CANAL CAPITAL CORP

CIK:0000101821|SEC Filings

PROPERTY USED IN STOCKYARD OPERATIONS

9 Months Ended

Jul. 31, 2012

PROPERTY USED IN STOCKYARD OPERATIONS [Text Block]

11.	PROPERTY USED IN STOCKYARD OPERATIONS

A schedule of the Company’s property used in stockyard operations at July 31, 2012 is as follows (000's omitted):

						Current Year
						(Retirements)
		Historical Cost				Additions							Carrying
				Bldgs. &				Bldgs. &		Accum.			Value
Description (1)		Land		Imprvmts.		Land		Imprvmts.		Depr.			07/31/12

30 acres of land in St. Joseph, MO Acquired in 1942	$	902	$	384	$	0	$	0	$	( 228	)	$	1,058

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jul. 31, 2012	Jul. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 619,647	$ (370,473)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION	29,350	31,950
GAIN ON SALES OF REAL ESTATE	(1,137,350)	0
MINIMUM PENSION LIABILITY ADJUSTMENT	81,000	81,000
DECREASE (INCREASE) IN OPERATING ASSETS
ACCOUNTS RECEIVABLE	(10,860)	67,095
STOCKYARDS INVENTORY	19,099	13,348
PREPAID EXPENSES	(11,309)	(17,181)
RESTRICTED CASH - LETTER OF CREDIT	(15,000)	0
RESTRICTED CASH - TRANSIT INSURANCE	(2,205)	(14,700)
INCREASE (DECREASE) IN OPERATING LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(136,911)	(57,736)
LINE OF CREDIT - ORDER BUYING	(32,395)	(154,000)
PENSION PLAN PAYABLE	(182,059)	(154,846)
SALARIES AND INTEREST PAYABLE - OFFICERS	(417,467)	169,025
REAL ESTATE TAXES PAYABLE	10,417	10,639
TRANSIT INSURANCE	2,205	14,700
TOTAL ADJUSTMENTS	(1,803,485)	(10,706)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(1,183,838)	(381,179)
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALES OF REAL ESTATE	1,690,600	0
COSTS RELATING TO SALES OF REAL ESTATE	(64,083)	0
CAPITAL EXPENDITURES	0	(50,710)
NET CASH PROVIDED BY INVESTING ACTIVITIES	1,626,517	(50,710)
CASH FLOWS PROVIDED BY (USED) IN FINANCING ACTIVITIES:
PROCEEDS FROM LONG-TERM DEBT OBLIGATION	0	0
REPAYMENT OF LONG-TERM DEBT OBLIGATION	(283,000)	0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(283,000)	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	159,679	(431,889)
CASH AND CASH EQUIVALENTS AT BEGN OF YEAR	35,514	510,361
CASH AND CASH EQUIVALENTS AT END OF YEAR	195,193	78,472
CASH PAID DURING THE YEAR FOR:
INTEREST	64,354	63,525
INCOME TAXES	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Jul. 31, 2012	Oct. 31, 2011
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS	$ 195,193	$ 35,514
RESTRICTED CASH - TRANSIT INSURANCE	37,689	35,484
ACCOUNTS RECEIVABLE	131,160	120,300
STOCKYARDS INVENTORY	1,650	20,749
PREPAID EXPENSES	25,257	13,948
TOTAL CURRENT ASSETS	390,949	225,995
NON-CURRENT ASSETS:
PROPERTY ON OPERATING LEASES, NET OF ACCUMULATED DEPRECIATION OF $28,584 AND $494,599 AT JULY 31, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	1,163,891	1,668,008
PROPERTY USED IN STOCKYARD OPERATIONS, NET OF ACCUMULATED DEPRECIATION OF $226,657 AND $212,257 AT JULY 31, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	1,057,867	1,072,267
PROPERTY HELD FOR DEVELOPMENT OR RESALE	52,250	52,250
OTHER ASSETS:
RESTRICTED CASH - LETTER OF CREDIT	155,000	140,000
ART INVENTORY	10,000	10,000
TOTAL OTHER ASSETS	165,000	150,000
TOTAL ASSETS	2,829,957	3,168,520
CURRENT LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	23,459	160,370
LINE OF CREDIT - ORDER BUYING	74,000	106,395
TRANSIT INSURANCE	37,689	35,484
TOTAL CURRENT LIABILITIES	135,148	302,249
NON-CURRENT LIABILITIES:
LONG-TERM DEBT, RELATED PARTY	564,000	847,000
LONG-TERM PENSION LIABILITY	630,761	812,820
SALARIES AND INTEREST PAYABLE - OFFICERS	41,233	458,700
REAL ESTATE TAXES PAYABLE	66,617	56,200
TOTAL NON-CURRENT LIABILITIES	1,302,611	2,174,720
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY:
PREFERRED STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 9,102,655 SHARES ISSUED AND OUTSTANDING AT JULY 31, 2012 AND OCTOBER 31, 2011, RESPECTIVELY AND AGGREGATE LIQUIDATION PREFERENCE OF $10 PER SHARE FOR $ 91,026,550 AT JULY 31, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	91,027	91,027
COMMON STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 5,313,794 SHARES ISSUED AND 4,326,929 SHARES OUT- STANDING AT JULY 31, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	53,138	53,138
ADDITIONAL PAID-IN CAPITAL	25,526,721	25,526,721
ACCUMULATED DEFICIT	(11,437,017)	(12,056,664)
986,865 SHARES OF COMMON STOCK HELD IN TREASURY, AT COST	(11,003,545)	(11,003,545)
COMPREHENSIVE INCOME: PENSION VALUATION RESERVE	(1,838,126)	(1,919,126)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY	1,392,198	691,551
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$ 2,829,957	$ 3,168,520