Welcome to the first Balance Sheets for Crystal Springs Virtual Capital! You’ll notice the format looks very similar to the Balance Sheet for Crystal Springs Land and Loan. 1 Linden to the first person that IM’s me as to why that is? :-)
First, let’s cover what happened in March. I started the company, and loaned it L$1,961,145. I was optimistic and thought the IPO would sell out at L$3,000,000, and that I would have another L$1,000,000 to invest. Unfortunately that didn’t happen, but I’ll cover that in April’s report.
We purchased two sims, St Lucia Bay and St Croix Bay. So far, thanks to Xavier Hathaway and Lexus Daviau, both sims are profitable. We also purchased 1,000,000 shares of BAM stock from Travis Ristow, and received a 15% stock bonus. A small amount of JCP stock was also purchased.
The goal was to sell the IPO shares, and get stability. We've done both.
In April, the sims continued to be profitable, and a small dividend was paid on BAM stock. The IPO only raised L$2,027,334 (including the risk fund), which also doesn’t include Vstex’s IPO fee. This amount luckily was enough to pay myself back, and still have a cash balance of about L$15,000. Unfortunately, L$393,216 in assets were lost when Linden Lab reduced the price of sims from $1675 US to $1000 US. This only hurts NVPS, not the actual ability to make a profit, but still it’s a large loss. Like everyone else that owns sims, we just try to move forward.
Subtract the asset writeoff, and CSVC actually had a profit of L$84,306 for April 2008. Therefore, I am paying a .01L dividend today, with the hopes that profits for May will be enough to cover this as well as support another .01L per share dividend June 1st. This will happen much easier, if anyone is interested in buying my stock options (hint hint!).
So what does Crystal Springs Virtual Capital plan to do for May? Well first, I need to determine what to do with the 2,000,000 shares I currently hold as stock options. I sold 1,000,000 shares less than I thought I would, so I am debating whether or not to eliminate these shares to increase remaining share value, or sell them privately over the next few months to raise capital. It’s my goal at this point to try and maintain a .01L per share dividend every month. I’m going to see how things go with the stocks we hold at Vstex and ISE, and I possibly might loan the company Lindens to buy a 3rd and 4th sim.
So below you will find the March 2008 and April 2008 Balance Sheets for Crystal Springs Virtual Capital. If anyone has any questions, please contact me. I still think we will be profitable on a monthly basis – and if I can raise more capital by selling the stock options, June and July could see much higher dividends. Regardless, at a time when most SL companies either disappear or pay no dividends, .01L per month isn’t that bad at all! Thanks again to everyone who purchased IPO shares of CSV, and gave me their trust with their hard-earned Lindens.
Skip Oceanlane, CEO
Crystal Springs Virtual Capital
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Crystal Springs Virtual Capital Balance Sheet for the period of: 3/1/08 - 3/31/08
ASSETS (as of 3/31/08)
Cash And Cash Equivalents $0
Account Receivables $0
Short Term Investments $1,156,485
Vstex Risk Fund $0
Loans to Customers $0
Land holdings (@ 7.5 per sq/m) $983,040
Inventory, equipment and other valuables $0
Total Assets $2,139,525
LIABILITIES
Accounts Payable $0
Deposits and Long-Term CDs $0
Loans $1,961,145
Total Liabilities $1,961,145
SHAREHOLDERS EQUITY $178,380
P&L Statement for the period of: 3/1/08 - 3/31/08
REVENUES
Tiers Paid by Customers $0
Rent Paid by Customers $18,212
Loan Payments by Customers $0
Interest and Investment Income $0
Land Sales $0
Other Income $3
Total Revenues $18,215
EXPENSES
Tiers to Linden Labs $0
Interest Payable $0
Employee Salaries $0
Sales and Marketing $0
Land Purchases/Linden Loans $958,000
Services and Fees $133
Capital Expenses $0
Assets Writeoff $0
Other Expenses $0
Total Expenses $958,133
NET PROFIT (LOSS) (-$939,918)
Dividends to Shareholders $0
Number of Shares Outstanding N/A
NVPS N/A
EPS N/A
DPS N/A
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Crystal Springs Virtual Capital Balance Sheet for the period of: 4/1/08 - 4/30/08
ASSETS (as of 4/30/08)
Cash And Cash Equivalents $15,361
Account Receivables $0
Short Term Investments $1,156,485
Vstex Risk Fund $50,828
Loans to Customers $0
Land holdings (@ 7.5 per sq/m) $589,824
Inventory, equipment and other valuables $0
Total Assets $1,812,498
LIABILITIES
Accounts Payable $0
Deposits and Long-Term CDs $0
Loans $0
Total Liabilities $0
SHAREHOLDERS EQUITY $1,812,498
P&L Statement for the period of: 4/1/08 - 4/30/08
REVENUES
Tiers Paid by Customers $119,973
Rent Paid by Customers $20,858
Loan Payments by Customers $0
Interest and Investment Income $13,492
Land Sales $0
Other Income $0
Total Revenues $154,323
EXPENSES
Tiers to Linden Labs $84,068
Interest Payable $0
Employee Salaries $0
Sales and Marketing $0
Land Purchases/Linden Loans $0
Services and Fees $0
Capital Expenses $0
Assets Writeoff $393,216
Other Expenses $0
Total Expenses $477,522
NET PROFIT (LOSS) (-$323,199)
Dividends to Shareholders $0
Number of Shares Outstanding 10,000,000
NVPS $0.18
EPS -$0.03
DPS $0.00
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