GV » Topics » Reclassifications

This excerpt taken from the GV 10-Q filed Aug 13, 2008.

Reclassifications

Certain amounts previously reflected in the prior period consolidated statement of operations have been reclassified to conform to the Company’s 2008 presentation. The income from non-refundable earnest money deposits recognized when buyers defaulted on their Pineapple House contracts was previously recorded as other income. Upon further review, management determined that this income should be included in real estate development revenues. This reclassification had no effect on the previously reported loss from continuing operations before income taxes, but changed the previously reported total revenues and total operating loss for both the three and six months ended June 30, 2007.

Certain amounts previously reflected in the prior period consolidated statement of cash flows have been reclassified to conform to the Company’s 2008 presentation. The cash flows from financing activities previously included net borrowings (repayments) under lines of credit, but after additional review, management determined that all debt should be disclosed on a gross basis and the proceeds and repayments have been included in proceeds from notes payable or repayments of notes payable, respectively. This reclassification had no effect on the previously reported total cash flows from financing activities.

This excerpt taken from the GV 10-Q filed May 13, 2008.

Reclassifications

Certain amounts previously reflected in the prior period consolidated statement of cash flows have been reclassified to conform to the Company’s 2008 presentation. The cash flows from financing activities previously included net borrowings (repayments) under lines of credit, but after additional review, management determined that all debt should be disclosed on a gross basis and the proceeds and repayments have been included in proceeds from notes payable or repayments of notes payable, respectively. This reclassification had no effect on the previously reported total cash flows from financing activities.

These excerpts taken from the GV 10-K filed Mar 24, 2008.

Reclassifications

Certain amounts previously reflected in the prior period statement of cash flows have been reclassified to conform to the Company’s 2007 presentation. The cash flows from financing activities previously included net borrowings (repayments) under lines of credit, but after additional review, management determined that all debt should be disclosed on a gross basis and the proceeds and repayments have been included in proceeds from notes payable or repayments of notes payable, respectively. This reclassification had no effect on the previously reported total cash flows from financing activities.

Reclassifications

STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%">Certain amounts previously reflected in the prior period statement of cash flows have been reclassified to conform to the Company’s 2007
presentation. The cash flows from financing activities previously included net borrowings (repayments) under lines of credit, but after additional review, management determined that all debt should be disclosed on a gross basis and the proceeds and
repayments have been included in proceeds from notes payable or repayments of notes payable, respectively. This reclassification had no effect on the previously reported total cash flows from financing activities.

STYLE="margin-top:18px;margin-bottom:0px">Note 2—Contracts Receivable

Contracts
receivable represents the amount of revenue recognized in the real estate segment using the percentage-of-completion method for condominium units under firm contract. As of December 31, 2007, outstanding contracts receivable amounted to $0, as
compared to $10.6 million, as of December 31, 2006, all of which related to the Pineapple House project. For the year ended December 31, 2007, a total of thirteen customers defaulted on their contractual obligation to close the purchase of
individual condominium units in the Pineapple House project. As of December 31, 2007 and 2006, $25,000 and $2.2 million, respectively, of non-refundable earnest money deposits was held by a third party, for the Pineapple House project.

The Company’s real estate development operations do not extend financing to buyers and therefore, sales proceeds are received in full
upon closing.

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