CASTLE GROUP INC

CIK:0000918543|SEC Filings

THE CASTLE GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Managed property revenue	$ 6,704,186	$ 6,160,332
Food and Beverage Revenue	392,105	420,883
Other revenue	400	300
Total Revenues	7,096,691	6,581,515
Operating Expenses
Managed property expense	4,902,550	4,766,663
Food and beverage	380,935	384,946
Administrative and general	1,314,669	1,174,937
Depreciation	64,732	57,992
Total Operating Expense	6,662,886	6,384,538
Operating Income	433,805	196,977
Income from equity method investment	13,632	13,000
Interest expense	(61,783)	(69,774)
Income before taxes	385,654	140,203
Income tax expense	(134,316)	(98,110)
Net Income	251,338	42,093
Change in unpaid cumulative dividends on convertible preferred stock	(20,719)	(20,719)
Net Income applicable to Common Stockholders	$ 230,619	$ 21,374
Earnings per common share Basic	$ 0.02	$ 0.00
Earnings per common share Diluted	$ 0.02	$ 0.00
Weighted average common shares Outstanding Basic	10,056,392	10,056,392
Weighted average common shares Outstanding Diluted	10,056,392	10,056,392
Net Income	$ 251,338	$ 42,093
Other Comprehensive Loss
Foreign currency translation adjustment	(1,629)	(7,308)
Total Comprehensive Income	$ 249,709	$ 34,785

THE CASTLE GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net Income	$ 251,338	$ 42,093
Depreciation	64,732	57,992
Recovery of bad debt	0	(36,947)
Deferred compensation	27,435	0
Non cash interest expense	43,500	46,500
Income from equity method investment	(13,632)	(13,000)
Distribution from equity method investment	6,125	0
Deferred taxes	134,316	98,110
(Increase) decrease in Accounts receivable	53,158	(450,952)
(Increase) decrease in Other current assets	82,311	55,831
(Increase) decrease in Notes receivable	154	37,545
Increase (decrease) in Deposits and other assets	5,314	5,200
Increase (decrease) in Accounts payable and accrued expenses	242,237	6,913
Increase (decrease) in Deposits payable	(626,084)	279,778
Net Cash Provided by Operating Activities	270,904	129,063
Cash Flows from Investing Activities
Construction in progress	(98,671)	(96,866)
Investment in equity method investment	(200,000)	0
Purchase of property and equipment	(1,546)	(22,502)
Net Cash Used in Investing Activities	(300,217)	(119,368)
Cash Flows from Financing Activities
Payments on notes to related parties	0	(9,128)
Payments on notes	(40,732)	(132,861)
Net Cash Used in Financing Activities	(40,732)	(141,989)
Effect of foreign currency exchange rate on changes in cash	6,284	19,577
Net Change in Cash	(63,761)	(112,717)
Beginning Balance	4,324,791	2,775,956
Ending Balance	4,261,030	2,663,239
Supplementary Information
Cash Paid for Interest	18,283	23,274
Cash Paid for Income Taxes	$ 0	$ 0

THE CASTLE GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 4,261,030	$ 4,324,791
Accounts receivable, net of allowance for bad debts	2,416,445	2,469,922
Note receivable, current portion	15,000	15,000
Prepaid and other current assets	288,195	372,755
Total Current Assets	6,980,670	7,182,468
Non-Current Assets
Property and equipment, net	6,072,341	6,030,724
Construction in progress	957,908	940,430
Deposits and other assets	105,597	121,193
Note receivable	169,746	169,900
Investment in limited liability company	851,938	644,431
Deferred tax asset, net	291,468	413,902
Goodwill	54,726	54,726
TOTAL ASSETS	15,484,394	15,557,774
Current Liabilities
Accounts payable	3,356,993	3,101,772
Deposits payable	2,156,125	2,780,982
Current portion of long term debt	347,232	340,896
Accrued salaries and wages	1,815,600	1,780,506
Accrued taxes	34,528	54,644
Other current liabilities	439,005	430,995
Total Current Liabilities	8,149,483	8,489,795
Non-Current Liabilities
Long term debt, net of current portion	4,402,425	4,361,906
Other long term liabilities	157,902	224,698
Total Non-Current Liabilities	4,560,327	4,586,604
Total Liabilities	12,709,810	13,076,399
Stockholders' Equity
Preferred stock, $100 par value, 50,000 shares authorized, 11,050 shares issued and outstanding at March 31, 2018 and December 31, 2017	1,105,000	1,105,000
Common stock, $.02 par value, 20,000,000 shares authorized, 10,056,392 shares issued and outstanding at March 31, 2018 and December 31, 2017	201,129	201,129
Additional paid in capital	5,599,508	5,556,008
Accumulated deficit	(4,157,889)	(4,409,227)
Accumulated other comprehensive income	26,836	28,465
Total Stockholders' Equity	2,774,584	2,481,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 15,484,394	$ 15,557,774