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Monterey Integrative Retirement Systems, Inc.: BOARD OF DIRECTORS' STATEMENT(dpa-AFX International Compact Via Acquire Media NewsEdge) Monterey Integrative Retirement Systems, Inc (GXG Markets; "MIRS" or the "Company") is pleased to announce its audited financial statements for the year ended 31 December. BOARD OF DIRECTORS' STATEMENT Business Review: The board continues to explore the development of its MIRS resources to acquisition and increase market revenue. The facilities have recently undergone complete exterior painting and received new equipment and signage plus added an electric security gate. Steady increases are being made in the room rentals bringing them up to market. The company has also cut costs and increased its gross profit by US$49,438.00 over 2012. Upgrades costs in the amount of US$300,000.00 have been spent, a new driveway, upgraded rooms, The consolidated profit for the year after taxation amounted to US$125,255 up from US$56,298 up from US$56,298. The company had no turnover or losses relating to management, administration, financing or further debts for 2013. The Company is making progress and cutting operating costs and showing revenue income gains for both the assisted living and restaurant. The directors do not propose that a dividend be paid. In Summary: The company is reaching its goals with some reserves in hand and to be in a position to acquire additional assisted living and restaurant properties by 2015 Respectively submitted on behalf of the board: Shawn Walchef Chairman/Director 10 September, 2014 Monterey Integrative Retirement, Inc. and Subsidiaries (Registered corp. number 833478-1 - Canada) Assets 2013 2012 Non-Current assets Property and Equipment $4,260,949 $1,656,325 Intangible Assets $1,320,000 $1,402,500 Other Assets $20,884 $18,008 Total non-current assets $5,601,793 $3,076,833 Current Assets Cash & Cash equivilants $1,244,056 $486,962 Trade receivables, $2,544 net $3,612 Prepaid expense $1,877 $2,266 Food Inventory $15,774 $13,616 Total current assets $1,264,251 $506,456 ------------------------------------------ Total Assets $6,866,044 $3,583,289 ------------------------------------------ Shareholders Equity and Liabilities Shareholders equity Share capital $2,694,308 $2,694,308 Accumulated -$1,162,571 - deficit $1,263,460 Other comprehensive income-property $3,384,482 - revaluation reserve Total controlling shareholders $4,916,219 $1,430,848 equity Non-controlling interests $174,523 $150,157 ------------------------------------------ Total equity $5,090,742 1581005 ------------------------------------------ noncurrent liabilities Notes payable, less current portion $1,418,025 $1,603,261 Total noncurrent liabilities $1,418,025 $1,603,261 Current liabilities Notes payable, current portion $170,552 $185,236 Accounts payable and current $185,225 $211,287 liabilities Deferred revenue $1,500 $2,500 Total current liabilities $357,277 $399,023 Total liabilities $1,775,302 $2,002,284 $6866,044 $3,583,280 Total equity and liabilities Consolidated Financial Statements: http://hugin.info/156577/R/1855822/649325.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Monterey Integrative Retirement Systems, Inc. via GlobeNewswire [HUG#1855822] 1111111R4 Copyright RTT News/dpa-AFX |