0001010549-20-000085.txt : 20200513 0001010549-20-000085.hdr.sgml : 20200513 20200513145213 ACCESSION NUMBER: 0001010549-20-000085 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200513 DATE AS OF CHANGE: 20200513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST EQUITY PROPERTIES INC CENTRAL INDEX KEY: 0000726516 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 956799846 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11777 FILM NUMBER: 20872573 BUSINESS ADDRESS: STREET 1: 1800 VALLEY VIEW LANE STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 2147505800 MAIL ADDRESS: STREET 1: 1800 VALLEY VIEW LANE STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: WESPAC INVESTORS TRUST III DATE OF NAME CHANGE: 19970123 10-Q 1 fepi10q.htm
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

        

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

Or

[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from                    to

Commission File Number 000-11777

FIRST EQUITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

   
Nevada 95-6799846

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1603 LBJ Freeway, Suite 800

Dallas, Texas 75234

(Address of principal executive offices)

(Zip Code)

(469) 522-4200

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock FEPI None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  [X]  Yes   [  ]  No.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) *.  [X]  Yes  [  ]   No.

* The registrant has not yet been phased into the interactive data requirements

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

   
Large accelerated filer   [  ] Accelerated filer  [  ]
Non-accelerated filer  [  ]  (Do not check if a smaller reporting company) Smaller reporting company   [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ¨  Yes  þ   No

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

 

   
Common Stock, $.01 par value 1,057,628
(Class) (Outstanding at May 13, 2020)
 
1 
 

FIRST EQUITY PROPERTIES, INC.

FORM 10-Q

TABLE OF CONTENTS

 

     
PART I. FINANCIAL INFORMATION PAGE
     
Item 1. Financial Statements  
  Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 3
  Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited) 4
  Statement of Shareholders’ Equity for the three months ended March 31, 2020 and 2019 (unaudited) 5
  Statements of Cash Flows for the three months ended March 31, 2020 and 2019  (unaudited) 6
  Notes to Financial Statements 7-8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 9
Item 3. Controls and Procedures 10
   
PART II. OTHER INFORMATION  
     
Item 4. Exhibits 11
SIGNATURES 12-15

 

2 
 

PART I. FINANCIAL INFORMATION

ITEM  1.FINANCIAL STATEMENTS

FIRST EQUITY PROPERTIES, INC.

BALANCE SHEETS

 

   March 31, 2020  December 31, 2019
Assets             (unaudited)    
Notes receivable and accrued interest - related parties  $1,553,267   $1,553,267 
Accounts receivable - related parties   —      168,495 
Cash and cash equivalents   210,941    41,526 
           
Total assets  $1,764,208   $1,763,288 
           
           
           
Liabilities and Shareholders' Equity          
Notes payable and accrued interest - related parties  $584,360   $584,360 
Accounts payable - other   30,533    774 
Accounts payable - related parties   367,115    367,115 
Total liabilities   982,008    952,249 
           
Shareholders' equity          
Common stock, $0.01 par value; 40,000,000 shares authorized; 1,057,628 issued and outstanding   10,576    10,576 
Preferred stock, $0.01 par value; 4,960,000 shares authorized; none issued or outstanding   —      —   
Paid in capital   1,376,682    1,376,682 
Retained earnings (deficit)   (605,058)   (576,219)
           
Total shareholders' equity   782,200    811,039 
           
Total liabilities and shareholders' equity  $1,764,208   $1,763,288 
           
           
The accompanying notes are an integral part of these financial statements.

 

3 
 

FIRST EQUITY PROPERTIES, INC.

STATEMENT OF OPERATIONS

(unaudited)

 

   For the three months ended March 31,
   2020  2019
       
Operating Expenses          
Administrative fees - related parties  $18,000   $18,000 
General and administrative   4,182    3,390 
Legal and professional fees   30,813    30,207 
           
Total operating expenses   52,995    51,597 
           
Income (loss) before interest expense and taxes   (52,995)   (51,597)
           
Other income (expense)          
Interest income - related parties   38,725    38,300 
Interest expense - related parties   (14,569)   (14,410)
           
Net income (loss) applicable to common shareholders  $(28,839)  $(27,707)
           
Earnings (loss) per share  $(0.03)  $(0.03)
           
Weighted average shares outstanding   1,057,628    1,057,628 

The accompanying notes are an integral part of these financial statements.

 

4 
 

FIRST EQUITY PROPERTIES, INC.

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

For the three months ended March 31, 2020 and 2019

(unaudited)

 

   Common Stock         Retained      
    Shares    Amount    Paid in Capital    Earnings (Deficit)     Total Equity
Balances at January 1, 2020   1,057,628   $10,576   $1,376,682   $(576,219)  $811,039 
Net income (loss)   —      —      —      (28,839)   (28,839)
Balances  at March 31, 2020   1,057,628   $10,576   $1,376,682   $(605,058)  $782,200 
                          
   Common Stock        Retained      
    Shares    Amount    Paid in Capital    Earnings (Deficit)     Total Equity
Balances at January 1, 2019   1,057,628   $10,576   $1,376,682   $(545,708)  $841,550 
Net income (loss)   —      —      —      (27,707)   (27,707)
Balances  at March 31, 2019   1,057,628   $10,576   $1,376,682   $(573,415)  $813,843 

The accompanying notes are an integral part of these financial statements.

 

5 
 

FIRST EQUITY PROPERTIES, INC.

STATEMENT OF CASH FLOWS

(unaudited)

   For the three months ended March 31,
   2020  2019
Cash Flows from Operating Activities          
Net Income (Loss)  $(28,839)  $(27,707)
Adjustments to reconcile net income applicable to common shareholders to net cash provided by (used in) operating activities:          
(Increase) decrease in          
Interest receivable - related parties   —      851 
Accounts receivable - related parties   168,495    (213,550)
Increase (decrease) in          
Accounts payable - other   29,759    29,232 
Accounts payable - related parties   —      (3,896)
Interest payable - related parties   —      14,409 
           
Net cash provided by (used for) operating activities   169,415    (200,661)
           
Net increase (decrease) in cash and cash equivalents   169,415    (200,661)
Cash and cash equivalents at the beginning of period   41,526    201,057 
           
Cash and cash equivalents at the end of period  $210,941   $396 
           
Supplemental disclosures of cash flow information:          
Cash paid for interest expense to related parties  $14,569   $9,446 

The accompanying notes are an integral part of these financial statements.

 

6 
 

FIRST EQUITY PROPERTIES, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE 1.      ORGANIZATION AND BASIS OF PRESENTATION

 

Organization and business

First Equity Properties, Inc. is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. The Company is currently in the business of real estate investing. FEPI is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable.

 

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2019.  Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2020.

 

Cost capitalization

Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.

 

Newly issued accounting pronouncements

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results of operation.

 

NOTE 2. FEDERAL INCOME TAXES

The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated.

Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years.

 

7 
 

NOTE 3. NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES

Receivables from related parties primarily consist of two notes of $1,164,113 and $389,154 which are due to the Company in quarterly installments of interest only. The notes accrue interest at 10% per annum.  The maturity date of these notes has been extended to December 31, 2021.

 

   2020  2019
Notes receivable – related parties          
   Unsecured, due on demand, interest rate of 10%, due monthly  $1,553,267   $1,553,267 
Accrued interest – related parties   —      38,300 
           
           
Total notes and accounts receivable – related parties  $1,553,267   $1,591,567 

 

NOTE 4. NOTES PAYABLE AND ACCRUED INTEREST – RELATED PARTIES

 

  

2020

 

2019

 Uncollateralized notes payable – related parties          
   due on demand, interest rate of 10%, payable quarterly  $584,360   $584,360 
           
Accrued interest and intercompany – related parties   —      —   
           
    Total notes payable – related parties  $584,360   $584,360 
           

 

Long term debt and accrued interest is due December 31, 2021.

 

 

NOTE 5. RELATED PARTIES TRANSACTIONS

Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in best interest of our company.

The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the three months ended March 31, 2020 was $18,000 which is included in General and Administrative expenses of the Statements of Operations.

 

 

NOTE 6. SUBSEQUENT EVENTS

 

During 2020, a strain of coronavirus (“COVID – 19”) was reported, resulting in decreased economic activity and concerns about pandemic, which would adversely affect the broader global economy. At this point, the extent to which COVID – 19 may impact the global economy and our business is uncertain, but pandemics or other significant public health events could have a material adverse effect on our business and results of operations.

 

The Company has evaluated subsequent events through May 13, 2020, the date the financial statements were available to be issued, and has determined that there are none to be reported.

 

8 
 

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. We caution investors that any forward-looking statements presented in this report, or which management may make orally or in writing from time to time, are based on beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected by the forward-looking statements. We caution you that while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Related parties

 

We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.

Results of Operations

The following discussion is based on our Statement of Operations within our Financial Statements as presented in Part 1, Item 1 of this report for the three months ended March 31, 2020 and 2019. The discussion is not meant to be an all-inclusive discussion of the changes within our operations. Instead, we have focused on the significant items relevant to obtain an understanding of the changes in our operations.

The results of operations for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

Our sole source of income is from the interest received on affiliated receivables. The principal balances on those receivables have been consistent for the past years, thus making our revenues consistent from year to year. Expenses are primarily related to professional and administrative fees and interest on affiliated notes.

Comparison of the three months ended March 31, 2020 to the same period ended 2019.

We reported net loss applicable to common shareholders of ($28,839) for the three months ended March 31, 2020 as compared to a net loss to common shareholders of ($27,707) for the same period ended 2019.

Liquidity and Capital Resources

General

Our principal liquidity needs for the next twelve months are funding of normal recurring expenses including interest expense and legal and administrative fees.

Our principal source of cash is proceeds from interest income on our notes receivables. The following impacted our balance sheet as of March 31, 2020:

Our accounts receivable – related parties decreased due to the return of short term funding to a related party.

Our cash and cash equivalents increased due to the return of short term funding from a related party.

Our accounts payable – other increased due to the accrual of the 2019 audit review fees.

 

9 
 
ITEM 3.CONTROLS AND PROCEDURES
(a)Evaluation of Disclosure Controls and Procedures.

A review and evaluation was performed by management under the supervision and with the participation of the Principal Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures, as required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2020. Based upon that most recent evaluation, which was completed as of the end of the period covered by this Form 10-Q, the Principal Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at March 31, 2020 to ensure that information required to be disclosed in reports that the Company files submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time period specified by the Securities and Exchange Commission (“SEC”) rules and forms. As a result of this evaluation, there were no significant changes in the Company’s internal control over financial reporting during the period ended March 31, 2020 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

 

(b)Changes in Internal Controls over Financial Reporting. There have been no changes in the Company’s internal controls over financial reporting during the quarter ended March 31, 2020, that have materially affected or are reasonably likely to materially affect the Company’s internal controls over financial reporting.
10 
 

PART II – OTHER INFORMATION

ITEM 4.EXHIBITS

The following exhibits are filed with this report or incorporated by reference as indicated.

 

   

Exhibit
Number  

Description

   
3.1 Articles of Incorporation of Wespac Property Corporation as filed with and endorsed by the Secretary of State of California on December 16, 1996 (incorporation by reference is made to Exhibit 3.1 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
   
3.2 Articles of Incorporation of First Equity Properties, Inc. filed with and approved by the Secretary of State of Nevada on December 19, 1996 (incorporation by reference is made to Exhibit 3.2 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
   
3.3 Bylaws of First Equity Properties, Inc. as adopted December 20, 1996 (incorporation by reference is made to Exhibit 3.3 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
   
3.4 Agreement and Plan of Merger of Wespac Property Corporation and First Equity Properties, Inc. dated December 23, 1996 (incorporation by reference is made to Exhibit 3.4 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
   
3.5 Articles of Merger of Wespac Property Corporation into First Equity Properties, Inc. as filed with and approved with the Secretary of State in Nevada December 24, 1996 (incorporation by reference is made to Exhibit 3.5 to Form 8-K of First Equity Properties, Inc. for event reported June 19, 1996).
   
3.6 Certificate of Designation of Preferences and Relative Participating or Optional of Other Special Rights and Qualifications, Limitations or Restrictions thereof of the Series A 8% Cumulative Preferred Stock (incorporation by reference is made to Exhibit 3.6 to Form 10-KSB of First Equity Properties, Inc. for the fiscal year ended December 31, 1996.)
   
31.1 * Certification of Principal Executive Officer pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
   
31.2 * Certification of Principal Financial and Accounting Officer pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
   
32.1 * Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
*Filed herewith.

 

11 
 

SIGNATURE PAGE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

         FIRST EQUITY PROPERTIES, INC. 
        
Date: May 13, 2020     By: /s/ R. NEIL CROUCH II 
      R. Neil Crouch II 
      Director, President & Treasurer 
        
        
      FIRST EQUITY PROPERTIES, INC. 
        
Date: May 13, 2020    By: /s/ CECELIA K. MAYNARD 
    

 

Cecelia K. Maynard

Director, Vice President & Secretary

 
12 
 

EXHIBIT 31.1

RULE 13a – 14(a)/15d – 14(a) CERTIFICATION

I, R. Neil Crouch II, certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Equity Properties, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am responsible for establishing and maintaining internal controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for the registrant and have:
(a)Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to insure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
5.I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.

 

Dated: May 13, 2020    
     
  By: /s/ R. Neil Crouch II
    R. Neil Crouch II
    President and Treasurer (Principal Executive Officer)
13 
 

EXHIBIT 31.2

RULE 13a – 14(a)/15d – 14(a) CERTIFICATION

I, Cecelia K. Maynard, certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Equity Properties, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am responsible for establishing and maintaining internal controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f) for the registrant and have:
(a)Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to insure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
5.I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.

 

Dated: May 13, 2020    
     
  By: /s/ CECELIA K. MAYNARD
    Cecelia K. Maynard
    Vice President & Secretary (Principal Financial Officer)

 

14 
 

EXHIBIT 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of First Equity Properties, Inc. (the “Company”), on Form 10-Q for the period ended March 31, 2020, as filed with Securities Exchange Commission on the date hereof (the “Report”), R. Neil Crouch II, Director, President and Treasurer of the Company, and Cecelia K. Maynard, Vice President and Secretary of the Company, each hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Dated: May 13, 2020    
     
  By: /s/ R. Neil Crouch II
    R. Neil Crouch II
    President and Treasurer (Principal Executive Officer)

 

Dated: May 13, 2020    
     
  By: /s/ CECELIA K. MAYNARD
    Cecelia K. Maynard
    Vice President & Secretary (Principal Financial Officer)

 

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3. NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES
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Receivables [Abstract]  
NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES

NOTE 3. NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES

Receivables from related parties primarily consist of two notes of $1,164,113 and $389,154 which are due to the Company in quarterly installments of interest only. The notes accrue interest at 10% per annum.  The maturity date of these notes has been extended to December 31, 2021.

 

   2020  2019
Notes receivable – related parties          
   Unsecured, due on demand, interest rate of 10%, due monthly  $1,553,267   $1,553,267 
Accrued interest – related parties   —      38,300 
           
           
Total notes and accounts receivable – related parties  $1,553,267   $1,591,567 

 
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Entity Registrant Name FIRST EQUITY PROPERTIES INC  
Entity Central Index Key 0000726516  
Entity Incorporation, State or Country Code NV  
Entity Current Reporting Status Yes  
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Beginning balance, value at Dec. 31, 2018 $ 10,576 $ 1,376,682 $ (545,708) $ 841,550
Net income (loss)     (27,707) (27,707)
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Beginning balance, value at Dec. 31, 2019 $ 10,576 1,376,682 (576,219) 811,039
Net income (loss)     (28,839) (28,839)
Ending balance, shares at Mar. 31, 2020 1,057,628      
Ending balance, value at Mar. 31, 2020 $ 10,576 $ 1,376,682 $ (605,058) $ 782,200
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1. ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business

Organization and business

First Equity Properties, Inc. is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. The Company is currently in the business of real estate investing. FEPI is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable.
Basis of presentation

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2019.  Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2020.
Cost capitalization

Cost capitalization

Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.
Newly issued accounting pronouncements

Newly issued accounting pronouncements

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results of operation.
XML 13 R17.htm IDEA: XBRL DOCUMENT v3.20.1
3. NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES (Details Narrative) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Notes receivable - related parties $ 1,553,267 $ 1,553,267
Note Receivable 1 [Member]    
Notes receivable - related parties $ 1,164,113  
Stated interet rate 10.00%  
Debt maturity date Dec. 31, 2021  
Note Receivable 2 [Member]    
Notes receivable - related parties $ 389,154  
Stated interet rate 10.00%  
Debt maturity date Dec. 31, 2021  
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6. SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6. SUBSEQUENT EVENTS

 

During 2020, a strain of coronavirus (“COVID – 19”) was reported, resulting in decreased economic activity and concerns about pandemic, which would adversely affect the broader global economy. At this point, the extent to which COVID – 19 may impact the global economy and our business is uncertain, but pandemics or other significant public health events could have a material adverse effect on our business and results of operations.

 

The Company has evaluated subsequent events through May 13, 2020, the date the financial statements were available to be issued, and has determined that there are none to be reported.
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3. NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Receivables [Abstract]    
Notes receivable - related parties Unsecured, due on demand, interest rate of 10%, due monthly $ 1,553,267 $ 1,553,267
Accrued interest - related parties 38,300
Total notes and accounts receivable - related parties $ 1,553,267 $ 1,553,267
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Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Expenses    
Administrative fees - related parties $ 18,000 $ 18,000
General and administrative 4,182 3,390
Legal and professional fees 30,813 30,207
Total operating expenses 52,995 51,597
Income (loss) before interest expense and taxes (52,995) (51,597)
Other income (expense)    
Interest income - related parties 38,725 38,300
Interest expense - related parties (14,569) (14,410)
Net income (loss) applicable to common shareholders $ (28,839) $ (27,707)
Earnings (loss) per share $ (0.03) $ (0.03)
Weighted average shares outstanding 1,057,628 1,057,628
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2. FEDERAL INCOME TAXES
 3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
FEDERAL INCOME TAXES

NOTE 2. FEDERAL INCOME TAXES

The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated.

Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years.
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5. RELATED PARTIES TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Related Party Transactions [Abstract]    
Related party expense $ 18,000 $ 18,000
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4. NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES

NOTE 4. NOTES PAYABLE AND ACCRUED INTEREST – RELATED PARTIES

 

  

2020

 

2019

 Uncollateralized notes payable – related parties          
   due on demand, interest rate of 10%, payable quarterly  $584,360   $584,360 
           
Accrued interest and intercompany – related parties   —      —   
           
    Total notes payable – related parties  $584,360   $584,360 
           

 

Long term debt and accrued interest is due December 31, 2021.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.1
3. NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES (Tables)
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES

 

   2020  2019
Notes receivable – related parties          
   Unsecured, due on demand, interest rate of 10%, due monthly  $1,553,267   $1,553,267 
Accrued interest – related parties   —      38,300 
           
           
Total notes and accounts receivable – related parties  $1,553,267   $1,591,567 

 
XML 25 R18.htm IDEA: XBRL DOCUMENT v3.20.1
4. NOTES PAYABLE AND ACCRUED INTEREST – RELATED PARTIES - NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]    
Uncollateralized notes payable - related parties due on demand, interest rate of 10%, payable quarterly $ 584,360 $ 584,360
Accrued interest and intercompany - related parties 0 0
Total notes payable - related parties $ 584,360 $ 584,360
XML 26 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Assets    
Notes receivable and accrued interest - related parties $ 1,553,267 $ 1,553,267
Accounts receivable - related parties 168,495
Cash and cash equivalents 210,941 41,526
Total assets 1,764,208 1,763,288
Liabilities and Shareholders' Equity    
Notes payable and accrued interest - related parties 584,360 584,360
Accounts payable - other 30,533 774
Accounts payable - related parties 367,115 367,115
Total liabilities 982,008 952,249
Shareholders' equity    
Common stock, $0.01 par value; 40,000,000 shares authorized; 1,057,628 issued and outstanding 10,576 10,576
Preferred stock, $0.01 par value; 4,960,000 shares authorized; none issued or outstanding
Paid in capital 1,376,682 1,376,682
Retained earnings (deficit) (605,058) (576,219)
Total shareholders' equity 782,200 811,039
Total liabilities and shareholders' equity $ 1,764,208 $ 1,763,288
XML 27 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net Income (Loss) $ (28,839) $ (27,707)
Adjustments to reconcile net income applicable to common shareholders to net cash provided by (used in) operating activities:    
Interest receivable - related parties 851
Accounts receivable - related parties 168,495 (213,550)
Accounts payable - other 29,759 29,232
Accounts payable - related parties (3,896)
Interest payable - related parties 14,409
Net cash provided by (used for) operating activities 169,415 (200,661)
Net increase (decrease) in cash and cash equivalents 169,415 (200,661)
Cash and cash equivalents at the beginning of period 41,526 201,057
Cash and cash equivalents at the end of period 210,941 396
Supplemental disclosures of cash flow information:    
Cash paid for interest expense to related parties $ 14,569 $ 9,446
XML 28 R3.htm IDEA: XBRL DOCUMENT v3.20.1
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Preferred Stock, par value $ 0.01 $ 0.01
Preferred Stock, shares authorized 4,960,000 4,960,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common Stock, par value $ 0.01 $ 0.01
Common Stock, shares authorized 40,000,000 40,000,000
Common Stock, shares issued 1,057,628 1,057,628
Common Stock, shares outstanding 1,057,628 1,057,628
XML 29 R7.htm IDEA: XBRL DOCUMENT v3.20.1
1. ORGANIZATION AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1.      ORGANIZATION AND BASIS OF PRESENTATION

 

Organization and business

First Equity Properties, Inc. is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. The Company is currently in the business of real estate investing. FEPI is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable.

 

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2019.  Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2020.

 

Cost capitalization

Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity.

 

Newly issued accounting pronouncements

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results of operation.
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4. NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES (Details Narrative)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt maturity date Dec. 31, 2021
XML 32 R11.htm IDEA: XBRL DOCUMENT v3.20.1
5. RELATED PARTIES TRANSACTIONS
 3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTIES TRANSACTIONS

NOTE 5. RELATED PARTIES TRANSACTIONS

Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in best interest of our company.

The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the three months ended March 31, 2020 was $18,000 which is included in General and Administrative expenses of the Statements of Operations.

 
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4. NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
NOTES PAYABLE AND ACCRUED INTEREST - RELATED PARTIES

  

2020

 

2019

 Uncollateralized notes payable – related parties          
   due on demand, interest rate of 10%, payable quarterly  $584,360   $584,360 
           
Accrued interest and intercompany – related parties   —      —   
           
    Total notes payable – related parties  $584,360   $584,360