- 42 - 1989 5,281,159 9,939,632 712,732 1990 6,305,070 11,675,809 1,736,177 1991 6,860,118 12,688,043 1,012,234 1992 7,780,380 14,544,105 1,856,062 1993 8,726,683 15,250,005 705,900 During 1987 through 1989, NITCO's current assets consisted mostly of cash or other liquid assets. Its customer accounts receivable and National Exchange Carriers Association accounts receivable (i.e., long-distance call access charges) were billed monthly. During 1987 through 1989, NITCO's net current liquid assets, as adjusted by two loans it made, respectively, to a local Indiana bank's employee stock option plan and to the bank's president,7 and if not depleted by certain payments it made to support the individual Mussman family members during these years, would have been as follows: Year Net Current Liquid Assets 1987 $5,183,131 1988 4,726,973 1989 4,455,217 NITCO's working capital requirements for 1987, 1988, and 1989, were $75,569, $278,646, and $190,312, respectively. 7After its renegotiation in August 1987, the ESOP loan essentially was required to be repaid to NITCO on NITCO's demand. The $400,000 loan to the bank president occurred on June 15, 1987, and was made out of a loan repayment NITCO received from the ESOP. Although a promissory note bearing a December 1988 execution date was later issued by the bank president, the note obligated the bank president to repay the $400,000 loan to Mr. Mussman, rather than to NITCO, in 4 years.Page: Previous 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Next
Last modified: May 25, 2011