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AEI Income & Growth Fund 24 LLC 10-Q --12-31 24417 0 false 0001130758 Yes No Smaller Reporting Company No 2012 Q3 2012-09-30

<div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font style="font-weight: bold;">(1)</font> <font>The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant's latest annual report on Form 10-K.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(2) Organization –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>AEI Income & Growth Fund 24 LLC (“Company”), a Limited Liability Company, was formed on November 21, 2000 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the President and sole director of AFM, serves as the Special Managing Member. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer. The Company commenced operations on October 31, 2001 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May 17, 2003 when the extended offering period expired. The Company received subscriptions for 24,831.283 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $24,831,283 and $1,000, respectively. The Company shall continue until December 31, 2051, unless dissolved, terminated and liquidated prior to that date.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Members and 10% to the Managing Members. Distributions to the Limited Members will be made pro rata by Units.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.</font> </div><br/>

1000

1500

1500000

24831.283

24831283

1000

During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Members and 10% to the Managing Members. Distributions to the Limited Members will be made pro rata by Units.

For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members. The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(3) Reclassification –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2012 presentation. These reclassifications had no effect on Members’ equity, net income or cash flows.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(4) Real Estate Held for Investment –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On May 14, 2012, the Company purchased a Family Dollar store in McDonough, Georgia for $1,640,500. The Company allocated $330,950 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $236,463 and above-market lease intangibles of $94,487. The Partnership incurred $31,630 of acquisition expenses related to the purchase that were expensed. The property is leased to Family Dollar Stores of Georgia, Inc., a subsidiary of Family Dollar Stores, Inc., under a Lease Agreement with a remaining primary term of 10.4 years (as of the date of purchase) and annual rent of $136,168.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On July 25, 2012, the Company purchased a 50% interest in a Coliseum Health urgent care clinic in Macon, Georgia for $967,500. The Company allocated $315,984 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $125,082 and above-market lease intangibles of $190,902. The Partnership incurred $27,240 of acquisition expenses related to the purchase that were expensed. The property is leased to Macon Healthcare, LLC under a Lease Agreement with a remaining primary term of 11.7 years and annual rent of $79,625 for the interest purchased. The remaining interest in the property was purchased by AEI Income & Growth Fund 25 LLC, an affiliate of the Company.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For the nine months ended September 30, 2012 and 2011, the value of in-place lease intangibles amortized to expense was $9,415 and $0, respectively, and the decrease to rental income for above-market leases was $5,775 and $0, respectively. For lease intangibles owned as of September 30, 2012, the weighted average remaining life is 129 months, the estimated amortization expense for in-place lease intangibles is $33,605 and the estimated decrease to rental income for above-market leases is $25,507 for each of the next five succeeding years.</font> </div><br/>

2012-05-14

Family Dollar store in McDonough, Georgia

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0.50

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P129M

33605

25507

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(5) Note Receivable –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On May 19, 2010, as a result of the sale of the Johnny Carino’s restaurant in Littleton, Colorado, the Company received a Note with a principal balance of $1,361,730 as a lease settlement payment from Fired Up, Inc., the parent company of the tenant and guarantor of the Lease. The Note bears interest at a 7% rate. The Note requires interest only quarterly payments of $23,830 for two years and monthly payments of principal and interest of $12,242 for the next three years. A balloon payment for the outstanding principal is due on May 19, 2015.</font> </div><br/>

1361730

0.07 23830 12242

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(6) Payable to AEI Fund Management, Inc. –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>AEI Fund Management, Inc. performs the administrative and operating functions for the Company. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(7) Discontinued Operations –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the last three months of 2011, the Company sold 15.5650% of the Jared Jewelry store in Pittsburgh, Pennsylvania, in five separate transactions, to unrelated third parties. The Company received total net sale proceeds of $750,274, which resulted in a net gain of $279,963. The cost and related accumulated depreciation of the interests sold was $566,586 and $96,275, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the first nine months of 2012, the Company sold an additional 50.6973% of the Jared Jewelry store in Pittsburgh, Pennsylvania, in fifteen separate transactions, to unrelated third parties. The Company received total net sale proceeds of $2,371,485, which resulted in a net gain of $839,621. The cost and related accumulated depreciation of the interests sold was $1,845,447 and $313,583, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Subsequent to September 30, 2012, the Company sold its remaining 5.7377% interest in the Jared Jewelry store in Pittsburgh, Pennsylvania, in two separate transactions, to unrelated third parties. The Company received total net sale proceeds of approximately $262,000, which resulted in a net gain of approximately $86,000. The cost and related accumulated depreciation of the interests sold was $208,860 and $35,489, respectively. At September 30, 2012 and December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $173,371 and $1,705,235, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the first nine months of 2012, the Company sold its 31.0% interest in the Fresenius Medical Center in Hiram, Georgia, in four separate transactions, to unrelated third parties. The Company received total net sale proceeds of $816,218, which resulted in a net gain of $139,405. The cost and related accumulated depreciation of the interests sold was $717,359 and $40,546, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the first nine months of 2012, the Company distributed net sale proceeds of $363,636 to the Limited and Managing Members as part of their quarterly distributions, which represented a return of capital of $14.74 per LLC Unit. The Company anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Members in the future.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:</font> </div><br/><table style="border-spacing: 0px; border-collapse: collapse; margin: auto; width: 479.5pt; font-family: Times New Roman; font-size: 12.0pt;"> <tr> <td style="width: 226.8pt;">   </td> <td style="width: 7.2pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Three Months Ended September 30</font> </div> </td> <td style="width: 10.8pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Nine Months Ended September 30</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> <td style="width: 10.8pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td style="width: 9.35pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr> <td> <div> <font>Rental Income</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">7,279</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">81,421</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">102,762</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">244,262</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,258)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(954)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(9,082)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(3,023)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(18,478)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(5,934)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(55,434)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">172,260</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">979,026</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">178,281</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">61,989</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">1,066,772</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">185,805</font> </div> </td> </tr> </table><br/>

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40546

363636 14.74

Discontinued Operations<br /><table style="border-spacing: 0px; border-collapse: collapse; margin: auto; width: 479.5pt; font-family: Times New Roman; font-size: 12.0pt;"> <tr> <td style="width: 226.8pt;">   </td> <td style="width: 7.2pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Three Months Ended September 30</font> </div> </td> <td style="width: 10.8pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Nine Months Ended September 30</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> <td style="width: 10.8pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td style="width: 9.35pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr> <td> <div> <font>Rental Income</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">7,279</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">81,421</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">102,762</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">244,262</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,258)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(954)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(9,082)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(3,023)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(18,478)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(5,934)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(55,434)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">172,260</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">979,026</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">178,281</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">61,989</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">1,066,772</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">185,805</font> </div> </td> </tr> </table>

7279

81421

102762

244262

1258

954

9082

3023

18478

5934

55434

172260

979026

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(8) Fair Value Measurements –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>As of September 30, 2012, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.</font> </div><br/>