<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number: 0-24184
SECURED EQUITY LEASING PLUS, L.P.
(Exact name of registrant as specified in its charter)
California 94-3075634
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7677 Oakport Street
Suite 500
Oakland, California 94621
(Address of principal executive offices) (Zip Code)
(510) 729-7122
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has 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 registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes _X_ No ___
Page 1 of 10 Pages. No Exhibit Index Required.
</PAGE>
<PAGE>
INDEX Page 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets at 3-31-96 and 12-31-95 3
Statements of Operations for the Three Months
Ended 3-31-96 and 3-31-95 4
Statements of Cash Flows for the Three Months
Ended 3-31-96 and 3-31-95 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 8
Item 6. Exhibits and Reports on Form 8-K 8
</PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION Page 3
Item I. Financial Statements
<TABLE>
Balance Sheets (in thousands)
<CAPTION>
March 31, December 31,
1996 1995
___________ ____________
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents $824 $644
Receivables from lessees, net of
allowance for doubtful accounts
of $4 and $0 in 1996 and 1995 26 11
Receivable from managing agent, net 34 147
Equipment on lease, less accumulated
depreciation of $1,436 and $2,040
in 1996 and 1995 140 284
Lease acquisition costs, net of
accumulated amortization of $73 and
$101 in 1996 and 1995 0 2
Prepaid expenses and other assets 74 19
______ ______
Total assets $1,098 $1,107
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued liabilities $80 $114
Payable to general partner
and its affiliates 4 1
______ ______
Total liabilities 84 115
Partners' capital 1,014 992
______ ______
Total liabilities and partners' capital $1,098 $1,107
See notes to financial statements (unaudited).
</TABLE>
</PAGE>
<PAGE>
<TABLE>
Statements of Operations (unaudited) Page 4
(in thousands)
<CAPTION>
Three Months Ended
March 31,
__________________
1996 1995
<S> <C> <C>
REVENUES:
Lease $98 $777
Interest 7 9
Stock warrant 23 18
____ ____
Total revenues 128 804
EXPENSES:
Depreciation 33 300
Amortization 1 17
Management fees 3 47
Commitment fees 0 3
General and administrative 77 137
____ ____
Total expenses 114 504
INCOME BEFORE EQUIPMENT SALES 14 300
GAIN (LOSS) ON EQUIPMENT SALES 8 (14)
NET INCOME $22 $286
ALLOCATION OF NET INCOME
General partner $0 $3
Limited partners 22 283
____ ____
$22 $286
See notes to financial statements (unaudited).
</TABLE>
</PAGE>
<PAGE>
<TABLE>
Statements of Cash Flows (unaudited) Page 5
(in thousands)
<CAPTION>
Three Months Ended
March 31,
__________________
1996 1995
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $22 $286
Adjustments to reconcile net income to net
cash provided by operating activities:
Gain (loss) on equipment sales (8) 14
Depreciation and amortization 34 317
Changes in assets and liabilities:
Receivable from lessees, net (15) 0
Receivable from/payable to managing
agent, net 113 (383)
Prepaid expenses and other assets (54) 0
Accounts payable and accrued liabilities (34) 10
Payable to general partner and
its affiliates 4 (1)
Deferred revenue 0 (50)
NET CASH PROVIDED BY OPERATING ACTIVITIES: 62 193
INVESTING ACTIVITIES:
Proceeds from equipment sales 118 243
CASH PROVIDED BY INVESTING ACTIVITIES 118 243
FINANCING ACTIVITIES:
Distributions to partners 0 (1,083)
CASH USED BY FINANCING ACTIVITIES 0 (1,083)
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 180 (647)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 644 1,034
CASH AND CASH EQUIVALENTS, END OF PERIOD $824 $387
See notes to financial statements (unaudited).
</TABLE>
</PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS Page 6
(unaudited)
Note 1. In the opinion of Secured Equity Partners, Inc. (the
"general partner"), a wholly owned subsidiary of Equitec
Financial Group, Inc. ("Equitec"), the accompanying unaudited
financial statements contain all adjustments (consisting of only
normal accruals) necessary to present fairly the financial
position of Secured Equity Leasing Plus, L.P. (the "Partnership")
at March 31, 1996 and December 31, 1995, and the results of its
operations and its cash flows for the three months ended
March 31, 1996 and 1995.
Note 2. REFERENCE TO 1995 AUDITED FINANCIAL STATEMENTS
These unaudited financial statements should be read in
conjunction with the Notes to Financial Statements included in
the 1995 audited financial statements.
Note 3. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES
In accordance with the Limited Partnership Agreement, the
Partnership pays the general partner, its affiliates and the
Managing Agent compensation for services provided to the
Partnership. Amounts paid or payable were as follows (in
thousands):
<TABLE>
<CAPTION>
Three Months Ended
March 31,
__________________
1996 1995
<S> <C> <C>
Reimbursement of costs:
Accounting and administrative $2 $8
Management 11 15
___ ___
Net reimbursements 13 23
Management fees 3 47
Purchase commitment fees 0 3
___ ___
Total $16 $73
</TABLE>
</PAGE>
<PAGE>
Page 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
General: During the three months ended March 31, 1996, the
Partnership generated cash flow of $62,000 and $118,000 from
operating activities and equipment sales, respectively. The
Partnership expects that revenue from leases and equipment sales
will be the primary sources of Partnership revenues for 1996, and
that proceeds from equipment sales will represent an increasing
percentage of total Partnership revenues as leases expire and the
equipment is sold. Included in cash flow from operating
activities was $23,000 in proceeds from the redemption by the
Partnership of certain warrants which were obtained at the time
certain lessees' leases were obtained. Proceeds from the
redemption of warrants are expected to fluctuate and are not
expected to be a substantial source of Partnership revenue for
the foreseeable future.
The general partner believes that the Partnership's working
capital reserves at March 31, 1996, should be sufficient to meet
capital and operating requirements for the foreseeable future.
The general partner intends to liquidate and dissolve the
Partnership as soon as practicable after the June 1996 scheduled
termination of the remaining leases.
Leases: At March 31, 1996, the Partnership owned approximately
3% of its original equipment portfolio, all of which was on lease
and generating revenue. During 1996, all leases are scheduled to
expire. The Managing Agent is contacting each lessee to discuss
equipment purchase options. However, there is no assurance that
the lessees will purchase the equipment upon expiration of their
leases. Equipment not purchased by lessees is returned to the
Partnership and held in inventory for eventual sale to third
parties. The sale of equipment to third parties generally results
in a lower sales price than if the lessee purchases its leased
equipment upon expiration of the lease.
Warrants: At March 31, 1996, the Partnership held warrants to
purchase approximately 587,088 shares of capital stock of 16
current and former lessees. It is expected that the Partnership
will hold these warrants until such time as the general partner
and Managing Agent determine that disposition would be
advantageous for the Partnership. However, there is no assurance
that the warrants or underlying shares of capital stock will
acquire or retain any value. The warrants are not afforded any
value on the financial statements.
</PAGE>
<PAGE>
Page 8
Distributions: The Partnership did not make any distributions to
partners during the three months ended March 31, 1996. Through
March 31, 1996, distributions paid to limited partners have
totaled $51,688,000 or approximately 103.4% of original limited
partner invested capital. The general partner intends to make a
cash distribution to limited partners on or about May 15, 1996.
No other distributions will be made until the Partnership
terminates and liquidates.
RESULTS OF OPERATIONS
Lease revenue decreased during the three months ended March 31,
1996, compared to the corresponding 1995 period, due to lease
expirations and equipment sales. Interest revenue decreased in
the 1996 period compared to the 1995 period, due to lower average
cash balances in 1996. The Partnership recognized $23,000 of
revenue from the redemption of stock warrants for the three
months ended March 31, 1996, compared to $18,000 in the
corresponding 1995 period.
Depreciation expense decreased in the 1996 period compared to the
corresponding 1995 period, due primarily to equipment sales and
the Partnership's use of accelerated methods of depreciation,
which result in smaller deductions in the later years of
equipment ownership.
Management fees, which are directly related to lease revenues and
cash flows of the Partnership as defined in the Limited
Partnership Agreement, decreased during the 1996 period compared
to the 1995 period. Commitment fees, which are related to average
capital at risk in accordance with the Purchase Commitment,
decreased during the 1996 period compared to the 1995 period.
General and administrative expenses decreased during the 1996
period compared to the 1995 period, primarily as a result of
reduced management services.
A net gain on equipment sales of $8,000 was recognized during the
three months ended March 31, 1996, compared to a net loss of
$14,000 in the corresponding 1995 period.
</PAGE>
<PAGE>
Page 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither the Partnership nor the general partner is a party to,
nor are any of the Partnership's assets the subject of, any
material pending legal proceedings.
Item 6. Exhibits and Reports on Form 8-K.
(a) Reports on Form 8-K. The Partnership did not file any reports
on Form 8-K during the three months ended March 31, 1996.
</PAGE>
<PAGE>
Page 10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
SECURED EQUITY LEASING PLUS, L.P.
By: SECURED EQUITY PARTNERS, INC.
General Partner
Date: May 8, 1996 By: _/s/_ John Barnard_____________
(signature)
John Barnard, President, Chief
Executive Officer, Chief
Financial Officer (Principal
Executive and Accounting
Officer), and Director of
General Partner
</PAGE>