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SEC Filings

S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 05/28/1999
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                    AMRAC CLEAR VIEW, A LIMITED PARTNERSHIP

                   NOTES TO FINANCIAL STATEMENTS--(Continued)


   In June 1997, the FASB issued SFAS No. 131, "Disclosure about Segments of an
Enterprise and Related Information," which establishes standards for reporting
by public companies about operating segments of their business. SFAS No. 131
also establishes standards for related disclosures about products and services,
geographic areas, and major customers. SFAS No. 131 is effective for periods
beginning after December 15, 1997. Management does not anticipate that the
adoption of SFAS No. 131 will have a material effect on the financial
statements.

3. Prepaid Expenses and Other Current Assets

   At May 28, 1998, prepaid expenses and other current assets consist of the
following:


<TABLE>
      <S>                                                              <C>
      Deferred transaction costs...................................... $ 91,024
      Other...........................................................   37,980
                                                                       --------
                                                                       $129,004
                                                                       ========
</TABLE>


   Deferred transaction costs consist primarily of attorney fees related to the
sale of assets of the Partnership (Note 1).

4. Property, Plant and Equipment

   At May 28, 1998, property, plant and equipment consists of the following:


<TABLE>
      <S>                                                           <C>
      Cable plant and equipment.................................... $ 3,460,234
      Office furniture and equipment...............................      52,531
      Vehicles.....................................................      32,468
                                                                    -----------
                                                                      3,545,233
      Accumulated depreciation.....................................  (3,062,099)
                                                                    -----------
                                                                    $   483,134
                                                                    ===========
</TABLE>


   Depreciation expense was $47,018 for the period from January 1, 1998 through
May 28, 1998.

5. Accrued Expenses

   At May 28, 1998, accrued expenses consist of the following:


<TABLE>
      <S>                                                               <C>
      Accrued compensation and benefits................................ $17,004
      Accrued programming costs........................................  24,883
      Accrued legal costs..............................................  25,372
      Other............................................................  17,136
                                                                        -------
                                                                        $84,395
                                                                        =======
</TABLE>


6. Long-Term Debt

   The Partnership repaid its term loan, due to a bank, on January 15, 1998.
Interest on the loan was paid monthly and accrued at the bank's prime rate plus
2% (10.5% at December 31, 1997). The loan was collateralized by substantially
all of the assets of the Partnership and a pledge of all partnership interests.
The total principal outstanding at December 31, 1997 was $560,500.

                                      F-80