Condition and Results of Operations. On September 30, 1997, the Partnership was in the offering stage of its second offering, and contributed capital totalled $19,608,142 (Limited Partners). Of this amount, $0 remained in applicant status. The Partnership sought and received approval of an additional offering of $30,000,000 from the Securities and Exchange Commission, the State of California and the NASD, effective on December 4, 1996. Accordingly, the Partnership has approval for an aggregate offering of $45,000,000 in Units of $100 each. At September 30, 1997, the Partnerships Mortgage Investments Outstanding totalled $24,987,302. The primary reason for an increase in Mortgage Investments Outstanding to $6,484,707, $12,047,252, $15,642,990 and $24,987,302 was the additional capital admitted to the Partnership through sale of Limited Partnership Units and subsequent admittance of Partners Capital of $4,508,824, $3,834,799, $3,863,536 and $4,681,741 and through the reinvestment of earnings by partners who have elected to reinvest earnings of $205,607, $439,492, $683,695 and $932,325 for the years ended December 31, 1994, December 31, 1995, December 31, 1996 and the nine month period ended September 30, 1997, respectively and to a lesser extent, from the line of credit. The effect of more Outstanding Mortgage Investments raised the interest earned on Mortgage Investments for the years ended 1994, 1995, 1996 and the nine months to September 30, 1997, to $480,110, $1,031,029, $1,718,208 and $1,809,833 respectively. Interest rates on Mortgage Investments ranged from 10.00% to 14.50%. The Partnership began funding Mortgage Investments on April 14, 1993 and as of September 30, 1997, distributed earnings at an average annualized yield of 8.36%. Currently, mortgage interest rates have decreased a slightly from those prevalent at the inception of the Partnership. New loans will be originated at these lower interest rates. The result is to reduce the average return across the entire Mortgage Investment portfolio held by the Partnership. In the future, interest rates will likely change from their current levels. The General Partners cannot at this time predict at what levels interest rates will be in the future. Although the rates charged by the Partnership are influenced by the level of interest rates in the market, the General Partners do not anticipate that rates charged by the Partnership to its borrowers will change significantly from the beginning of 1997 over the next 12 months. Based upon the ra...
Condition and Results of Operations. Within fifteen (15) days following the date of this Plan, First Midlothian will deliver to Surety true, correct and complete copies of the following consolidated financial statements of First Midlothian (these financial statements together with those referred to in SECTIONS 3(f) AND 3(k) hereof are collectively referred to herein as the "First Midlothian Financial Statements"): statement of condition at December 31, 1994, statement of income for the year ended as of December 31, 1994 and statements of cash flow and of shareholders' equity for the years ended as of December 31, 1994, together with the notes thereto, as certified by the independent public accountants of First Midlothian. The First Midlothian Financial Statements shall be in accordance with the books and records of First Midlothian, shall present fairly the financial position and results of operations of First Midlothian, as of the dates and for the periods indicated, shall be prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved (except that the unaudited First Midlothian Financial Statements shall be subject to normal year-end adjustments), and shall be prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission.
Condition and Results of Operations. If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to mining on any digital asset network, including the bitcoin network, it may be able to alter the blockchain by constructing alternate blocks if it is able to solve for such blocks faster than the remainder of the miners on the blockchain can add valid blocks. In such alternate blocks, the malicious actor or botnet could control, exclude or modify the ordering of transactions, though it could not generate new digital assets or transactions using such control. Using alternate blocks, the malicious actor could “double-spend” its own digital assets (i.e., spend the same digital assets in more than one transaction) and prevent the confirmation of other users’ transactions for so long as it maintains control. To the extent that such malicious actor or botnet does not yield its majority control of the processing power or the digital asset community does not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not be possible, which may adversely affect the Company’s business, financial condition and results of operations. The approach towards and possible crossing of the 50% threshold indicate a greater risk that a single mining pool could exert authority over the validation of digital asset transactions. To the extent that the digital assets ecosystems do not act to ensure greater decentralization of digital asset mining processing power, the feasibility of a malicious actor obtaining in excess of 50% of the processing power on any digital asset network (e.g., through control of a large mining pool or through hacking such a mining pool) will increase, which may adversely affect the Company’s business, financial condition and results of operations. Bitcoin miners record transactions when they solve for and add blocks of information to the blockchain. When a miner solves for a block, it creates such block, which includes data relating to (i) the solution to the block, (ii) a reference to the prior block in the blockchain to which the new block is being added and (iii) all transactions that have occurred but have not yet been added to the blockchain. The miner becomes aware of outstanding, unrecorded transactions through data packet transmission and propagation. Typically, bitcoin transactions will be recorded in the next...
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Condition and Results of Operations. For information concerning export sales, see "Business Segment Information" in Note 9 of Notes to Consolidated Financial Statements.
Condition and Results of Operations that describes the financial condition and results of operations of the Company and its consolidated Subsidiaries (showing in reasonable detail, either on the face of the financial statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company, if any); and
Condition and Results of Operations. The Bankruptcy Code provides that the confirmation of a plan of reorganization discharges a debtor from substantially all debts arising prior to confirmation. With few exceptions, all Claims that arise prior to the Debtors’ filing of their Petitions or before confirmation of the plan of reorganization (a) would be subject to compromise and/or treatment under the plan of reorganization and/or (b) would be discharged in accordance with the terms of the plan of reorganization. Any Claims not ultimately discharged through a plan of reorganization could be asserted against the reorganized entity and may have an adverse effect on the Reorganized Debtors’ financial condition and results of operations.
Condition and Results of Operations. This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to inform the reader about matters affecting the financial condition and results of operations of SMLP and its subsidiaries for the periods since December 31, 2019. As a result, the following discussion should be read in conjunction with Item 1, “Financial Statements” and Item 8, “Financial Statements and Supplementary Data” of this Current Report on Form 8-K. Among other things, those financial statements and the related notes include more detailed information regarding the basis of presentation for the following information. This discussion contains forward-looking statements that constitute our plans, estimates and beliefs. These forward-looking statements involve numerous risks and uncertainties, including, but not limited to, those discussed in Forward-Looking Statements. Actual results may differ materially from those contained in any forward-looking statements. This MD&A comprises the following sections: • Overview • Trends and Outlook • How We Evaluate Our Operations • Results of Operations • Liquidity and Capital Resources • Critical Accounting Estimates • Forward-Looking Statements We are a value-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. We classify our midstream energy infrastructure assets into two categories: • Core Focus Areas – core producing areas of basins in which we expect our gathering systems to experience greater long-term growth, driven by our customers’ ability to generate more favorable returns and support sustained drilling and completion activity in varying commodity price environments. In the near-term, we expect to concentrate the majority of our capital expenditures in our Core Focus Areas. Our Utica Shale, Ohio Gathering, Williston Basin, DJ Basin and Permian Basin reportable segments (as described below) comprise our Core Focus Areas. • Legacy Areas – production basins in which we expect volume throughput on our gathering systems to experience relatively lower long-term growth compared to our Core Focus Areas, given that our customers require relatively higher commodity prices to support drilling and completion activities in these basins. Upstream production served by our gathering systems in our Legacy Areas is generall...
