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
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).
__________________________
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 . . . . . . . . . . . . . . . . . . . .
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
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
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.
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.
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.
WILDERNESS HOTEL & RESORT, INC.
Wisconsin Dells, Wisconsin
FINANCIAL STATEMENTS
December 31, 1996
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
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
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.
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.
[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.
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)
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.
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.
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.
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.
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
| Referenced-On Page |
---|
This ‘S-11/A’ Filing | | Date | | First | | Last | | | Other Filings |
---|
| | |
| | 12/31/04 | | 17 |
| | 11/30/03 | | 17 |
| | 9/10/01 | | 17 |
| | 9/10/00 | | 17 |
| | 11/30/99 | | 17 |
| | 12/31/97 | | 17 |
| | 9/15/97 | | 7 |
Filed on: | | 5/14/97 |
| | 5/6/97 | | 1 | | | | | S-11 |
| | 4/22/97 | | 10 |
| | 3/11/97 | | 4 |
| | 2/28/97 | | 3 | | 7 |
| | 12/31/96 | | 8 | | 19 |
| | 7/25/96 | | 7 |
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Filing Submission 0000897069-97-000230 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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