Beneficial Holdings Inc (BFHJ)

[di4]

Isn't that strange? I agree, probably re-submitting corrections and caught it in enough time to not have to put out an ammendment... here we have it copy and pasted for posterity.

Annual Report Dec. 31 2011

http://www.otcmarkets.com/financialReportViewer?symbol=BFHJ&id=79038

BENEFICIAL HOLDINGS INC *
Consolidated Balance Sheet
Ending December 31, 2011
Current Assets NOTES
Cash 139,639.50
Short-term investments 54,500.00
Accounts receivable 15,688.99 1
Less: Reserve for bad debts (784.45) 2
Net Account Receivable 14,904.54
Prepaid expenses 8,900.00
Other:
Total Current Assets $217,944.04
Fixed Assets
Vehicles 15,475.00
Furniture and fixtures 137,369.40 3
Gaming Machines 243,773.20
Leasehold improvements 165,147.15
Buildings 845,000.00
Accumulated Depreciation on Vehicles (6,190.00)
Accumulated Depreciation on Gaming machines (85,320.62)
Accumulated Depreciation on Fixtures & Equipments (44,645.06)
Amortization on Leasehold improvements (78,641.50)
Total Fixed Assets $1,191,967.57
Other Assets
Online Gaming Brands 1,750,846.00
Amortization on Online Gaming Brands (634,796.10)
Total Other Assets $1,116,049.90
TOTAL ASSETS $2,525,961.51
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable -
Accrued wages -
Accrued compensation 21,571.00
Income taxes payable -
Payroll taxes payable -
Unearned revenues -
Short-term notes payable (due within 12 months) 624,000.00 4
Current portion of long-term dept -
Other: -
Total Current Liabilities $645,571.00
YEAR ENDED
DEC 31 2011
BENEFICIAL HOLDINGS INC *
Consolidated Balance Sheet
Ending December 31, 2011
Long-Term Liabilities
*Long -term loan payable 370,498.79
Less: Short-term portion
Other:
Total Long-Term Liabilities 370,498.79
Total Liabilities $1,016,069.79
Stockholders' Equity
Common Stock 1,898,839,000 Shares Authorized with a Par
Value of $0.000001 1,898.84
2,000.00
Profits on current year 178,144.05
Accumulated Profits 1,327,848.83
Total Capital $1,509,891.72
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,525,961.51
ACCOMPANYING NOTES
Note 1:
Note 2:
Note 3:
The furniture and fixtures increase is due a several acquisitions of works of art.
Note 4:
Series B Preferred Stock, 2,000,000 Shares Authorized with a par value of
$0.001 Outstanding
The Accounts receivable comes from small sales given on credit, which is not a company policy,
but it is expected to be collected in less than a month.
The Reserve for bad debt is assumed to be an estimated 5% of balance of the total accounts
receivable.
In the event of a default, ASNSA would receive the capital stock of the RBSA
and GBSA as satisfaction thereof. In the event of a default, ASNSA would
receive the capital stock of the RBSA and GBSA as satisfaction thereof. *
These consolidated financial statements encompass the economic positions
of Beneficial Holdings and its subsidiary companies including Beneficial
Marketing, Beneficial Property Holding Corp., Recreaciones Beneficial S.A.,
and Grupo Beneficial S.A.
BENEFICIAL HOLDINGS INC
Consolidated Income Statement
At December 31, 2011
Revenue
Gross sales 748,306.80
Less: Sales returns & rebates -
Net Sales $748,306.80
Cost of Goods Sold
Beginning inventory -
Purchases -
Freight -
Direct labor -
Indirect expenses -
-
Less: Ending inventory -
Total Cost of Goods Sold -
Gross Profit (Loss) $748,306.80
Expenses
Operations
Office rent & utilities 74,410.00
Internet connection & hosting 16,964.20
Telephone service 107,350.10
Salaries & wages 86,006.96
Office supplies 2,761.03
Postage 800.00
Office equipments (amortization) 3,510.00
Vehicle expenses 17,200.00
Equipments (amortization) 10,098.00
Maintenance 31,742.61
Delivery expenses 1,200.00
Other: -
Total Operations $352,042.90
Finance & Administration
Salaries & wages 81,176.33
Employee training 420.00
Professional fees 3,500.00
Bank charges 2,541.84
Credit card fees 4,623.76
Insurance 9,012.08
Payroll taxes 3,101.10
Permits & licenses 7,631.13
YEAR END
2011
BENEFICIAL HOLDINGS INC
Consolidated Income Statement
At December 31, 2011
YEAR END
2011
Taxes 461.09
Bad debts 784.50
Charitable contribution
Other: 388.54
Total Finance & Administration $113,640.37
Sales & Marketing
Professional services 7,708.86
Advertising 46,430.01
Prospect lists -
Travel Expenses 9,786.50
Sales expenses 9,850.50
Salaries & wages 19,684.61
Sales commissions 11,019.00
Other: -
Total Sales & Marketing $104,479.48
Total Expenses $570,162.75
Operating Income - EBIT $178,144.05
Other Income (Expenses)
Gain (loss) on sale of assets -
Interest income -
Less: Interest expenses -
Total Other Income (Expenses) -
Income (Loss) Before Taxes $178,144.05
Income Tax Expenses (Savings) -
Net Income (Loss) $178,144.05
Accumulative Net Income (Loss) $254,497.05