|
|
 | | | |
- close
- close
- close
- close
| |||||||||
RICK » Topics » The combined financial statements include the accounts of Miami Gardens Square One, Inc. and Stellar Management Corporation . Significant intercompany accounts and transactions have been eliminated in combination .This excerpt taken from the RICK 8-K filed Feb 11, 2008. The combined
financial
statements include the accounts of Miami Gardens Square One, Inc. and
Stellar Management Corporation. Significant
intercompany accounts and transactions have been eliminated in
combination.
Basis
of Accounting
The
accounts are maintained and the financial statements have been prepared using
the accrual basis of accounting in accordance with accounting principles
generally accepted in the United States of America.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect certain reported amounts in the financial
statements and accompanying notes. Actual results could differ from
these estimates and assumptions.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents. At September 30, 2007
and December 31, 2006, the Company had no such investments. The Company
maintains deposits primarily in one financial institution, which may at times
exceed amounts covered by insurance provided by the U.S. Federal Deposit
Insurance Corporation (“FDIC”). At September 30,
2007 and December
31,
2006, the uninsured portion of these deposits approximated $386,000 and $371,000,
respectively. The Company has not incurred any losses related
to its cash on deposit with financial institutions.
Accounts
Receivable
Accounts
receivable, trade is comprised of credit card charges, which are generally
converted to cash in two to five days after a purchase is made. The
Company recognizes allowances for doubtful accounts when, based on management
judgment, circumstances indicate that accounts receivable will not be
collected. There was no allowance for doubtful accounts as of
September 30, 2007 and December 31, 2006.
6
MIAMI
GARDENS SQUARE ONE, INC. AND STELLAR MANAGEMENT
CORPORATION
Notes
to Combined Financial Statements
(Continued)
Inventories
Inventories
include non-alcoholic beverages, bar supplies, and Company merchandise.
Inventories are carried at the lower of average cost, which approximates actual
cost determined on a first-in, first-out (“FIFO”) basis, or
market.
Property
and Equipment
|
| |||||||
