10/08/2024 | Press release | Distributed by Public on 10/08/2024 14:59
VELOCE CAP FUND 1, LP
AUDITED FINANCIAL STATEMENTS
PERIOD ENDED JUNE 30, 2023
F-1
VELOCE CAP FUND 1, LP
TABLE OF CONTENTS
PERIOD ENDED JUNE 30, 2023
Page | |
Financial Statements: | |
Balance Sheet | F-3 |
Statements of Operations | F-4 |
Statements of Changes in Members' Equity | F-5 |
Statements of Cash Flows | F-6 |
F-2
VELOCE CAP FUND 1, LP |
BALANCE SHEET |
JUNE 30, 2023 |
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 40,987 | ||||||
Accounts receivable | 3,432 | |||||||
Organization costs, net | 20,000 | |||||||
Trust deed notes receivable | 875,000 | |||||||
TOTAL ASSETS | $ | 939,419 | ||||||
LIABILITIES AND MEMBERS' DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Management fees payable | $ | 9,274 | ||||||
Incentive fees payable | 3,209 | |||||||
Admin fees payable | 3,750 | |||||||
Audit fees payable | 6,000 | |||||||
Organization costs payable | 25,000 | |||||||
TOTAL CURRENT LIABILITIES | $ | 47,233 | ||||||
MEMBERS' EQUITY - PER ACCOMPANYING STATEMENT | 892,186 | |||||||
TOTAL LIABILITIES AND MEMBERS' EQUITY | $ | 939,419 |
F-3
VELOCE CAP FUND 1, LP |
STATEMENT OF INCOME AND EXPENSE |
JUNE 30, 2023 |
REVENUE | ||||||||
Interest Income | $ | 89,945 | ||||||
TOTAL REVENUE | 89,945 | |||||||
OPERATING EXPENSES | ||||||||
Operating expenses | $ | 25,160 | ||||||
TOTAL OPERATING EXPENSES | 25,160 | |||||||
NET INCOME | $ | 64,785 |
F-4
VELOCE CAP FUND 1, LP |
STATEMENT OF CHANGES IN PARTNERS' EQUITY |
JUNE 30, 2023 |
PARTNERS' | ||||
EQUITY | ||||
DECEMBER 31, 2023 | $ | 502,401 | ||
Net income | 64,785 | |||
Partner Contributions | 325,000 | |||
June 30, 2024 | $ | 892,186 |
F-5
VELOCE CAP FUND 1, LP |
STATEMENT OF CASH FLOWS |
JUNE 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | 64,785 | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Amortization of organization costs | 2,500 | |||
Increase in management fee payable | 7,265 | |||
Increase in other payables | 9,750 | |||
NET CASH PROVIDED BY OPERATIONS | 84,300 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Trust deed notes purchased | 500,000 | |||
Trust deed notes receivable - funded | (875,000 | ) | ||
NET CASH USED IN INVESTING | (375,000 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Capital contributions | 324,900 | |||
NET CASH PROVIDED BY FINANCING | 324,900 | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 34,200 | |||
CASH AND CASH EQUIVALENTS - DECEMBER 31, 2023 | 6,787 | |||
CASH AND CASH EQUIVALENTS - JUNE 30. 2024 | 40,987 |
F-6