconsin Corporation), was formed in November, 1994. The corporation owns and manages a hotel operation in Wisconsin Dells. Since the whole operation is one property, this represents a concentration of risk. Significant accounting policies followed by the corporation are presented below: USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ALLOWANCE FOR DOUBTFUL ACCOUNTS The corporation considers accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts is required. INVENTORY Inventory consists of resale items available for purchase by guests. The inventory is reported at cost using the first in-first out method. PROPERTY, DEPRECIATION, MAINTENANCE AND REPAIRS Property and equipment are carried at cost. Depreciation is calculated based on the estimated useful lives of the various assets in amounts sufficient to relate the costs to the accounting periods benefited. The property and equipment items are depreciated using accelerated methods. Major additions, improvements and interest during construction periods are charged to the property accounts while maintenance and repairs which do not improve or extend the life of the respective assets are expensed currently. When property is retired or otherwise disposed, the asset and related accumulated depreciation is removed from the accounts. Any recognized gain or loss is included in income. LOAN COSTS Costs incurred in obtaining financing are amortized over the term of the loan. GOODWILL Goodwill, representing the excess of the cost over the fair market value of the Dellview property at the date of acquisition, is amortized over a period of 15 years. INCORPORATION COSTS The corporation incurred legal and accounting fees in its organization and formation. These costs are amortized over a period of five years. INCOME TAXES The corporation has elected S corporation status under the provisions of the tax code for both federal and state income taxation. As a result, the taxable income and income tax credits are passed through to its stockholders. This information should be read only in connection with the accompanying accountant's report.
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WILDERNESS HOTEL & RESORT, INC. NOTES TO FINANCIAL STATEMENTS December 31, 1996 (Unaudited) NOTE 1 - PROPERTY AND EQUIPMENT The estimated lives of property and equipment used for calculating depreciation are as follows: Life in Years Buildings 39 Equipment and furnishings 5-7 Land improvements 15 NOTE 2 - LONG-TERM DEBT Mortgage note payable to Bank of Wisconsin Dells with the interest rate locked for two years at 9.75%. Thereafter, the rate is locked for one year periods at 112.5 basis points over New York prime. The payment terms are as follows: a total annual payment of $823,280 consisting of $225,000 and $275,000 of interest only due July 15 and August 15, respectively and a principal and interest payment of $323,280 due September 15. The loan is renewable on an annual basis. The mortgage is secured by all corporate property and equipment, assignment of lease proceeds and rents, personal guaranty of the stockholders, irrevocable unlimited guaranty from a related entity, and a life insurance policy on a major stockholder. The corporation is in violation of loan covenants at December 31, 1996. $6,100,000 Variable rate (10% at December 31, 1996) note payable to Atlantis Hotel, Inc. (a related party), principal is payable in $30,000 annual installments from 1997 to 1999, with any unpaid balance due September 10, 2000. Interest payments are due quarterly. The note is secured by all corporate property and equipment. 270,000 9.5.% note payable to GMAC, principal and interest are payable monthly. The note is secured by a corporate vehicle. 14,577 6% promissory notes payable to Dellview Resorts, Inc. due December 31, 2004, secured by the personal guaranty of the stockholders. 688,840 9.625%, $520,000 note payable to Bank of Wisconsin Dells, principal of $52,000 and interest is payable annually on September 10, with any unpaid balance due September 10, 2001. The note is secured by corporate real estate. As of December 31, 1996, no money has been drawn on the note. Unsecured promissory note payable to stockholder. $ 30,000 --------- Total notes payable 7,103,417 Less: Current maturities 6,166,944 --------- Long-term debt $ 936,473 ========= The following is a schedule by years of principal payments required under the existing long-term debt. Years ending December 31, 1997 $ 6,166,944 1998 37,633 1999 30,000 2000 180,000 2001 - After 688,840 ---------- Long-term debt $ 7,103,417 ========== The corporation's mortgage note with the Bank of Wisconsin Dells contains various restrictive covenants including provision for insurance coverage, indebtedness, capital investment, owner draws, and debt coverage. NOTE 3 - RELATED PARTY TRANSACTIONS Land Lease The corporation leases land from a major stockholder. The lease requires semi-annual payments of $39,000 due on June 30 and November 30. The lease has an initial 9 year term expiring on November 30, 2003 with ten 9 year renewal options. Office Management and Consulting Services The corporation pays Lucke Management, Inc. a fee for office and administrative services. A stockholder of the corporation is the sole owner of Lucke Management, Inc. The amount paid in 1996 for these services was $33,000. Due to Related Party The corporation also entered into an agreement with Lucke Management, Inc. to manage the operation for a one time fee of $100,000. The amount paid in 1996 for these services was $40,000, with an additional amount due of $60,000. Notes Payable The corporation owes $30,000 to a major shareholder at December 31, 1996. The corporation owes $270,000 to Atlantis Hotel, Inc. (controlled by a major shareholder) as of December 31, 1996. Due from Related Parties The amounts due the corporation from related parties at December 31, 1996 are as follows: Wilbar, Inc. $ 202,050 Wild Golf, Inc. 1,876,900 Wilderness Development Corporation 437 Shareholders 563 --------- $ 2,079,950 ========= NOTE 4 - NOTES RECEIVABLE FOR THE PURCHASE OF COMMON STOCK There are two notes receivable with the following terms: A note receivable for the purchase of common stock bears interest at 6%, is collateralized by 440 shares of the corporation's common stock, and is due November 30, 1999. $ 1,350,000 A note receivable for the purchase of common stock bears interest at 6%, collateralized by 225 shares of the corporation's common stock, with 10% principal payments annually and any unpaid balance due December 31, 2004. 688,840 --------- $ 2,038,840 ========= NOTE 5 - CAPITALIZED INTEREST The total interest cost for 1996 is $708,328, of which $35,883 has been capitalized as part of building costs. It represents the amount of interest paid during the construction of an addition to the hotel. This information should be read only in connection with the accompanying accountant's report.
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SUPPLEMENTAL INFORMATION WILDERNESS HOTEL & RESORT, INC. DIRECT COSTS Year Ended December 31, 1996 (Unaudited) Cost of resale items $142,022 Laundry service 43,585 Housekeeping supplies 26,932 Telephone 36,230 Licenses and permits 1,500 Vending costs 1,745 Video/TV expense 2,460 Salaries/wages 542,766 Payroll taxes 65,026 Uniforms 4,094 Advertising 130,650 Postage 11,676 Charge card discounts 66,364 --------- $1,075,050 ========= This information should be read only in connection with the accompanying accountant's report.
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WILDERNESS HOTEL & RESORT, INC. OPERATING EXPENSES Year Ended December 31, 1996 (Unaudited) Salaries $37,420 Payroll taxes 3,233 Office expense 27,032 Office management 33,000 Land rent 78,000 Insurance 50,609 Professional fees 17,073 Entertainment 7,231 Bank service charges 39 Utilities 132,824 Property taxes 148,477 Repairs and maintenance 66,574 Travel 10,701 Vehicle expense 3,431 Supplies 133,004 Amortization 29,791 Depreciation 456,151 Wisconsin surcharge 466 Garbage removal 5,471 Consulting fees 100,000 Lease payments 7,480 Penalties 86 --------- $1,348,093 ========= This information should be read only in connection with the accompanying accountant's report. <PAGE

Dates Referenced Herein   and   Documents Incorporated by Reference

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12/31/0417
11/30/0317
9/10/0117
9/10/0017
11/30/9917
12/31/9717
9/15/977
Filed on:5/14/97
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4/22/9710
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12/31/96819
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