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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
JOINT QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 or
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
<TABLE>
<S> <C>
Commission File Number: 1-8927 Commission File Number: 0-16156
------ -------
HOMEFREE VILLAGE RESORTS, INC. HOMEFREE INVESTORS L.P.
- -------------------------------------------------------------- --------------------------------------------------------------
(Exact name of Registrant as specified in its charter) (Exact name of Registrant as specified in its charter)
Delaware Delaware
- -------------------------------------------------------------- --------------------------------------------------------------
(State or other jurisdiction of incorporation or organization) (State or other jurisdiction of incorporation or organization)
37-0959405 84-1062287
- -------------------------------------------------------------- --------------------------------------------------------------
(I.R.S. Employer Identification No.) (I.R.S. Employer Identification No.)
1400 S. Colorado Boulevard, Suite 410 1400 S. Colorado Boulevard, Suite 410
Denver, Colorado 80222 Denver, Colorado 80222
- -------------------------------------------------------------- --------------------------------------------------------------
(Address of principal executive offices, including zip code) (Address of principal executive offices, including zip code)
(303) 757-3002 (303) 757-3002
- -------------------------------------------------------------- --------------------------------------------------------------
(Registrant's telephone number, including area code) (Registrant's telephone number, including area code)
</TABLE>
Indicate by checkmark whether the registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days.
YES X NO
--- ---
Indicate the number of shares outstanding of each of the issuers' classes of
common stock or partnership interests, respectively, as of the close of
business on October 31, 1995:
Homefree Village Resorts, Inc. Common Stock $.001 Par Value 10,483,982
Homefree Investors L.P. Assignee Limited Partnership Interest 10,483,982
N/A
- --------------------------------------------------------------------------------
(former name, former address and former fiscal year, if changed since last
report)
<PAGE> 2
HOMEFREE VILLAGE RESORTS, INC. AND HOMEFREE INVESTORS L.P.
INDEX
<TABLE>
<CAPTION>
Page
Number
------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 3
COMBINED
Combined Balance Sheets --
September 30, 1995 and December 31, 1994 3
Combined Statements of Operations --
Three and Nine Month Periods ended
September 30, 1995 and 1994 5
Combined Statements of Cash Flows --
Nine Months ended September 30, 1995 and 1994 6
THE COMPANY
Consolidated Balance Sheets --
September 30, 1995 and December 31, 1994 7
Consolidated Statements of Operations --
Three and Nine Month Periods ended
September 30, 1995 and 1994 9
Consolidated Statements of Cash Flows --
Nine Months ended September 30, 1995 and 1994 10
THE PARTNERSHIP
Balance Sheets -- September 30, 1995 and
December 31, 1994 11
Statements of Operations --
Three and Nine Month Periods ended
September 30, 1995 and 1994 12
Statements of Cash Flows --
Nine Months ended September 30, 1995 and 1994 13
Notes to Financial Statements 14
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 15-16
PART II. OTHER INFORMATION 17
</TABLE>
2
<PAGE> 3
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
September 30, 1995 December 31,
(unaudited) 1994
------------------ ------------
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 8,600 $ 10,600
Other current assets 60,900 9,600
---------- ----------
Total current assets 69,500 20,200
RECEIVABLES FROM UNCONSOLIDATED ENTITIES, net 8,788,800 8,915,600
INVESTMENTS IN UNCONSOLIDATED ENTITIES 100,200 94,400
PROPERTY AND EQUIPMENT, at cost
Office furniture and equipment 101,000 95,100
Vehicles 25,000 25,000
---------- ----------
126,000 120,100
Accumulated depreciation (108,400) (103,600)
---------- ----------
Net property and equipment 17,600 16,500
---------- ----------
OTHER ASSETS
Land option costs 195,900 195,600
Intangible assets, net of accumulated amortization of $166,900. -- --
---------- ----------
Total other assets 195,900 195,600
---------- ----------
TOTAL ASSETS $9,172,000 $9,242,300
========== ==========
</TABLE>
See accompanying notes to financial statements 3
<PAGE> 4
<TABLE>
<S> <C> <C>
LIABILITIES, STOCKHOLDERS' EQUITY AND PARTNERS' DEFICIT
-------------------------------------------------------
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 76,800 $ 93,600
LONG TERM DEBT, less current maturities:
Unconsolidated entity 7,154,500 7,154,500
Other 44,400 44,400
DEFERRED INCOME TAXES 130,600 200,000
DEFERRED PROFIT 488,500 488,500
OTHER LIABILITIES 154,000 3,400
STOCKHOLDERS' EQUITY AND PARTNERS' DEFICIT:
Preferred stock, $1.00 par value;
3,000,000 shares authorized; none issued and outstanding
Common stock, $.001 par value;
15,000,000 shares authorized; 10,484,000 issued and outstanding 10,500 10,500
Additional paid-in capital 3,537,000 3,537,000
Accumulated deficit (2,151,500) (2,061,800)
Partners' deficit - limited partners ( 272,800) ( 227,800)
----------- ----------
Total stockholders' equity and partners' deficit 1,123,200 1,257,900
----------- ----------
TOTAL LIABILITIES, STOCKHOLDERS' EQUITY AND PARTNERS' DEFICIT 9,172,000 $9,242,300
=========== ==========
</TABLE>
See accompanying notes to financial statements 4
<PAGE> 5
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
--------------------------------- ------------------------------------
SEPT. 30, 1995 SEPT. 30, 1994 SEPT. 30, 1995 SEPT. 30, 1994
--------------------------------- ------------------------------------
(unaudited) (unaudited)
--------------------------------- ------------------------------------
<S> <C> <C> <C> <C>
REVENUES (SUBSTANTIALLY ALL
FROM RELATED PARTIES):
Management and $ 73,300 $ 48,500 $ 206,600 $ 163,900
administrative fees
Interest 5,700 3,900 17,500 11,500
Equity in earnings of 400 -- 6,700
unconsolidated entities
Other -- 4,200 -- 79,900 (1)
----------- ----------- ----------- -----------
79,400 56,600 230,800 255,300
----------- ----------- ----------- -----------
EXPENSES:
General and administrative 143,800 125,300 434,200 314,800
Interest -- 200 -- 1,200
Equity in losses of unconsolidated
entities (800) -- 700 --
Other -- 2,500 -- 7,100
----------- ----------- ----------- -----------
143,000 128,000 434,900 323,100
----------- ----------- ----------- -----------
EARNINGS (LOSSES) BEFORE INCOME TAXES
( 63,600) ( 71,400) (204,100) (67,800)
INCOME TAXES/BENEFIT 21,600 26,400 69,400 25,000
----------- ----------- ----------- -----------
NET EARNINGS (LOSSES) $ (42,000) $ (45,000) $ (134,700) $ (42,800)
=========== =========== =========== ===========
EARNINGS (LOSSES) PER PAIRED $ (.00) $ (.00) $ (.01) $ (.00)
=========== =========== =========== ===========
WEIGHTED AVERAGE PAIRED
SHARES OUTSTANDING 10,484,000 10,484,000 10,484,000 10,484,000
=========== =========== =========== ===========
</TABLE>
(1) Other income for the nine months ended September 30, 1994, consists
principally of a receivable loss restoration and income from an
unconsolidated affiliate more fully described in Management's Discussion
and Analysis of Operations.
See accompanying notes to financial statements 5
<PAGE> 6
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED
-----------------------------------------------
SEPT. 30, SEPT. 30,
1995 1994
--------------- ---------------
(unaudited) (unaudited)
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (losses) earnings $(134,700) $( 42,800)
Adjustments to reconcile net (losses) earnings
to net cash used in operating activities
Depreciation and amortization 4,800 ( 1,300)
Changes in operating assets and liabilities:
Receivable from officer ( 56,700) ( 73,900)
Other assets 5,100 (124,400)
Receivables from unconsolidated entities 126,800 327,600
Accounts payable and accrued expenses (16,800) 27,700
Deferred income taxes ( 69,400) ( 25,000)
Other liabilities 150,600 ( 47,400)
Net cash used in operating activities 9,700 40,500
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities ( 5,800) ( 49,500)
Purchase of equipment ( 5,900) ( 5,000)
Net cash provided by investing activities
( 11,700) ( 54,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in long-term debt -- ( 10,600)
NET CASH PROVIDED BY FINANCING ACTIVITIES -- ( 10,600)
NET CHANGE IN CASH AND CASH EQUIVALENTS ( 2,000) ( 24,600)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 10,600 34,500
--------- ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 8,600 $ 9,900
========= =========
</TABLE>
See accompanying notes to financial statements 6
<PAGE> 7
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS Sept. 30,
------ 1995 December 31, 1994
------------- ----------------------
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 8,600 $ 10,600
Other current assets 60,900 9,600
---------- ----------
Total current assets
69,500 20,200
RECEIVABLES FROM UNCONSOLIDATED
ENTITIES, NET 8,788,800 8,915,600
INVESTMENTS IN UNCONSOLIDATED ENTITIES 100,200 94,400
PROPERTY AND EQUIPMENT, at cost:
Office furniture and equipment 101,000 95,100
Vehicles 25,000 25,000
---------- ----------
126,000 120,100
Accumulated depreciation (108,400) (103,600)
---------- ----------
Net property and equipment 17,600 16,500
LAND OPTION COSTS
195,900 195,600
---------- ----------
TOTAL ASSETS $9,172,000 $9,242,300
========== ==========
</TABLE>
See accompanying notes to financial statements 7
<PAGE> 8
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY AND PARTNERS' DEFICIT
----------------------------------------------------------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 76,800 $ 93,600
LONG TERM DEBT, less current maturities:
Unconsolidated entity 7,154,500 7,154,500
Other 44,400 44,400
DEFERRED INCOME TAXES 130,600 200,000
DEFERRED PROFIT 488,500 488,500
OTHER LIABILITIES $ 154,000 3,400
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value;
3,000,000 shares authorized;
none issued and outstanding
Common stock, $.001 par value;
15,000,000 shares authorized; 10,500 10,500
10,484,000 issued and outstanding
Additional paid-in capital 3,537,000 3,537,000
Accumulated deficit (2,424,300) (2,289,600)
----------- -----------
Total stockholders' equity 1,123,200 1,257,900
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,172,000 $ 9,242,300
=========== ===========
</TABLE>
See accompanying notes to financial statements 8
<PAGE> 9
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
-------------------------------------- --------------------------------------
SEPT. 30, 1995 SEPT. 30, 1994 SEPT. 30, 1995 SEPT. 30, 1994
-------------------------------------- --------------------------------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
REVENUES (SUBSTANTIALLY ALL FROM RELATED PARTIES):
Management and
administrative fees $ 73,300 $ 48,500 $ 206,600 $ 163,900
Interest 5,700 3,900 17,500 11,500
Equity in earnings of unconsolidated
entities 400 -- 6,700
Other 4,200 -- 79,900 (1)
--
---------- ---------- ---------- ----------
79,400 56,600 230,830 255,300
---------- ---------- ---------- ----------
EXPENSES:
General and administrative 118,700 125,300 389,000 314,500
Equity in losses of unconsolidated
entities (800) -- 700 --
Interest -- 200 -- 1,200
Impairment of investment in HILP 25,100 -- 45,200 --
Other -- 2,500 -- 7,100
---------- ---------- ---------- ----------
143,000 128,000 434,900 322,800
---------- ---------- ---------- ----------
EARNINGS (LOSSES) BEFORE (67,500)
INCOME TAXES ( 63,600) ( 71,400) (204,100)
---------- ---------- ---------- ----------
INCOME TAXES/BENEFIT 21,600 26,400 69,400 25,000
========== ========== ========== ==========
NET EARNINGS (LOSSES) $ (42,000) $ (45,000) $ (134,700) $ (42,500)
========== ========== ========== ==========
EARNINGS (LOSSES) PER
COMMON SHARE $ (.00) $ (.00) $ (.01) $ (.00)
========== ========== ========== ==========
WEIGHTED AVERAGE SHARES 10,484,000 10,484,000 10,484,000 10,484,000
OUTSTANDING ========== ========== ========== ==========
</TABLE>
1 Other income for the nine months ended September 30, 1994, consists
principally of a receivable loss restoration and income from an
unconsolidated affiliate more fully described in Management's Discussion and
Analysis of Operations.
See accompanying notes to financial statements 9
<PAGE> 10
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
NINE MONTHS ENDED
------------------------------------------------
SEPT. 30, SEPT. 30,
1995 1994
-------------- ---------------
(unaudited) (unaudited)
-------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (losses) earnings $ (134,700) $ ( 42,500)
Adjustments to reconcile net (losses) earnings
to net cash used in operating activities
Depreciation and amortization 4,800 ( 1,300)
CHANGES IN OPERATING ASSETS AND LIABILITIES:
Receivable from officer ( 56,700) ( 73,900)
Other assets 5,100 (124,400)
Receivables from unconsolidated entities 126,800 327,600
Accounts payable and accrued expenses ( 16,800) 27,700
Deferred income taxes ( 69,400) ( 25,000)
Other liabilities 150,600 ( 47,400)
--------- ----------
Net cash used in operating activities 9,700 40,800
--------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities ( 5,800) ( 49,800)
Purchase of equipment ( 5,900) ( 5,000)
--------- ----------
Net cash (used in) provided by investing
activities ( 11,700) ( 54,800)
--------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in long-term debt -- ( 10,600)
--------- ----------
NET CASH PROVIDED BY FINANCING ACTIVITIES -- ( 10,600)
--------- ----------
NET CHANGE IN CASH AND CASH EQUIVALENTS ( 2,000) ( 24,600)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 10,600 34,500
--------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 8,600 $ 9,900
========= ==========
</TABLE>
See accompanying notes to financial statements 10
<PAGE> 11
HOMEFREE INVESTORS L.P.
(a limited partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
(unaudited)
<S> <C> <C>
ASSETS
Due from Homefree Village Resorts, Inc. $ 150,500 $ --
ORGANIZATION COSTS 166,900 166,900
ACCUMULATED COSTS (166,900) (166,900)
------------- ------------
Total Assets 150,500 --
LIABILITIES
Due to unconsolidated entity 150,500 $ --
PARTNERS' CAPITAL -- --
------------- ------------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $ 150,500 $ --
============= ============
</TABLE>
See accompanying notes to financial statements 11
<PAGE> 12
HOMEFREE INVESTORS L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
----------------------------------- -----------------------------------
SEPT. 30, 1995 SEPT. 30, 1994 SEPT. 30, 1995 SEPT. 30, 1994
----------------------------------- -----------------------------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
REVENUES:
EXPENSE
- AMORTIZATION ORGANIZATION COSTS -- -- -- --
------------ ------------ ------------ ------------
- GENERAL AND ADMINISTRATIVE 25,100 100 45,200 300
------------ ------------ ------------ ------------
NET EARNINGS (LOSSES) $ (25,100) $ (100) (45,200) ( 300)
============ ============ ============ ============
EARNINGS (LOSSES) PER
LIMITED PARTNERSHIP
INTEREST $ (.00) $ (.00) $ (.00) $ (.00)
============ ============ ============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 10,484,000 10,484,000 10,484,000 10,484,000
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements 12
<PAGE> 13
HOMEFREE INVESTORS L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED
--------------------------------------------------
SEPT. 30, SEPT. 30,
1995 1994
--------------- --------------
(unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net losses $ (45,200) $ (300)
Adjustments to reconcile net loss
to net cash used in operating activities:
Amortization -- --
---------- -------
Net cash used in operating activities (45,200) (300)
---------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital investment by limited partners -- --
Capital investment by Homefree General
Partners 45,200 300
---------- -------
NET CASH FLOW FROM FINANCING ACTIVITIES
$ 45,200 $ 300
NET INCREASE IN CASH AND CASH EQUIVALENTS -- --
CASH AND CASH EQUIVALENTS, -- --
BEGINNING OF PERIOD
---------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ -- $ --
========== =======
</TABLE>
See accompanying notes to financial statements 13
<PAGE> 14
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. COMBINED, CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
Reference is made to Note B of the Financial Statements included in the Joint
Annual Report on Form 10-K for the year ended December 31, 1994. In the
opinion of management of the Company and the Partnership, the accompanying
unaudited combined, consolidated and separate financial statements contain all
adjustments necessary to present fairly the financial position as of September
30, 1995, the results of operations for the three and nine month periods ended
September 30, 1995 and 1994, and the cash flows for the nine months ended
September 30, 1995 and 1994.
Certain information and footnote disclosures, normally included in financial
statements prepared in accordance with generally accepted accounting
principals, have been omitted. It is suggested that the combined, consolidated
and separate financial statements presented herein be read in conjunction with
the financial statements and notes thereto included in the Company's and the
Partnership's Joint Annual Report on Form 10-K for the fiscal year ended
December 31, 1994. The results of operations for the nine month period ended
September 30, 1995, are not necessarily indicative of the operating results for
the Company and the Partnership for the full year.
The combined financial statements include the accounts of the Partnership and
of the Company and its subsidiaries. All material intercompany balances and
transactions have been eliminated.
B. PAIRING PLAN
The Assignee Limited Partnership interests in the Partnership ("Partnership
Shares") and the shares of Common Stock of the Company are paired on a
share-for-share basis. The shares can be transferred and traded only in units
("Paired Shares") consisting of the same number of Partnership Shares and
shares of Common Stock of the Company.
C. RELATED PARTY TRANSACTIONS
The Company holds an interest-bearing note from Craig M. Bollman, Jr.,
President and Chairman of the Board, in the amount of $577,600 at September 30,
1995. This indebtedness was incurred in connection with personal loans.
This note bears interest at the "Applicable Federal rate" which is the lowest
rate permitted by the Internal Revenue Service without imputing interest on a
transaction. The largest amount outstanding under this note during fiscal 1995
was $577,600.
14
<PAGE> 15
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
Company
Historically, the Company has not required large amounts of working capital
because the properties in which the Company has interests have been acquired,
financed and improved by related entities.
Management believes that the September 30, 1995 cash balances, the
implementation of cost reduction measures by the Company and the properties it
manages, the refinancing of Monte Vista, and the additional financing of the
Monte Vista project will be sufficient to meet the liquidity needs of the
Company.
Partnership
At present, the Partnership has no net liabilities and has not commenced
operations. While future business of the Partnership has not been determined,
availability of capital will be considered if and when such business is
determined.
15
<PAGE> 16
RESULTS OF OPERATIONS
Company
Nine Months Ended September 30, 1995 Compared to
Nine Months Ended September 30, 1994
Net loss for the nine month period ended September 30, 1995 increased by
$92,200 to a net loss of $134,700 over the same period in 1994 principally
because of an increase in general and administrative expenses, and a further
provision for impairment of investment in Homefree Investors, Ltd. (HILP)
partnership of $45,200.
Total revenues for the nine month period ended September 30, 1995 decreased
$24,500 below amounts recorded during the nine month period ended September 30,
1994. The decrease is attributable chiefly to other income recorded in 1994
that resulted from restoration of a receivable loss provision totalling $25,800
and earnings of $47,400 from an unconsolidated affiliate that represented an
accounting adjustment to the investment in the affiliate, partially offset by
an increase in management and administrative fees recorded during the nine
months ended September 30, 1995.
Total expenses increased $112,100 for the same period over 1994 and were
attributable principally to an increase in general and administrative expenses
and the further provision for impairment of investment in HILP mentioned above.
The net investment in HILP was considered to be impaired because the
partnership has not commenced its planned operations.
The effective income tax rate used for purposes of determining the provision
for income taxes with respect to the nine month period ended September 30, 1995
and 1994 is 34% and 37% respectively based on the projected annual effective
tax rates for such fiscal years. No current liability has been estimated
because of the availability of tax net operating losses that can be carried
forward to the current period. Accordingly, the estimated tax liability has
been recorded to deferred income taxes payable.
Partnership
The Partnership has not commenced its planned operations.
16
<PAGE> 17
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable.
Item 2. Changes in Securities
Not Applicable.
Item 3. Defaults Upon Senior Securities
Not Applicable.
Item 4. Submission of Matters to a Vote of Security
Not Applicable.
Item 5. Other Information Not Applicable.
Not Applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits - 27 Financial Data Schedule
b. No reports on Form 8-K were filed during the period covered by
this report.
17
<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed on behalf of the Registrants and in the capacities and
on the dates indicated.
HOMEFREE VILLAGE RESORTS, INC. HOMEFREE INVESTORS L.P.
- ----------------------------------- -----------------------------------
Registrant (the "Company") Registrant (the "Partnership")
by: Homefree General Partners,
its General Partner
by: Homefree Village Resorts, Inc.,
a General Partner
/s/ Craig M. Bollman, Jr. /s/ Craig M. Bollman, Jr.
- ----------------------------------- -----------------------------------
Craig M. Bollman, Jr. Craig M. Bollman, Jr.
Chairman of the Board Chairman of the Board
(Principal Executive and (Principal Executive and
Financial Officer) Financial Officer)
Dated November 14, 1995 Dated November 14, 1995
----------------------------- ------------------------------
18
<PAGE> 19
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 8,600
<SECURITIES> 0
<RECEIVABLES> 8,788,800
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 69,500
<PP&E> 126,000
<DEPRECIATION> 108,400
<TOTAL-ASSETS> 9,172,000
<CURRENT-LIABILITIES> 76,800
<BONDS> 7,154,500
<COMMON> 10,500
0
0
<OTHER-SE> 1,112,700
<TOTAL-LIABILITY-AND-EQUITY> 9,172,000
<SALES> 0
<TOTAL-REVENUES> 230,800
<CGS> 0
<TOTAL-COSTS> 434,900
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (204,100)
<INCOME-TAX> (69,400)
<INCOME-CONTINUING> (134,700)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (134,700)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> 0
</TABLE>
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