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AEI Income & Growth Fund 26 LLC
10-Q
--12-31
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false
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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 26 LLC
(“Company”), a Limited Liability Company, was
formed on March 14, 2005 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 $10 per LLC Unit, payable on acceptance of the
offer. The Company commenced operations on April 3, 2006
when minimum subscriptions of 150,000 LLC Units ($1,500,000)
were accepted. The offering terminated October 19, 2007,
when the extended offering period expired. The Company
received subscriptions for 1,832,736 Units. Under the terms
of the Operating Agreement, the Limited Members and Managing
Members contributed funds of $18,327,360 and $1,000,
respectively. The Company shall continue until
December 31, 2055, 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
6.5% 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 6.5% 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/>
10
150000
1500000
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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 6.5% 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 6.5% 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 February 23, 2012, the Company purchased a 53%
interest in a Tractor Supply Company store in Starkville,
Mississippi for $1,510,500. The Company allocated $257,767 of
the purchase price to Acquired Intangible Lease Assets,
representing in-place lease intangibles, and allocated
$92,542 to Acquired Below-Market Lease Intangibles. The
Partnership incurred $26,120 of acquisition expenses related
to the purchase that were expensed. The property is leased to
Tractor Supply Company under a Lease Agreement with a
remaining primary term of 15 years (as of the date of
purchase) and annual rent of $115,542 for the interest
purchased. The remaining interest in the property was
purchased by AEI Net Lease Income & Growth Fund XX
Limited Partnership, 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 $10,080 and $0, respectively, and the increase to
rental income for below-market leases was $3,619 and $0,
respectively. For lease intangibles owned as of
September 30, 2012, the weighted average remaining life
is 172 months, the estimated amortization expense for
in-place lease intangibles is $17,280 and the estimated
increase to rental income for below-market leases is
$6,204 for each of the next five succeeding
years.</font>
</div><br/>
February23, 2012
0.53
Tractor Supply Company store in Starkville, Mississippi
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3619
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<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;">
<font>(5) 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>(6) Discontinued Operations –</font>
</div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;">
<font>On January 31, 2012, the Company sold the land
under the Red Robin restaurant in Beavercreek, Ohio to an
unrelated third party. The Company received net sale proceeds
of $1,811,647, which resulted in a net gain of $277,992. At
December 31, 2011, the property was classified as Real
Estate Held for Sale with a carrying value of
$1,533,655.</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 $92,525 to the Limited and
Managing Members as part of their quarterly distributions,
which represented a return of capital of $0.05 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 this property is
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; background-color: #auto;">
</td>
<td style="width: 7.2pt; background-color: #auto;">
</td>
<td colspan="3" style="width: 117.35pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td colspan="3" style="width: 117.35pt; background-color: #auto;">
<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 style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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="background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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 style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Rental Income</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">28,875</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">9,315</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">86,625</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Property Management Expenses</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">(79)</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">(343)</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Gain on Disposal of Real Estate</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">277,992</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Income (Loss) from Discontinued Operations</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">28,796</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">287,307</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">86,282</font>
</div>
</td>
</tr>
</table><br/>
1811647
277992
1533655
92525
0.05
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; background-color: #auto;">
</td>
<td style="width: 7.2pt; background-color: #auto;">
</td>
<td colspan="3" style="width: 117.35pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td colspan="3" style="width: 117.35pt; background-color: #auto;">
<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 style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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="background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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; background-color: #auto;">
</td>
<td style="width: 54.0pt; background-color: #auto;">
<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 style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Rental Income</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">28,875</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">9,315</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">86,625</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Property Management Expenses</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">(79)</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">(343)</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Gain on Disposal of Real Estate</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">277,992</font>
</div>
</td>
<td style="background-color: #auto;">
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 1pt solid black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
</tr>
<tr>
<td style="background-color: #auto;">
<div>
<font>Income (Loss) from Discontinued Operations</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">0</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">28,796</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">287,307</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="text-align: right;">
<font style="font-size: 11.0pt;">$</font>
</div>
</td>
<td style="background-color: #auto;">
<div style="border-bottom: 2pt double black; text-align: right;">
<font style="font-size: 11.0pt;">86,282</font>
</div>
</td>
</tr>
</table>
0
28875
9315
86625
0
79
0
343
0
0
277992
0
<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;">
<font>(7) 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/>