0000804671-13-000054.txt : 20131112 0000804671-13-000054.hdr.sgml : 20131111 20131112171056 ACCESSION NUMBER: 0000804671-13-000054 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131112 DATE AS OF CHANGE: 20131112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIGGEST LITTLE INVESTMENTS LP CENTRAL INDEX KEY: 0000804671 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 133368726 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16856 FILM NUMBER: 131211295 BUSINESS ADDRESS: STREET 1: 3702 S. VIRGINIA ST. STREET 2: UNIT G2 CITY: RENO STATE: NV ZIP: 89502 BUSINESS PHONE: 7758253355 MAIL ADDRESS: STREET 1: 3702 S. VIRGINIA ST. STREET 2: UNIT G2 CITY: RENO STATE: NV ZIP: 89502 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCES ACCRUED MORTGAGE INVESTORS 2 LP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCES ACCRUED MORTGAGE INVESTORS LP SERIES 88 DATE OF NAME CHANGE: 19880327 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCES ACCRUED MORTGAGE INVESTORS LP SERIES 87 DATE OF NAME CHANGE: 19870518 10-Q 1 bli3q13.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2013 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______TO______. Commission File No. 0-16856 BIGGEST LITTLE INVESTMENTS L.P. ---------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 13-3368726 --------------------------------- ------------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 3702 S. VIRGINIA ST. UNIT G2 RENO, NEVADA 89502 ----------------------------- ---------- (Address of principal (Zip code) executive offices) (775) 825-3355 ----------------------------- Registrant?s telephone number ---------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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. YES [X] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] 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 YES [ ] NO [X] Accelerated filer YES [ ] NO [X] Non-accelerated filer (Do not check if a smaller reporting company) YES [ ] NO [X] Smaller reporting company YES [X] NO [ ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [ ] NO [X] PART I ? FINANCIAL INFORMATION ITEM 1 ? FINANCIAL STATEMENTS BIGGEST LITTLE INVESTMENTS L.P. BALANCE SHEETS
SEPTEMBER 30, DECEMBER 31, 2013 2012 (UNAUDITED) ------------- ------------ ASSETS Current Assets Cash and cash equivalents................... $ 6,130,903 $10,069,125 Restricted cash............................. 67,659 - Short-term investments ? CDs................ 251,096 249,970 Trade and other receivables, net............ 10,834 8,301 Available-for-sale securities............... 5,902,325 3,021,934 Prepaid expense............................. 2,324 352 ----------- ----------- Total Current Assets...................... 12,365,141 13,349,682 ----------- ----------- Long-Term Assets Property, plant and equipment, net.......... 11,123,277 10,824,798 ----------- ----------- Total Long-Term Assets.................... 11,123,277 10,824,798 ----------- ----------- Total Assets............................. $23,488,418 $24,174,480 =========== =========== LIABILITIES AND PARTNERS' EQUITY Liabilities Accounts payable, prepaid rent, accrued expenses and unclaimed property........ $ 113,731 $ 37,749 Related party accounts payable........... 152,159 85,601 Tenant deposits.......................... 30,011 23,699 ----------- ----------- Total Liabilities........................... 295,901 147,049 ----------- ----------- Commitments and Contingencies Partners' Equity Limited partners' equity (1,542.23 units issued and outstanding at 9/30/13; 1,703.90 at 12/31/12).................. 21,682,200 23,283,532 Prepaid redemption....................... (41,496) (196,025) Accumulated other comprehensive income... 905,752 301,714 General partner?s equity................. 646,061 638,210 ----------- ----------- Total Partners' Equity...................... 23,192,517 24,027,431 ----------- ----------- Total Liabilities and Partners' Equity........ $23,488,418 $24,174,480 =========== ===========
The accompanying Notes are an integral part of these Financial Statements. -2- BIGGEST LITTLE INVESTMENTS L.P. STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED --------------------------- ------------------- -------- SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2013 2012 2013 2012 ------------- ------------- ------------- ----- -------- Revenues Rental revenues........................ $ 121,399 $ 95,311 $ 308,817 $ 281,100 Related party rental revenues.......... 121,779 129,109 334,074 349,776 Fee revenues........................... - 58,290 - 58,290 Other revenues......................... 13,762 13,047 37,842 39,060 ------------- ------------- ------------- ----- -------- Total Revenues...................... 256,940 295,758 680,733 728,226 ------------- ------------- ------------- ----- -------- Costs and Expenses Operating expenses..................... 128,334 108,309 394,914 343,325 General and administrative............. 95,451 38,238 258,424 124,981 Depreciation........................... 106,466 96,764 312,952 290,292 Management fees........................ 28,109 17,520 186,388 50,089 ------------- ------------- ------------- ----- -------- Total Costs and Expenses............ 358,360 260,831 1,152,678 808,687 ------------- ------------- ------------- ----- -------- (Loss) Income From Operations.......... (101,420) 34,927 (471,945) (80,461) ------------- ------------- ------------- ----- -------- Other Income and Expenses Gain from sale of securities........... 582,856 117,123 1,067,128 137,556 Interest income........................ 3,032 62,762 12,367 317,122 ------------- ------------- ------------- ----- -------- Total Other Income................... 585,888 179,885 1,079,495 454,678 ------------- ------------- ------------- ----- -------- Net Income............................. $ 484,468 $ 214,812 $ 607,550 $ 374,217 ============= ============= ============= ============= Other Comprehensive Income Unrealized gain (loss) from securities........................... $ (12,925) $ 181,391 $ 604,038 $ 300,081 ------------- ------------- ------------- ----- -------- Comprehensive Income ................ $ 471,543 $ 396,203 $ 1,211,588 $ 674,298 ============= ============= ============= ============= Net income attributable to: Limited partners....................... $ 472,356 $ 209,442 $ 592,361 $ 364,862 General partner........................ 12,112 5,370 15,189 9,355 ------------- ------------- ------------- ----- -------- $ 484,468 $ 214,812 $ 607,550 $ 374,217 ============= ============= ============= ============= Net income per unit of limited partnership interest (1,576.96 and 1,703.90 weighted average units outstanding for the three months ended September 30, 2013 and 2012, respectively; 1,635.86 and 1,703.90 for the nine months ended September 30, 2013 and 2012, respectively)........................... $ 299.54 $ 122.92 $ 362.11 $ 214.13 ============= ============= ============= =============
The accompanying Notes are an integral part of these Financial Statements. -3- BIGGEST LITTLE INVESTMENTS L.P. STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED ---------------------------- September 30, September 30, 2013 2012 ------------- ------------- Cash flows from operating activities: Net income.................................... $ 607,550 $ 374,217 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Gain from sale of securities................ (1,067,128) (137,556) Depreciation ............................... 312,952 290,292 Changes in assets and liabilities: (Increase) decrease in receivables.......... (2,533) 6,897 (Increase) decrease in prepaid expense...... (1,972) 1,977 Increase (decrease) in accounts payable, accrued expenses, and other liabilities.... 82,294 (73,057) Increase in short-term investments ? CDs.... (1,126) (1,869) Increase in related party payables.......... 66,558 - ------------- ------------- Net cash (used in) provided by operating Activities.................................. (3,405) 460,901 ------------- ------------- Cash flows from investing activities: Cash used for the purchase of securities...... (3,411,040) (360,830) Cash received from the sale of securities..... 2,201,815 376,970 Cash received from Grand Falls note receivable - 4,455,000 Cash restricted for Popeye?s construction..... (67,659) - Cash used for Popeye?s construction........... (611,432) - ------------- ------------- Net cash (used in) provided by investing Activities............................... (1,888,316) 4,471,140 ------------- ------------- Cash flows from financing activities: Cash used for payment of redemption of limited partnership units.................... (1,711,519) (93,670) Cash used for prepayment of redemption of limited partnership units.................... (41,496) (148,233) Cash used for distribution.................... (293,486) (349,258) ------------- ------------- Net cash used in financing activities...... (2,046,501) (591,161) ------------- ------------- Net (decrease) increase in cash and cash equivalents................................... (3,938,222) 4,340,880 Cash and cash equivalents, beginning of period.. 10,069,125 5,646,046 ------------- ------------- Cash and cash equivalents, end of period........ $ 6,130,903 $ 9,986,926 ============= ============= Non-Cash Retired prepaid redemption................ $ 196,025 $ 246,280 Unrealized gain/loss on securities........ $ 604,038 $ 300,081
The accompanying Notes are an integral part of these Financial Statements. -4- BIGGEST LITTLE INVESTMENTS L.P. NOTES TO FINANCIAL STATEMENTS NOTE 1. INTERIM FINANCIAL INFORMATION Pursuant to the rules and regulations of the Securities and Exchange Commission (the ?SEC?), certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America has been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures made are adequate to make the information not misleading. The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Biggest Little Investments, L.P. (the "Partnership") Annual Report on Form 10-K for the year ended December 31, 2012. The financial information contained herein is unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial information have been included. All adjustments are of a normal recurring nature. The balance sheet at December 31, 2012, was derived from audited financial statements at such date. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year or for any other period. On September 6, 2013, the Partnership filed a Form 15 with the SEC following a 1-for-100 reverse split (the ?Reverse Split?) of the Partnership?s units of limited partnership interest (the ?Units?) whereby limited partners owning fewer than 100 Units were cashed out at a rate of $120.00 per pre-split Unit. The Reverse Split and subsequent cash-out brought the number of limited partners of the Partnership to below 300, which allowed the Partnership to file the Form 15 and, thus, terminate the registration of its Units with the SEC. As a result of this filing, the Partnership will no longer be subject to reporting obligations under the Securities Exchange Act of 1934, as amended, following the filing of this Quarterly Report on Form 10-Q for the period ended September 30, 2013. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property and Provision for Impairment Property is stated at cost, less accumulated depreciation. Since acquisition, property has been depreciated principally on a straight-line basis over the estimated service lives as follows: Land improvements ........... 5 years Site work ................... 15 years Buildings ................... 30 years Building improvements ....... 5-30 years In accordance with the Accounting Standards Codification (?ASC?) Section 360, the Partnership evaluates the carrying value of its long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable from related future undiscounted cash flows. As of September 30, 2013, the Partnership?s only operating asset was the Sierra Marketplace Shopping Center located in Reno, Nevada (the "Sierra Property") and the Partnership determined that none of its long-lived assets were impaired as of such date. Allowance for Doubtful Accounts The Partnership monitors its accounts receivable balances on a monthly basis to ensure they are collectible. On a quarterly basis, the Partnership uses its historical experience to determine its accounts receivable reserve. The Partnership?s allowance for doubtful accounts is an estimate based on -5- specifically identified accounts as well as general reserves. The Partnership evaluates specific accounts where it has information that the customer may have an inability to meet its financial obligations. In these cases, management uses judgment, based upon the best available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the receivable to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. The Partnership also establishes a general reserve based upon a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change, the Partnership?s estimate of the recoverability of amounts due the Partnership could be reduced or increased by a material amount. Such a change in estimated recoverability would be accounted for in the period in which the facts that give rise to the change become known. As of September 30, 2013 and 2012, the Partnership did not have any reserve for bad debt. Cash and Cash Equivalents For the purpose of the statements of cash flows, the Partnership considers all short-term investments which have original maturities of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 or December 31, 2012. Concentration of Credit Risk The Partnership maintains cash balances at institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in excess of amounts required for operations are usually invested in savings, money market accounts and certificates of deposit. Cash balances exceeded these insured levels during the period. No losses have occurred or are expected due to this risk. Revenue Recognition Rental revenues are based on lease terms and recorded as income when earned and when they can be reasonably estimated. Rent increases are generally based on the Consumer Price Index. Leases generally require tenants to reimburse the Partnership for certain operating expenses applicable to their leased premises. These costs and reimbursements have been included in operating expenses and rental income, respectively. Investments Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments? unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in Other Income and Expenses in the accompanying statements of operations and comprehensive income. As of September 30, 2013 and December 31, 2012, all of the Partnership?s investments were classified as available-for-sale. Long-term Notes Receivable Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption ?Interest Income.? -6- Fair Value of Financial Instruments The Partnership uses the following hierarchy to prioritize the inputs used in measuring fair value in accordance with ASC Section 820: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Financial instruments including cash and cash equivalents, trade and notes receivable, securities, accounts payable and accrued expenses are carried in the financial statements at amounts that approximated fair value at September 30, 2013 and December 31, 2012. See ?Note 3. Fair Value Measurements.? Net Income Per Unit of Limited Partnership Interest Net income per Unit is computed based upon the weighted average number of Units outstanding (1,635.86 for the nine months ended September 30, 2013, and 1,703.90 for the nine months ended September 30, 2012) during the period then ended. On August 31, 2009, the Partnership initiated an offer enabling the Partnership?s limited partners to sell their Units back to the Partnership (the ?Redemption Offer?). On June 6, 2013, the Redemption Offer was suspended pending final response from the SEC to a preliminary filing by the Partnership on Schedule 14C and Schedule 13E-3 whereby the Partnership was seeking to effect the Reverse Split and subsequent cash-out. On August 8, 2013, the SEC approved the Schedule 14C and Schedule 13e-3 and the Partnership filed a definitive information statement that was distributed to all holders of Units, detailing the final terms of the Reverse Split (see ?Recent Events? under ?ITEM 2. MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS?). The General Partner terminated the Redemption Offer on August 9, 2013. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. The Reverse Split took effect on or around September 1, 2013, and the Partnership cashed out 14,122 pre-split Units. Income Taxes Partnership earnings are allocated between the partners in accordance with each partner?s ownership interest and are taxed individually and not at the partnership level. Correspondingly, no provisions for federal, state and local income taxes are included in the financial statements. The income tax returns of the Partnership are subject to examination by federal, state and local taxing authorities. Such examinations could result in adjustments to Partnership income, which changes could affect the tax liability of the individual partners. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. -7- On an ongoing basis, the Partnership evaluates its estimates, including those related to bad debts, contingencies, litigation and valuation of the real estate. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. NOTE 3. FAIR VALUE MEASUREMENTS The Partnership holds certain financial assets which are required to be measured at fair value on a recurring basis in accordance with ASC Section 820. Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of September 30, 2013: Fair Value Measurement --------------------------------- Level 1 Level 2 Level 3 Total ---------- --------- --------- ---------- Stock Securities $6,785,100 $ - $ - $6,785,100 Short Option Securities (882,775) - - (882,775) Short-Term Investments ? CDs 251,096 - - 251,096 ---------- --------- --------- ---------- Total $6,153,421 $ - $ - $6,153,421 ========== ========= ========= ========== Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of December 31, 2012: Fair Value Measurement --------------------------------- Level 1 Level 2 Level 3 Total ---------- --------- --------- ---------- Stock Securities $3,529,590 $ - $ - $3,529,590 Short Option Securities (507,656) - - (507,656) Short-Term Investments ? CDs 249,970 - - 249,970 ---------- --------- --------- ---------- Total $3,271,904 $ - $ - $3,271,904 ========== ========= ========= ========== The Partnership had an unrealized gain from securities of $905,752 as of September 30, 2013, and had an unrealized gain from securities of $301,714 as of December 31, 2012. During the nine months ended September 30, 2013 and 2012, the Partnership disposed of securities resulting in realized gains of $1,067,128 and $137,556, respectively, using the first-in, first-out method. NOTE 4. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES Beginning in April 2007, affiliates of the General Partner began leasing office space at the Sierra Property and pay monthly rent of $2,408. The General Partner uses a portion of this office space and participates in such rent payments. In 2004, the Partnership began renovation efforts in an attempt to maximize the financial viability of the Sierra Property (the "Renovation"). As part of the Renovation, a portion of the shopping center previously occupied by an anchor tenant was demolished for the purpose of creating in its place a new driveway (and traffic signal) directly between the Sierra Property and a hotel casino property located next to the Sierra Property (the "Adjacent Property?). The Adjacent Property entered into a lease with the Partnership for a section of the Sierra Property (including the new driveway). The Adjacent Property has a minimum lease term of 15 years at an initial monthly -8- rent of $25,000, subject to increases every 60 months based on the Consumer Price Index. Such an increase became effective on September 30, 2009, and the Adjacent Property now pays monthly rent of approximately $28,400. The Adjacent Property also uses part of the common area of the Sierra Property and pays its proportionate share of the common area expense of the Sierra Property. The Adjacent Property has the option to renew the lease for three five-year terms and, at the end of the extension periods, has the option to purchase the leased section of the Sierra Property at a price to be determined based on an MAI Appraisal. In addition to the driveway, the Adjacent Property also leases approximately 6,900 square feet of storage space at the Sierra Property and pays rent of approximately $3,450 per month for such storage space. Ben Farahi, the manager of the General Partner, was, until May 26, 2006, Co-Chairman of the Board, Chief Financial Officer, Secretary, and Treasurer of Monarch Casino & Resort, Inc. (?Monarch?), the owner of the Adjacent Property. He owned approximately 11.3% of Monarch?s outstanding common stock as of September 30, 2013. Accounting rules define transactions with related parties as transactions which are not arm?s-length in nature and, therefore, may not represent fair market value. Compensation of the General Partner The General Partner is the manager of the Sierra Property. The General Partner received $186,388 and $50,089 for the nine months ended September 30, 2013 and 2012, respectively, for such management services; included in these amounts is three percent of the monthly interest earned on the Partnership?s cash in savings and money market accounts, which the Partnership began paying to the General Partner in 2006. Also included in the 2013 amount, is one percent of the average quarterly asset balance of the Partnership?s securities portfolio as compensation for the General Partner?s services in connection with managing the Partnership?s investments in securities. Also, pursuant to the Partnership's Second Amended and Restated Agreement of Limited Partnership (the ?Amended LP Agreement?), the General Partner is entitled to receive 2.5% of the Partnership's income, loss, capital and distributions, including, without limitation, the Partnership's cash flow from operations, disposition proceeds and net sale or refinancing proceeds. Accordingly, the General Partner was allocated net income of $15,189 for the nine months ended September 30, 2013 and net income of $9,355 for the nine months ended September 30, 2012. On April 9, 2013, the Partnership issued a cash distribution of $1.70 per Unit on the outstanding limited partnership Units of the Partnership to limited partners of record at the close of business on March 28, 2013. The General Partner received $7,337 from this distribution in its capacity as the general partner. On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye?s Louisiana Kitchen, a national fast food chain (?Popeye?s?). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye?s, including fees, utility improvements and grading. Pursuant to the Amended LP Agreement, the General Partner earned a development fee in the amount of $110,360 for its services in connection with securing the Popeye?s lease and the development of assets related to the Popeye?s lease. This development fee is included in the $186,388 management fee described above. Also pursuant to the Amended LP Agreement, the General Partner may receive mortgage placement fees for services rendered in connection with the Partnership?s mortgage loans. These fees may not exceed such compensation customarily charged in arm?s-length transactions by others rendering similar services as an ongoing public activity in the same geographical location for -9- comparable mortgage loans. The General Partner is entitled to certain fees for compensation of other services rendered as well. The General Partner did not earn any mortgage placement or other fees during the nine months ended September 30, 2013 or 2012. NOTE 5. REAL ESTATE The Partnership's real estate is summarized as follows: September 30, 2013 December 31, 2012 ------------------ ----------------- Land............................ $ 3,198,574 $ 3,198,574 Less land taken by condemnation. (117,483) (117,483) ------------------ ----------------- 3,081,091 3,081,091 ------------------ ----------------- Building and improvements....... 12,680,501 12,069,070 ------------------ ----------------- 15,761,592 15,150,161 ------------------ ----------------- Accumulated depreciation........ (4,638,315) (4,325,363) ------------------ ----------------- $ 11,123,277 $ 10,824,798 ================== ================= On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye?s Louisiana Kitchen, a national fast food chain (?Popeye?s?). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye?s, including fees, utility improvements and grading that were put into service on August 9, 2013. NOTE 6. NOTES RECEIVABLE On December 17, 2010, the Partnership participated in first and second senior credit facilities with a group led by a major bank in the aggregate amount of $75 million (the ?Credit Facility?) to a new casino in Grand Falls, Iowa (the ?Borrower?). The Partnership?s commitment to the Credit Facility was $3 million under the first lien senior credit facility consisting of a $40 million term loan and a $10 million revolving loan (the ?First Facility?), and $1.5 million under the second lien senior credit facility consisting of a $25 million term loan (the ?Second Facility?). The Credit Facility was permitted to be utilized by the Borrower for a portion of the development and construction costs of the casino (the ?Project?), to pay for fees and expenses in connection with the Project and for initial working capital needs after completion of the Project. On August 14, 2012, the Borrower refinanced the Credit Facility, which had been fully drawn on, and the Partnership was repaid its entire commitment. As a result of the refinancing, the Partnership earned approximately $58,300 in call protection fees per the terms of the Credit Facility. The First Facility was scheduled to mature on December 17, 2014; the Second Facility was scheduled to mature on December 17, 2015. The Borrower paid various one-time fees and other loan costs upon the closing of the Credit Facility. The Partnership?s General Partner received a mortgage placement fee of 1.5% of the Partnership?s total commitment under the Credit Facility for its services in connection with the placement of the Credit Facility. -10- NOTE 7. SUBSEQUENT EVENTS None. ITEM 2 ? MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The matters discussed in this Form 10-Q contain certain forward-looking statements and involve risks and uncertainties. Biggest Little Investments, L.P. (the "Partnership") could be affected by declining economic conditions as a result of various factors that affect the real estate business including the financial condition of tenants, competition, the ability to lease vacant space within the Sierra Marketplace Shopping Center (the ?Sierra Property?) or renew existing leases, increased operating costs (including insurance costs), and the costs associated with, and results of, any Partnership plans to renovate and reposition the Sierra Property, as detailed in the filings with the Securities and Exchange Commission (the ?SEC?) made by the Partnership from time to time. The discussion of the Partnership's liquidity, capital resources and results of operations, including forward-looking statements pertaining to such matters, is based on management's current expectations and does not take into account the effects of any changes to the Partnership's operations resulting from risks and uncertainties. Accordingly, actual results could differ materially from those projected in the forward-looking statements. Maxum LLC is the Partnership?s general partner (the ?General Partner?). This item should be read in conjunction with the financial statements and other items contained elsewhere in the report. Recent Events On June 6, 2013, the Partnership filed a preliminary information statement with the SEC seeking to effect a reverse split of the Partnership?s outstanding limited partnership units (the ?Units?) on the basis of one new Unit for each 100 issued and outstanding Units, such that limited partners owning fewer than 100 Units would have their Units cancelled and converted into the right to receive a cash consideration of $120.00 per pre-split Unit (the ?Reverse Split?). The Reverse Split was approved by written consent in lieu of a meeting of limited partners by two limited partners holding 57.1% of the issued and outstanding Units. Following the effectiveness of the Reverse Split, the Partnership intended to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the ?Exchange Act?). The purpose of the Reverse Split was to reduce the number of record holders of the Partnership?s Units in order for it to become a privately held entity, which would be owned primarily by its affiliates and would no longer be subject to the reporting requirements of the federal securities laws. On August 8, 2013, the SEC approved the Partnership?s filings made with respect to the Reverse Split and the Partnership filed a definitive information statement with the SEC. On August 12, 2013, the Partnership mailed information packages setting forth the details of the Reverse Split to all of its limited partners. The Reverse Split took effect on or about September 1, 2013. The General Partner retained the services of a financial advisory firm, Houlihan Capital, LLC (?Houlihan?), to render an opinion as to the fairness from a financial point of view of the consideration to be paid to the existing affiliated and unaffiliated limited partners (including those limited partners who would be cashed out in conjunction with the Reverse Split and those who would remain limited partners after the effects of the Reverse Split). The Partnership terminated the registration of its Units with the SEC by filing a Form 15 with the SEC on September 6, 2013. As a result of the termination of the registration of its Units with the SEC, the Partnership will no longer file periodic reports with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, following the filing of this Quarterly Report on Form 10-Q for the period ended September 30, 2013. The definitive information statement on Schedule 14C and statement on Schedule 13E-3 filed on August 8, 2013 and August 9, 2013, respectively, as -11- well as the Form 15 filed on September 6, 2013, are incorporated herein by reference. On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye?s Louisiana Kitchen, a national fast food chain (?Popeye?s?). The Partnership contributed approximately $611,000 to the construction cost of a new building that is part of the Sierra Property and that was placed into service on August 9, 2013 for occupation by Popeye?s. The Partnership will earn total rent of $585,200 during the first five years of the lease with adjustments based on the Consumer Price Index every five years. The tenant has two five-year options to extend the lease after the initial 20 years. On April 9, 2013, the Partnership issued a cash distribution of $1.70 per Unit on the outstanding Units of the Partnership to limited partners of record at the close of business on March 28, 2013. On August 31, 2009, the Partnership initiated an offer enabling the Partnership?s limited partners to sell their Units back to the Partnership (the ?Redemption Offer?). The Partnership was permitted to repurchase whole Units only, at a price reasonably determined by the General Partner based on market considerations. Units repurchased by the Partnership under the Redemption Offer were to be canceled, and to have the status of authorized but unissued Units. The Partnership's obligation to repurchase any Units under the Redemption Offer was conditioned upon its having sufficient funds available to complete the repurchase. The Partnership was entitled to use any operating funds as the General Partner, in its sole discretion, reserved for the purpose of funding the Redemption Offer. On August 24, 2012, the Redemption Offer was extended until August 31, 2013, subject to the right of the General Partner to suspend, terminate, modify or extend the term of the Redemption Offer in its sole discretion. On August 9, 2013, the Partnership terminated the Repurchase Program following the announcement of the Reverse Split. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. Liquidity and Capital Resources The Partnership's level of liquidity based on cash and cash equivalents decreased by $3,938,222 to $6,130,903 during the nine months ended September 30, 2013 as compared to December 31, 2012. The decrease was due to cash used for the purchase of securities partially offset by cash received from the sale of securities, cash used to cash out limited partners pursuant to the Reverse Split, and the construction of the new Popeye?s building. The Partnership also used cash to pay for a $1.70 per-Unit distribution, for operating activities and for the payment and prepayment of redemption of Units pursuant to the Redemption Offer. Cash and cash equivalents are invested in short-term instruments and are expected to be sufficient to pay administrative expenses during the term of the Partnership. Real Estate Market The Partnership's sole fixed asset as of September 30, 2013, was the Sierra Property, which currently has a vacancy rate of approximately 77% based on leasable square footage. The overall softness in the economy in the past few years has hurt the retail sector, thus making it difficult to locate new tenants for the Sierra Property. Also, in the past few years, the Sierra Property has lost all three of its original anchor tenants and has not been able to locate new anchor tenants with similar lease terms. One of the anchor tenant spaces was demolished for the purpose of creating in its place a new driveway (and traffic signal) directly between the Sierra Property and the hotel casino property next to the Sierra Property (the ?Adjacent Property?), and the portion of the Sierra Property that was demolished has been leased to the owner of the Adjacent Property since September 30, 2004, enabling the Partnership to make up much of the lost rental revenue previously generated by the space. The other two anchor tenant spaces are vacant. -12- The Partnership continues to market the Sierra Property to potential tenants. There can be no assurances that the Partnership's efforts to increase the Sierra Property's occupancy will be successful. Results of Operations COMPARISON OF OPERATING RESULTS FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012. The Partnership incurred a loss from operations of $101,420 during the three months ended September 30, 2013, as compared to income from operations of $34,927 during the comparable period in 2012 due to a combination of a decrease in revenues and increases in costs and expense. Revenues, not including interest income or gains from the sale of securities, decreased by $38,818 to $256,940 for the quarter ended September 30, 2013 as compared to the same period in 2012. The decrease in revenues is due to call protection fees earned from the early repayment of the Grand Falls credit facility during the third quarter of 2012 that the Partnership did not earn during the 2013 third quarter. Rental revenues increased by $18,758 from more tenants at the Sierra Property during the 2013 third quarter as compared to the 2012 third quarter. Net income for the three-month period ended September 30, 2013 increased to $484,468 from $214,812 for the same period in 2012. This increase was mainly due a gain from the sale of securities of $582,856. The Partnership also incurred an unrealized loss of $12,925 from its holdings of various securities during the 2013 third quarter as compared to an unrealized gain of $181,391 during the 2012 third quarter. These unrealized gains and losses reflect changes in the market value of the Partnership?s securities portfolio during the three-month periods ended September 30, 2013 and 2012. Costs and expenses increased to $358,360 for the three-month period ended September 30, 2013, as compared to $260,831 for the same period in the prior year?s third quarter. Operating expenses increased by $20,025 mainly due to overall increased costs to maintain the Sierra Property, as well as higher payroll and taxes and insurance costs. General and administrative expenses increased by $57,213 primarily due to increases in legal and accounting fees in part as a result of the filings made with the SEC in connection with the Reverse Split, and other miscellaneous expenses. Management fees increased by $10,589 primarily as a result of a fee of one percent of the average quarterly asset balance of the Partnership?s securities portfolio, which the Partnership began paying to the General Partner in 2012 for its services in connection with managing the Partnership?s investments in securities. Depreciation expense increased by $9,702 as a result of new assets being put into use during the 2013 third quarter. COMPARISON OF OPERATING RESULTS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012. The Partnership incurred a loss from operations of $471,945 during the nine months ended September 30, 2013, as compared to a loss from operations of $80,461 during the comparable period in 2012 due to a combination of a decrease in revenues and increases in costs and expense. Revenues, not including interest income or gains from the sale of securities, decreased by $47,493 to $680,733 for the period ended September 30, 2013, as compared to the same period in 2012. The decrease in revenues is mainly due to the call protection fees earned from the early repayment of the Grand Falls credit facility during the 2012 period that the Partnership did not earn during the comparable period in 2013. Rental revenues increased by $12,015 from more tenants at the Sierra Property during the nine months ended September 30, 2013 as compared to the comparable period in 2012. Net income for the nine-month period ended September 30, 2013 increased to $607,550 from $374,217 for the same period in 2012. This increase was due mainly to a gain from the sale of securities of $1,067,128. The Partnership also incurred an -13- unrealized gain of $604,038 from its holdings of various securities during the first nine months of 2013 as compared to an unrealized gain of $300,081 during the 2012 nine-month period. These unrealized gains reflect changes in the market value of the Partnership?s securities portfolio during the nine-month periods ended September 30, 2013 and 2012. Costs and expenses increased to $1,152,678 for the nine-month period ended September 30, 2013, as compared to $808,687 for the same period in the prior year. Operating expenses increased by $51,589 mainly due to increases in payroll and commission costs that were partially offset by decreases in taxes and insurance costs. General and administrative expenses increased by $133,443 primarily as a result of higher legal and accounting fees in part as a result of the filings made with the SEC in connection with the Reverse Split, as well as other miscellaneous expenses. Management fees increased by $136,299 primarily as a result of a one-time development fee paid by the Partnership to the General Partner during the first nine months of 2013 for its services in connection with securing the Popeye?s lease and the development of assets related to the Popeye?s lease. The Partnership?s depreciation expense increased by $22,660 as a result of new assets being put into use during the first nine months of 2013. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the Sierra Property to adequately maintain the physical assets and the other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term and long-term needs of the Partnership, except that the Partnership may need to obtain financing for any potential renovation and/or redevelopment. Critical Accounting Policies The Partnership's significant critical accounting policies include the evaluation of the fair value of real estate. The Partnership evaluates the need for an impairment loss on its real estate assets when indicators of impairment are present and the undiscounted cash flows are not sufficient to recover the asset's carrying amount. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. The evaluation of the fair value of real estate is an estimate that is susceptible to change and actual results could differ from those estimates. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the property to adequately maintain the physical assets and the other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term and long-term needs of the Partnership, except that the Partnership may need to obtain financing for any future renovation efforts or other capital projects. The Partnership did not incur any impairment charges during the nine months ended September 30, 2013 or 2012. See ?Notes to Financial Statements ? Note 5. Real Estate.? Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments? unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in the accompanying statements of operations and comprehensive income under the caption ?gain on sale of securities.? Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption ?interest income.? -14- ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. ITEM 4 - CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Disclosure controls and procedures are controls and other procedures that are designed to provide reasonable assurance that information required to be disclosed by the Partnership in its periodic reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC?s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Partnership in its periodic reports that are filed under the Exchange Act is accumulated and communicated to the Partnership?s management, including its principal executive and financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based on an evaluation under the supervision and with the participation of the Partnership?s management, its principal executive and financial officer has concluded that the Partnership?s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of September 30, 2013, to ensure that information required to be disclosed in reports that are filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Partnership?s management, including its principal executive and financial officer, as appropriate to allow timely decisions regarding required disclosure. There were no changes in the Partnership?s internal control over financial reporting during the quarter ended September 30, 2013, that materially affected, or are reasonably likely to materially affect, the Partnership?s internal control over financial reporting. PART II ? OTHER INFORMATION ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS On June 6, 2013, the Partnership filed a preliminary information statement with the SEC seeking to effect the Reverse Split on the basis of one new Unit for each 100 issued and outstanding Units, such that limited partners owning fewer than 100 Units would have their Units cancelled and converted into the right to receive a cash consideration of $120.00 per pre-split Unit. The Reverse Split was approved by written consent in lieu of a meeting of limited partners by two limited partners holding 57.1% of the issued and outstanding Units. Following the effectiveness of the Reverse Split, the Partnership intended to terminate its reporting obligations under the Exchange Act. The purpose of the Reverse Split was to reduce the number of record holders of the Partnership?s Units in order for it to become a privately held entity, which would be owned primarily by its affiliates and would no longer be subject to the reporting requirements of the federal securities laws. On August 8, 2013, the SEC approved the Partnership?s filings made with respect to the Reverse Split and the Partnership filed a definitive information statement with the SEC. On August 12, 2013, the Partnership mailed information packages setting forth the details of the Reverse Split to all of its limited partners. The Reverse Split took effect on or about September 1, 2013. The General Partner retained the services of Houlihan, a financial advisory firm, to render an opinion as to the fairness from a financial point of view of the consideration to be paid to the existing affiliated and unaffiliated limited partners (including those limited partners who would be cashed out in conjunction with the Reverse Split and those who would remain limited partners -15- after the effects of the Reverse Split). The Partnership terminated the registration of its Units with the SEC by filing a Form 15 with the SEC on September 6, 2013. As a result of the termination of the registration of its Units with the SEC, the Partnership will no longer file periodic reports with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, following the filing of this Quarterly Report on Form 10-Q for the period ended September 30, 2013. The definitive information statement on Schedule 14C and Schedule 13E-3 filed on August 8, 2013 and August 9, 2013, respectively, as well as the Form 15 filed on September 6, 2013, are incorporated herein by reference. On August 31, 2009, the Partnership initiated the Redemption Offer enabling the Partnership?s limited partners to sell their Units back to the Partnership. The Partnership was entitled to repurchase whole Units only, at a price reasonably determined by the General Partner based on market considerations. Units repurchased by the Partnership under the Redemption Offer were to be canceled, and to have the status of authorized but unissued Units. The Partnership's obligation to repurchase any Units under the Redemption Offer was conditioned upon it having sufficient funds available to complete the repurchase. The Partnership was permitted to use any operating funds as the General Partner, in its sole discretion, reserved for the purpose of funding the Redemption Offer. On August 24, 2012, the Redemption Offer was extended until August 31, 2013, subject to the right of the General Partner to suspend, terminate, modify or extend the term of the Redemption Offer in its sole discretion. On August 9, 2013, the Redemption Offer was terminated following the announcement of the Reverse Split. An aggregate of 12,704 Units were repurchased by the Partnership at an approximate average price of $103.26 per Unit pursuant to the Redemption Offer. The Partnership did not repurchase any Units from its limited partners during the third quarter of 2013. ITEM 5. OTHER INFORMATION The Partnership is managed by its General Partner and does not have a Board of Directors with respect to which its limited partners may recommend nominees. ITEM 6 ? EXHIBITS Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached exhibit index. -16- SIGNATURES 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. BIGGEST LITTLE INVESTMENTS L.P. BY: MAXUM LLC Its General Partner BY: /S/ BEN FARAHI ------------------- Ben Farahi Manager DATE: 11/12/2013 -17- BIGGEST LITTLE INVESTMENTS, L.P. FORM 10-Q SEPTEMBER 30, 2013 Exhibit Index Exhibit Page No. ------- -------- 4.1 Schedule 13E-3/A (incorporated by reference to the Schedule 13E-3/A filed with the Securities and Exchange Commission on September 10, 2013). 4.2 Information Statement on Schedule 14C (incorporated by reference to the Schedule 14C filed with the Securities and Exchange Commission on August 8, 2013). 4.3 Certification and Notice of Termination of Registration Under Section 12(g) of the Securities Exchange Act Of 1934 or Suspension of Duty to File Reports Under Sections 13 And 15(d) of the Securities Exchange Act of 1934 on Form 15 (incorporated by reference to the Form 15 filed with the Securities and Exchange Commission on September 6, 2013). 31.1 Certification pursuant to Section 302 of the Sarbanes- Oxley Act of 2002. 19 32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 20 -18- EXHIBIT 31.1 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Ben Farahi, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Biggest Little Investments L.P.; 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 disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and I have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed, under my supervision, to ensure that material information relating to the Registrant is made known to me, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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 my 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 this report any change in the Registrant?s internal control over financial reporting that occurred during the Registrant?s most recent fiscal quarter 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 my most recent evaluation of internal control over financial reporting to the Registrant?s auditors: 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 control over financial reporting. /s/ BEN FARAHI -------------- Ben Farahi Manager of the General Partner Date: 11/12/2013 -19- EXHIBIT 32.1 BIGGEST LITTLE INVESTMENTS, L.P. FORM 10-Q SEPTEMBER 30, 2013 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biggest Little Investments L.P. (the "Partnership") on Form 10-Q for the fiscal quarter ended September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certifies 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; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. 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Note 2. Summary of Significant Accounting Policies (Narrative Details)
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Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Notes to Financial Statements          
Average number of units outstanding 1,576.96 1,703.90 1,635.86 1,703.9 1,703.90
Number of Units Repurchased     12704    
Average Repurchase Price     103.26    
Number of Units Cashed Out     14,122    
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Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Rental revenues $ 121,399 $ 95,311 $ 308,817 $ 281,100
Related party rental revenues 121,779 129,109 334,074 349,776
Fee Revenues 0 58,290 0 58,290
Other revenues 13,762 13,047 37,842 39,060
Total Revenues 256,940 295,758 680,733 728,226
Costs and Expenses        
Operating expenses 128,334 108,309 394,914 343,325
General and administrative 95,451 38,238 258,424 124,981
Depreciation 106,466 96,764 312,952 290,292
Management fees 28,109 17,520 186,388 50,089
Total Costs and Expenses 358,360 260,831 1,152,678 808,687
(Loss) income from operations (101,420) 34,927 (471,945) (80,461)
Other Income and Expenses        
Gain on sale of securities 582,856 117,123 1,067,128 137,556
Interest income 3,032 62,762 12,367 317,122
Total Other Income 585,888 179,885 1,079,495 454,678
Net Income 484,468 214,812 607,550 374,217
Other Comprehensive Income        
Unrealized gain (loss) from securities (12,925) 181,391 604,038 300,081
Comprehensive Income (loss) 471,543 396,203 1,211,588 674,298
Net Income Attributable To:        
Limited partners 472,356 209,442 592,361 364,862
General partner 12,112 5,370 15,189 9,355
Net Income $ 484,468 $ 214,812 $ 607,550 $ 374,217
Weighted Average Units Outstanding 1,576.96 1,703.90 1,635.86 1,703.9
Net Income (Loss) per Unit of Limited Partnership Interest 299.54 122.92 362.11 214.13
XML 11 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 5. Real Estate
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 5. Real Estate

NOTE 5. REAL ESTATE

 

The Partnership's real estate is summarized as follows:

 

  September 30, 2013 December 31, 2012
Land $3,198,574 $3,198,574
Less: land taken by condemnation (117,483) (117,483)
  3,081,091 3,081,091
Buildings and improvements 12,680,501 12,069,070
  15,761,592 15,150,161
Accumulated depreciation (4,638,315) (4,325,363)
  $11,123,277 $10,824,798

 

On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye’s Louisiana Kitchen, a national fast food chain (“Popeye’s”). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye’s, including fees, utility improvements and grading that were put into service on August 9, 2013. In addition, the Partnership expensed an additional approximate $50,000 in commissions and various other fees related to the Popeye’s project during the third quarter of 2013.
XML 12 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 13 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3. Fair Value Measurements - Valuation of Financial Instruments (Details) (USD $)
Dec. 31, 2012
Sep. 30, 2012
Sep. 30, 2013
Level 1
Dec. 31, 2012
Level 1
Sep. 30, 2013
Level 2
Dec. 31, 2012
Level 2
Sep. 30, 2013
Level 3
Dec. 31, 2012
Level 3
Stock securities $ 3,529,590 $ 6,785,100 $ 6,785,100 $ 3,529,590 $ 0 $ 0 $ 0 $ 0
Short option securities (507,656) (882,775) (882,775) (507,656) 0 0 0 0
Short-term investments - CDs 249,970 251,096 251,096 249,970 0 0 0 0
Notes receivable 0 0 0 0 0 0 0 0
Total $ 3,271,904 $ 6,153,421 $ 6,153,421 $ 3,271,904 $ 0 $ 0 $ 0 $ 0
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Note 1. Interim Financial Information
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 1. Interim Financial Information

NOTE 1. INTERIM FINANCIAL INFORMATION

 

Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America has been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures made are adequate to make the information not misleading. The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Biggest Little Investments, L.P. (the "Partnership") Annual Report on Form 10-K for the year ended December 31, 2012. The financial information contained herein is unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial information have been included. All adjustments are of a normal recurring nature. The balance sheet at December 31, 2012, was derived from audited financial statements at such date.

 

The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year or for any other period.

 

     On September 6, 2013, the Partnership filed a Form 15 with the SEC following a 1-for-100 reverse split (the “Reverse Split”) of the Partnership’s units of limited partnership interest (the “Units”) whereby limited partners owning fewer than 100 Units were cashed out at a rate of $120.00 per pre-split Unit. The Reverse Split and subsequent cash-out brought the number of limited partners of the Partnership to below 300, which allowed the Partnership to file the Form 15 and, thus, terminate the registration of its Units with the SEC. As a result of this filing, the Partnership will no longer be subject to reporting obligations under the Securities Exchange Act of 1934, as amended, following the filing of this Quarterly Report on Form 10-Q for the period ended September 30, 2013.

XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3. Fair Value Measurements
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 3. Fair Value Measurements

NOTE 3. FAIR VALUE MEASUREMENTS

 

The Partnership holds certain financial assets which are required to be measured at fair value on a recurring basis in accordance with ASC Section 820.

 

Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of September 30, 2013:

 

  Fair Value Measurement  
   Level 1  Level 2 Level 3 Total
Stock securities $6,785,100 $0 $0 $6,785,100
Short option securities (882,775) 0 0 (882,775)
Short-term investments - CDs 251,096 0 0 251,096
Total $6,153,421 $0 $0 $6,153,421

 

Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of December 31, 2012:

 

  Fair Value Measurement  
   Level 1  Level 2 Level 3 Total
Stock securities $3,529,590 $0 $0 $3,529,590
Short option securities (507,656) 0 0 (507,656)
Short-term investments - CDs 249,970 0 0 249,970
Total $3,271,904 $0 $0 $3,271,904

 

     The Partnership had an unrealized gain from securities of $905,752 as of September 30, 2013, and had an unrealized gain from securities of $301,714 as of December 31, 2012. During the nine months ended September 30, 2013 and 2012, the Partnership disposed of securities resulting in realized gains of $1,067,128 and $137,556, respectively, using the first-in, first-out method.
XML 17 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 6. Notes Receivable
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 6. Notes Receivable

NOTE 6. NOTES RECEIVABLE

 

On December 17, 2010, the Partnership participated in first and second senior credit facilities with a group led by a major bank in the aggregate amount of $75 million (the “Credit Facility”) to a new casino in Grand Falls, Iowa (the “Borrower”). The Partnership’s commitment to the Credit Facility was $3 million under the first lien senior credit facility consisting of a $40 million term loan and a $10 million revolving loan (the “First Facility”), and $1.5 million under the second lien senior credit facility consisting of a $25 million term loan (the “Second Facility”). The Credit Facility was permitted to be utilized by the Borrower for a portion of the development and construction costs of the casino (the “Project”), to pay for fees and expenses in connection with the Project and for initial working capital needs after completion of the Project.

 

On August 14, 2012, the Borrower refinanced the Credit Facility, which had been fully drawn on, and the Partnership was repaid its entire commitment. As a result of the refinancing, the Partnership earned approximately $58,300 in call protection fees per the terms of the Credit Facility.

 

The First Facility was scheduled to mature on December 17, 2014; the Second Facility was scheduled to mature on December 17, 2015.

 

The Borrower paid various one-time fees and other loan costs upon the closing of the Credit Facility.

 

The Partnership’s General Partner received a mortgage placement fee of 1.5% of the Partnership’s total commitment under the Credit Facility for its services in connection with the placement of the Credit Facility.
XML 18 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Conflicts of Interest and Related Party Transactions
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Conflicts of Interest and Related Party Transactions

NOTE 4. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES

 

Beginning in April 2007, affiliates of the General Partner began leasing office space at the Sierra Property and pay monthly rent of $2,408. The General Partner uses a portion of this office space and participates in such rent payments.

 

In 2004, the Partnership began renovation efforts in an attempt to maximize the financial viability of the Sierra Property (the "Renovation"). As part of the Renovation, a portion of the shopping center previously occupied by an anchor tenant was demolished for the purpose of creating in its place a new driveway (and traffic signal) directly between the Sierra Property and a hotel casino property located next to the Sierra Property (the "Adjacent Property”). The Adjacent Property entered into a lease with the Partnership

for a section of the Sierra Property (including the new driveway). The Adjacent Property has a minimum lease term of 15 years at an initial monthly rent of $25,000, subject to increases every 60 months based on the Consumer Price Index. Such an increase became effective on September 30, 2009, and the Adjacent Property now pays monthly rent of approximately $28,400. The Adjacent Property also uses part of the common area of the Sierra Property and pays its proportionate share of the common area expense of the Sierra Property. The Adjacent Property has the option to renew the lease for three five-year terms and, at the end of the extension periods, has the option to purchase the leased section of the Sierra Property at a price to be determined based on an MAI Appraisal.

 

In addition to the driveway, the Adjacent Property also leases approximately 6,900 square feet of storage space at the Sierra Property and pays rent of approximately $3,450 per month for such storage space.

 

Ben Farahi, the manager of the General Partner, was, until May 26, 2006, Co-Chairman of the Board, Chief Financial Officer, Secretary, and Treasurer of Monarch Casino & Resort, Inc. (“Monarch”), the owner of the Adjacent Property. He owned approximately 11.3% of Monarch’s outstanding common stock as of September 30, 2013.

 

Accounting rules define transactions with related parties as transactions which are not arm’s-length in nature and, therefore, may not represent fair market value.

 

Compensation of the General Partner

 

The General Partner is the manager of the Sierra Property. The General Partner received $186,388 and $50,089 for the nine months ended September 30, 2013 and 2012, respectively, for such management services; included in these amounts is three percent of the monthly interest earned on the Partnership’s cash in savings and money market accounts, which the Partnership began paying to the General Partner in 2006. Also included in the 2013 amount, is one percent of the average quarterly asset balance of the Partnership’s securities portfolio as compensation for the General Partner’s services in connection with managing the Partnership’s investments in securities. Also, pursuant to the Partnership's Second Amended and Restated Agreement of Limited Partnership (the “Amended LP Agreement”), the General Partner is entitled to receive 2.5% of the Partnership's income, loss, capital and distributions, including, without limitation, the Partnership's cash flow from operations, disposition proceeds and net sale or refinancing proceeds. Accordingly, the General Partner was allocated net income of $15,189 for the nine months ended September 30, 2013 and net income of $9,355 for the nine months ended September 30, 2012.

 

On April 9, 2013, the Partnership issued a cash distribution of $1.70 per Unit on the outstanding limited partnership Units of the Partnership to limited partners of record at the close of business on March 28, 2013. The General Partner received $7,337 from this distribution in its capacity as the general partner.

 

On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye’s Louisiana Kitchen, a national fast food chain (“Popeye’s”). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye’s, including fees, utility improvements and grading. Pursuant to the Amended LP Agreement, the General Partner earned a development fee in the amount of $110,360 for its services in connection with securing the Popeye’s lease and the development of assets related to the Popeye’s lease. This development fee is included in the $186,388 management fee described above.

 

Also pursuant to the Amended LP Agreement, the General Partner may receive mortgage placement fees for services rendered in connection with the Partnership’s mortgage loans. These fees may not exceed such compensation customarily charged in arm’s-length transactions by others rendering similar services as an ongoing public activity in the same geographical location for comparable mortgage loans. The General Partner is entitled to certain fees for compensation of other services rendered as well. The General Partner did not earn any mortgage placement or other fees during the nine months ended September 30, 2013 or 2012.
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Balance Sheets (Parenthetical)
Sep. 30, 2013
Dec. 31, 2012
Cash used for prepayment of redemption of limited partnership units    
Limited partner units issued 1,542.23 1,703.90
Limited partner units outstanding 1,542.23 1,703.90
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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Measurements Tables  
Valution of Instruments

Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of September 30, 2013:

 

  Fair Value Measurement  
   Level 1  Level 2 Level 3 Total
Stock securities $6,785,100 $0 $0 $6,785,100
Short option securities (882,775) 0 0 (882,775)
Short-term investments - CDs 251,096 0 0 251,096
Total $6,153,421 $0 $0 $6,153,421

 

Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of December 31, 2012:

 

  Fair Value Measurement  
   Level 1  Level 2 Level 3 Total
Stock securities $3,529,590 $0 $0 $3,529,590
Short option securities (507,656) 0 0 (507,656)
Short-term investments - CDs 249,970 0 0 249,970
Total $3,271,904 $0 $0 $3,271,904
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Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows From Operating Activities:    
Net Income $ 607,550 $ 374,217
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of securities (1,067,128) (137,556)
Depreciation 312,952 290,292
Changes in assets and liabilities:    
Increase in receivables (2,533) 6,897
Decrease (increase) in prepaid expense (1,972) 1,977
Increase (decrease) in accounts payable, accrued expenses and other liabilities 82,294 (73,057)
Decrease in related party payables 66,558 0
Increase in short-term investments - CDs (1,126) (1,869)
Net cash provided by operating activities (3,405) 460,901
Cash Flows From Investing Activities    
Cash used for the purchase of securities (3,411,040) (360,830)
Cash received from the sale of securities 2,201,815 376,970
Cash received from Grand Falls note receivable 0 4,455,000
Cash restricted for Popeye's construction (67,659) 0
Cash used for Popeye's construction (611,432) 0
Net cash provided by Investing Activities (1,888,316) 4,471,140
Cash Flows From Financing Activities:    
Cash used for payment of redemption of limited partnership units (1,711,519) (93,670)
Cash used for prepayment of redemption of limited partnership units (41,496) (148,233)
Cash used for distribution (293,486) (349,258)
Net Cash Used in Financing Activities (2,046,501) (591,161)
Net increase (decrease) in cash and cash equivalents (3,938,222) 4,340,880
Cash and cash equivalents, beginning of period 10,069,125 5,646,046
Cash and cash equivalents, end of period 6,130,903 9,986,926
Non-cash:    
Retired prepaid redemption 196,025 246,280
Unrealized gain (loss) on securities $ 604,038 $ 300,081
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Balance Sheets (Unaudited) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current Assets    
Cash and cash equivalents $ 6,130,903 $ 10,069,125
Restricted cash 67,659 0
Short-term investments - CDs 251,096 249,970
Trade and other receivables, net 10,834 8,301
Securities 5,902,325 3,021,934
Prepaid expense 2,324 352
Total Current Assets 12,365,141 13,349,682
Property, Plant & Equipment, net 11,123,277 10,824,798
Total Long-Term Assets 11,123,277 10,824,798
Total Assets 23,488,418 24,174,480
Liabilities    
Accounts payable, accrued expenses and unclaimed property 113,731 37,749
Related Party Accounts Payable 152,159 85,601
Tenant deposits 30,011 23,699
Total Liabilities 295,901 147,049
Commitments and Contingencies     
Partners' equity    
Limited partners' equity (1,542.23 units issued and outstanding at 9/30/13; 1,703.90 at 12/31/12) 21,682,200 23,283,532
Prepaid redemption (41,496) (196,025)
Accumulated other comprehensive (loss) income 905,752 301,714
General partner's equity 646,061 638,210
Total Partners' Equity 23,192,517 24,027,431
Total Liabilities and Partners' Equity $ 23,488,418 $ 24,174,480
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Note 2. Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Property and Provision for Impairment

Property and Provision for Impairment

 

Property is stated at cost, less accumulated depreciation. Since acquisition, property has been depreciated principally on a straight-line basis over the estimated service lives as follows:

 

Land improvements ........... 5 years

Site work ................... 15 years

Buildings .................... 30 years

Building improvements ....... 5-30 years

 

     In accordance with the Accounting Standards Codification (“ASC”) Section 360, the Partnership evaluates the carrying value of its long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable from related future undiscounted cash flows. As of September 30, 2013, the Partnership’s only operating asset was the Sierra Marketplace Shopping Center located in Reno, Nevada (the "Sierra Property") and the Partnership determined that none of its long-lived assets were impaired as of such date.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

 

The Partnership monitors its accounts receivable balances on a monthly basis to ensure they are collectible. On a quarterly basis, the Partnership uses its historical experience to determine its accounts receivable reserve. The Partnership’s allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves. The Partnership evaluates specific accounts where it has information that the customer may have an inability to meet its financial obligations. In these cases, management uses judgment, based upon the best available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the receivable to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. The Partnership also establishes a general reserve based upon a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change, the Partnership’s estimate of the recoverability of amounts due the Partnership could be reduced or increased by a material amount. Such a change in estimated recoverability would be accounted for in the period in which the facts that give rise to the change become known. As of September 30, 2013 and 2012, the Partnership did not have any reserve for bad debt.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

For the purpose of the statements of cash flows, the Partnership considers all short-term investments which have original maturities of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 or December 31, 2012.
Concentration of Credit Risk

Concentration of Credit Risk

 

     The Partnership maintains cash balances at institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in excess of amounts required for operations are usually invested in savings, money market accounts and certificates of deposit. Cash balances exceeded these insured levels during the period. No losses have occurred or are expected due to this risk.
Revenue Recognition

Revenue Recognition

 

Rental revenues are based on lease terms and recorded as income when earned and when they can be reasonably estimated. Rent increases are generally based on the Consumer Price Index. Leases generally require tenants to reimburse the Partnership for certain operating expenses applicable to their leased premises. These costs and reimbursements have been included in operating expenses and rental income, respectively.
Investments

Investments

 

Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments’ unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in Other Income and Expenses in the accompanying statements of operations and comprehensive income. As of September 30, 2013 and December 31, 2012, all of the Partnership’s investments were classified as available-for-sale.
Long-term Notes Receivable

Long-term Notes Receivable

 

Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption “Interest Income.”
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Partnership uses the following hierarchy to prioritize the inputs used in measuring fair value in accordance with ASC Section 820:

 

Level 1 Quoted prices (unadjusted) in active markets for identical assets

or liabilities;

Level 2 Inputs other than quoted prices included within Level 1 that are

either directly or indirectly observable;

Level 3 Unobservable inputs in which little or no market activity exists,

therefore requiring an entity to develop its own assumptions about

the assumptions that market participants would use in pricing.

 

     Financial instruments including cash and cash equivalents, trade and notes receivable, securities, accounts payable and accrued expenses are carried in the financial statements at amounts that approximated fair value at September 30, 2013 and December 31, 2012. See “Note 3. Fair Value Measurements.”
Net Income Per Unit of Limited Partnership Interest

Net Income Per Unit of Limited Partnership Interest

 

Net income per Unit is computed based upon the weighted average number of Units outstanding (1,635.86 for the nine months ended September 30, 2013, and 1,703.90 for the nine months ended September 30, 2012) during the period then ended.

 

     On August 31, 2009, the Partnership initiated an offer enabling the Partnership’s limited partners to sell their Units back to the Partnership (the “Redemption Offer”). On June 6, 2013, the Redemption Offer was suspended pending final response from the SEC to a preliminary filing by the Partnership on Schedule 14C and Schedule 13E-3 whereby the Partnership was seeking to effect the Reverse Split and subsequent cash-out. On August 8, 2013, the SEC approved the Schedule 14C and Schedule 13e-3 and the Partnership filed a definitive information statement that was distributed to all holders of Units, detailing the final terms of the Reverse Split (see “Recent Events” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”). The General Partner terminated the Redemption Offer on August 9, 2013. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. The Reverse Split took effect on or around September 1, 2013, and the Partnership cashed out 14,122 pre-split Units.
Income Taxes

Income Taxes

 

Partnership earnings are allocated between the partners in accordance with each partner’s ownership interest and are taxed individually and not at the partnership level. Correspondingly, no provisions for federal, state and local income taxes are included in the financial statements.

 

The income tax returns of the Partnership are subject to examination by federal, state and local taxing authorities. Such examinations could result in adjustments to Partnership income, which changes could affect the tax liability of the individual partners.
Estimates

Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.

 

On an ongoing basis, the Partnership evaluates its estimates, including those related to bad debts, contingencies, litigation and valuation of the real estate. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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Note 3. Fair Value Measurements (Details Narrative) (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Notes to Financial Statements    
Unrealized gain (loss) on securities held $ 604,038 $ 300,081
Realized gain on sale of securities $ 1,067,128 $ 137,556
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Note 7. Subsequent Events
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 7. Subsequent Events

NOTE 7. SUBSEQUENT EVENTS

 

     None.
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Note 2. Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 2. Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Property and Provision for Impairment

 

Property is stated at cost, less accumulated depreciation. Since acquisition, property has been depreciated principally on a straight-line basis over the estimated service lives as follows:

 

Land improvements ........... 5 years

Site work ................... 15 years

Buildings .................... 30 years

Building improvements ....... 5-30 years

 

In accordance with the Accounting Standards Codification (“ASC”) Section 360, the Partnership evaluates the carrying value of its long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable from related future undiscounted cash flows. As of September 30, 2013, the Partnership’s only operating asset was the Sierra Marketplace Shopping Center located in Reno, Nevada (the "Sierra Property") and the Partnership determined that none of its long-lived assets were impaired as of such date.

 

Allowance for Doubtful Accounts

 

The Partnership monitors its accounts receivable balances on a monthly basis to ensure they are collectible. On a quarterly basis, the Partnership uses its historical experience to determine its accounts receivable reserve. The Partnership’s allowance for doubtful accounts is an estimate based on 

specifically identified accounts as well as general reserves. The Partnership evaluates specific accounts where it has information that the customer may have an inability to meet its financial obligations. In these cases, management uses judgment, based upon the best available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the receivable to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. The Partnership also establishes a general reserve based upon a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change, the Partnership’s estimate of the recoverability of amounts due the Partnership could be reduced or increased by a material amount. Such a change in estimated recoverability would be accounted for in the period in which the facts that give rise to the change become known. As of September 30, 2013 and 2012, the Partnership did not have any reserve for bad debt.

 

Cash and Cash Equivalents

 

For the purpose of the statements of cash flows, the Partnership considers all short-term investments which have original maturities of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 or December 31, 2012.

 

Concentration of Credit Risk

 

The Partnership maintains cash balances at institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in excess of amounts required for operations are usually invested in savings, money market accounts and certificates of deposit. Cash balances exceeded these insured levels during the period. No losses have occurred or are expected due to this risk.

 

Revenue Recognition

 

Rental revenues are based on lease terms and recorded as income when earned and when they can be reasonably estimated. Rent increases are generally based on the Consumer Price Index. Leases generally require tenants to reimburse the Partnership for certain operating expenses applicable to their leased premises. These costs and reimbursements have been included in operating expenses and rental income, respectively.

 

Investments

 

Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments’ unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in Other Income and Expenses in the accompanying statements of operations and comprehensive income. As of September 30, 2013 and December 31, 2012, all of the Partnership’s investments were classified as available-for-sale.

 

Long-term Notes Receivable

 

Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption “Interest Income.”

 

Fair Value of Financial Instruments

 

The Partnership uses the following hierarchy to prioritize the inputs used in measuring fair value in accordance with ASC Section 820:

 

Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;

Level 3 Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

 

Financial instruments including cash and cash equivalents, trade and notes receivable, securities, accounts payable and accrued expenses are carried in the financial statements at amounts that approximated fair value at September 30, 2013 and December 31, 2012. See “Note 3. Fair Value Measurements.”

 

Net Income Per Unit of Limited Partnership Interest

 

Net income per Unit is computed based upon the weighted average number of Units outstanding (1,635.86 for the nine months ended September 30, 2013, and 1,703.90 for the nine months ended September 30, 2012) during the period then ended.

 

On August 31, 2009, the Partnership initiated an offer enabling the Partnership’s limited partners to sell their Units back to the Partnership (the “Redemption Offer”). On June 6, 2013, the Redemption Offer was suspended pending final response from the SEC to a preliminary filing by the Partnership on Schedule 14C and Schedule 13E-3 whereby the Partnership was seeking to effect the Reverse Split and subsequent cash-out. On August 8, 2013, the SEC approved the Schedule 14C and Schedule 13e-3 and the Partnership filed a definitive information statement that was distributed to all holders of Units, detailing the final terms of the Reverse Split (see “Recent Events” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”). The General Partner terminated the Redemption Offer on August 9, 2013. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. The Reverse Split took effect on or around September 1, 2013, and the Partnership cashed out 14,122 pre-split Units.

 

Income Taxes

 

Partnership earnings are allocated between the partners in accordance with each partner’s ownership interest and are taxed individually and not at the partnership level. Correspondingly, no provisions for federal, state and local income taxes are included in the financial statements.

 

The income tax returns of the Partnership are subject to examination by federal, state and local taxing authorities. Such examinations could result in adjustments to Partnership income, which changes could affect the tax liability of the individual partners.

 

Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.

 

On an ongoing basis, the Partnership evaluates its estimates, including those related to bad debts, contingencies, litigation and valuation of the real estate. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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Conflicts of Interest and Related Party Transactions (Details Narrative) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Apr. 09, 2013
Mar. 28, 2013
Notes to Financial Statements            
Monthly Rent Rate     $ 24,800      
PropertyLeaseTerm     15 years      
Initial Monthly Rent Rate     25,000      
Rate of Property Rent Increase     60 months      
General Partner Amounts Received     186,388 50,089    
Net Income Allocated to General Partner 12,112 5,370 15,189 9,355    
Cash Distribution Per Unit         1.70  
General Partner Cash Distribution           7,337
General Partner Development Fee     $ 110,360      
XML 31 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 5. Real Estate (Tables)
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Real Estate Summary

The Partnership's real estate is summarized as follows:

 

  September 30, 2013 December 31, 2012
Land $3,198,574 $3,198,574
Less: land taken by condemnation (117,483) (117,483)
  3,081,091 3,081,091
Buildings and improvements 12,680,501 12,069,070
  15,761,592 15,150,161
Accumulated depreciation (4,638,315) (4,325,363)
  $11,123,277 $10,824,798
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Note 5. Real Estate - Real Estate Summary (Details) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Notes to Financial Statements    
Land $ 3,198,574 $ 3,198,574
Less: land taken by condemnation (117,483) (117,483)
Subtotal 3,081,091 3,081,091
Buildings and improvements 12,680,501 12,069,070
Pre depreciation total 15,761,592 15,150,161
Accumulated depreciation (4,638,315) (4,325,363)
Total Real Estate $ 11,123,277 $ 10,824,798
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Document and Entity Information
 9 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Document And Entity Information    
Entity Registrant Name BIGGEST LITTLE INVESTMENTS LP  
Entity Central Index Key 0000804671  
Document Type 10-Q  
Document Period End Date Sep. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? No  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   1,703.90
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2013  
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Note 6. Notes Receivable (Details Narrative) (USD $)
Aug. 14, 2012
Dec. 17, 2011
Notes to Financial Statements    
Total Credit Facility   $ 75,000,000
Partnership Commitment 1st Facility   3,000,000
First Facility Term Loan Total   40,000,000
First Facility Revolving Loan   10,000,000
Partnership Commitment 2nd Facility   1,500,000
Second Facility Total   25,000,000
General Partner Mortgage Placement Fee   1.50%
Call Protection Fee Earned $ 58,300