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STATEMENT OF SOURCE AND APPLICATION OF FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1973
Funds were provided from:
ExceBs of revenues over expenditures for the yeer : $ 2.144
Funds were applied to:
Repay first mortgege payable 43000
Increase in working capital deficiency 1,856
Working capital deficiency - beginning of year 43573
Working capital deficiency - end of the year $ 6.429
Represented by:
Current assets $ 1,025
Current liebilities 7,454
$ 64429
Subject to our comments attached hereto and dated January 23, 1974.
PREPARED WITHOUT AUDIT
; NOTES TO FINANCIAL STATEMENTS
AS AT DECEMBER 31, 1973
1. Details of the bank demand loan is as follows:
No colleteral has been pledged as security for the
demand loan payable to the Bank of Nova Scotia. $ 22300
2 Details of the mortgage payable is as follows:
Nationel Trust Company Limited, 64% first mortgage ,
due May 23, 1979, repayable in quarterly instalments
of $800 to May 23, 1960, $250 to May 23, 1963, $500
to iy 23, 1965, $750 to May 23, 1970, $1000 to
May 23, 1976, and $1250 to May 23, 1979 plus interest.
# 25,000
Subject to our comments attached hereto and dated January 23, 1974.
: PREPARED WITHOUT AUDIT
: Diegel, Melcolm & Hagey
Chartered Accountants

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