UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
|
||
FORM
10-KSB
|
||
Annual
Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
|
For
the annual period ended
|
December
31, 2006
|
Commission
File Number
|
33-22128-D
|
NEXIA
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter.)
|
||
Nevada
(State
of other jurisdiction of
incorporation
or organization)
|
84-1062062
(I.R.S.
Employer
Identification
No.)
|
|
59
West 100 South
Salt
Lake City, UT
(Address
of principal executive offices)
|
84101
(Zip
Code)
|
|
801-575-8073
(Registrant's
telephone number)
|
TABLE
OF CONTENTS
PART
I
|
||
Item
1.
|
3
|
|
Item
2.
|
16
|
|
Item
3.
|
18
|
|
Item
4.
|
18
|
|
PART
II
|
||
Item
5.
|
19
|
|
Item
6.
|
20
|
|
Item
7.
|
F-1
|
|
Item
8.
|
71
|
|
Item
8A.
|
72
|
|
Item
8B.
|
73
|
|
PART
III
|
||
Item
9.
|
73
|
|
Item
10.
|
74
|
|
Item
11.
|
75
|
|
Item
12.
|
76
|
|
Item
13.
|
78
|
|
Item
14.
|
82
|
|
|
83
|
|
84
|
w
|
the
general economic climate and local real estate conditions (such as
too
much supply or too little demand for rental space, as well as changes
in
market rental rates);
|
w
|
prospective
tenants' perceptions of a building's safety, convenience and
attractiveness, or the overall appeal of a particular
building;
|
w
|
the
property owner's ability to provide adequate management, maintenance
and
insurance;
|
w
|
expenses
for periodically renovating, repairing and re-letting
spaces;
|
w
|
falling
operating costs for competing properties, which would allow them
to
undercut our rental rates;
|
w
|
rising
unemployment rates in the area, which may reduce the demand for rental
space;
|
w
|
adverse
changes in zoning laws, tax laws, or other laws affecting real estate
or
businesses in the area;
|
w
|
damage
from earthquakes or other natural
disasters;
|
w
|
mortgage
interest rates and the availability of
financing.
|
·
|
Significant
dilution
|
·
|
Actual
or anticipated variation in the results of
operations
|
·
|
Announcements
of acquisitions
|
·
|
Changes
in the areas of operations of the
company
|
·
|
Conditions
and trends in the real estate market in Salt Lake City, Utah and
nationally
|
·
|
control
of the market for the security by one or a few broker-dealers that
are
often related to the promoter or
issuer;
|
·
|
manipulation
of prices through prearranged matching of purchases and sales and
false
and misleading press releases;
|
·
|
boiler
room practices involving high pressure sales tactics and unrealistic
price
projections by inexperienced sales
persons;
|
·
|
excessive
and undisclosed bid-ask differentials and markups by selling
broker-dealers; and
|
·
|
the
wholesale dumping of the same securities by promoters and broker-dealers
after prices have been manipulated to a desired level, along with
the
inevitable collapse of those prices with consequent investor
losses.
|
Total
|
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
||||||||||||||||
Mortgage
debt
|
$
|
2,157,321
|
$
|
36,843
|
$
|
39,556
|
$
|
42,468
|
$
|
45,594
|
$
|
49,051
|
$
|
1,943,809
|
||||||||
Promissory
notes
|
977,116
|
535,687
|
112,662
|
111,767
|
110,000
|
107,000
|
-
|
|||||||||||||||
Vehicle
contract
|
8,865
|
8,865
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Capital
lease
|
||||||||||||||||||||||
obligation
|
87,117
|
15,444
|
17,198
|
19,156
|
25,106
|
10,213
|
-
|
|||||||||||||||
Operating
lease
|
||||||||||||||||||||||
obligation
|
1,909,253
|
248,893
|
238,142
|
244,530
|
250,531
|
223,990
|
703,167
|
|||||||||||||||
Convertible
debenture
|
107,808
|
107,808
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Convertible
debenture-
|
||||||||||||||||||||||
derivative
|
10,179
|
10,179
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
$
|
5,257,659
|
$
|
963,719
|
$
|
407,558
|
$
|
417,921
|
$
|
431,231
|
$
|
390,254
|
$
|
2,646,976
|
Property
Acquisitions and Dispositions:
There
was one property acquisition and two property dispositions during
the year
ended December 31, 2006.
On
August 18, 2006, our subsidiary Downtown Development Corporation
acquired
one-third of an acre adjacent to the existing building it owns on
State
Street in Salt Lake City. The newly acquired property has no buildings
or
other improvements and will be used to enhance the existing building’s
potential uses. The purchase price of $250,000 had short term financing
and has been combined with the existing building in a long-term loan
package on both properties that closed on September 21, 2006.
In
April 2006, a 15,000 square foot office building in Salt Lake City,
Utah,
owned by Salt Lake Development Corporation, a subsidiary of the Company,
was sold. The mortgage pay off was $545,071. In the same month, a
condominium at Brian Head, a mountain recreation area near Cedar
City,
Utah, was sold. The mortgage pay off was
$25,369.
|
Detail
of Costs Associated with Rental Revenue,
|
|||||||||||||
Years
Ended December 31, 2006 and 2005
|
|||||||||||||
Year
Ended
|
|||||||||||||
December
31,
|
Change
|
||||||||||||
Expense
Description
|
2006
|
2005
|
$
|
%
|
|||||||||
Mortgage
interest
|
$
|
142,591
|
$
|
144,876
|
(2,285
|
)
|
(1.58
|
)
|
|||||
Depreciation
|
91,053
|
104,798
|
(13,745
|
)
|
(13.12
|
)
|
|||||||
Payroll
- mgt. and maintenance
|
10,392
|
48,823
|
(38,431
|
)
|
(78.71
|
)
|
|||||||
Utilities
|
21,524
|
46,928
|
(25,404
|
)
|
(54.13
|
)
|
|||||||
Property
Tax
|
36,512
|
63,131
|
(26,619
|
)
|
(42.16
|
)
|
|||||||
Maintenance
and repairs
|
10,107
|
29,552
|
(19,445
|
)
|
(65.80
|
)
|
|||||||
Advertising
|
-
|
15,516
|
(15,516
|
)
|
(100.00
|
)
|
|||||||
Insurance
|
7,857
|
5,658
|
2,199
|
38.87
|
|||||||||
$
|
320,036
|
$
|
459,282
|
(139,246
|
)
|
(30.32
|
)
|
YEAR
|
PERIOD
ENDING
|
HIGH
|
LOW
|
|
|
|
|
2005
|
March
31, 2005
|
$0.006
|
$0.001
|
|
|
|
|
June
30, 2005
|
$0.002
|
$0.001
|
|
|
|
|
|
September
30, 2005
|
$0.003
|
$0.001
|
|
|
|
|
|
|
December
31, 2005
|
$0.003
|
$0.001
|
|
|
|
|
2006
|
March
31, 2006
|
$0.006
|
$0.001
|
|
|
|
|
|
June
30, 2006
|
$0.006
|
$0.002
|
|
|
|
|
September
30, 2006
|
$0.004
|
$0.002
|
|
December
31, 2006
|
$0.003
|
$0.002
|
|
2007
|
March
31, 2007
|
$0.005
|
$0.0006
|
|
Increase
|
|||
Increase
for Landis, LLC G&A (Landis was open for less then two
|
||||
months
in 2005)
|
$
|
701,668
|
||
Increase
for Gold Fusion Laboratories G&A expenses (no Gold Fusion
|
||||
expense
in 2005)
|
310,986
|
|||
Increase
in marketing Company stock expense
|
360,328 | |||
Increase
in payroll expenses
|
181,938
|
|||
Adjustment
to convertible debenture derivative
|
62,052
|
|||
Stock
subscriptions receivable
|
47,222
|
|||
Bad
debt expense
|
44,036
|
|||
Licenses
and Permits
|
30,155
|
|||
Consulting
option shares
|
30,000
|
|||
Medical
insurance
|
18,361
|
|||
Other
miscellaneous expense increases
|
19,564
|
|||
NET
INCREASE FROM 2005 TO 2006
|
$
|
1,806,310
|
C
O
N T E N T S
|
|
Report
of independent registered public accounting firm
|
F-3
|
|
|
Consolidated
balance sheets
|
F-4
|
|
|
Consolidated
statements of operations and other comprehensive income
(loss)
|
F-6
|
|
|
Consolidated
statements of stockholders’ equity (deficit)
|
F-9
|
Consolidated
statements of cash flows
|
F-13
|
Notes
to the consolidated financial statements
|
F-17
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||
Consolidated
Balance Sheets
|
|||||||
As
of
|
As
of
|
||||||
December
31,
|
December
31,
|
||||||
ASSETS
|
2006
|
2005
|
|||||
(Revised)
|
|||||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
124,158
|
$
|
160,440
|
|||
Accounts
and notes receivable, trade - net of allowance
|
|||||||
of
$103,732 and $18,870, respectively
|
32,841
|
36,833
|
|||||
Accounts
receivable - related parties (Note 3)
|
12,070
|
7,342
|
|||||
Notes
receivable - net of allowance of $90,000 and
|
|||||||
$345,000,
respectively (Note 4)
|
10,142
|
13,164
|
|||||
Inventory
|
370,639
|
35,435
|
|||||
Prepaid
expenses
|
207,167
|
28,191
|
|||||
Marketable
securities (Note 5)
|
265,532
|
250,873
|
|||||
TOTAL
CURRENT ASSETS
|
1,022,549
|
532,278
|
|||||
PROPERTY
AND EQUIPMENT
|
|||||||
Property
and equipment, net (Note 6)
|
3,033,228
|
2,478,434
|
|||||
Land
(Note 6)
|
633,520
|
389,295
|
|||||
Property,
net - held for sale (Note 11)
|
-
|
915,939
|
|||||
TOTAL
NET PROPERTY AND EQUIPMENT
|
3,666,748
|
3,783,668
|
|||||
OTHER
ASSETS
|
|||||||
Loan
costs, net
|
43,958
|
3,970
|
|||||
Trademarks
|
1,380
|
-
|
|||||
TOTAL
OTHER ASSETS
|
45,338
|
3,970
|
|||||
TOTAL
ASSETS
|
$
|
4,734,635
|
$
|
4,319,916
|
|||
The
accompanying notes are an integral part of these consolidated financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||
Consolidated
Balance Sheets (Continued)
|
|||||||
As
of
|
As
of
|
||||||
December
31,
|
December
31,
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
2006
|
2005
|
|||||
(Revised)
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
765,059
|
$
|
233,606
|
|||
Accounts
payable - related parties (Note 3)
|
44,032
|
29,731
|
|||||
Accrued
liabilities
|
590,822
|
293,687
|
|||||
Deferred
revenue
|
28
|
988
|
|||||
Refundable
deposits
|
15,892
|
15,892
|
|||||
Current
maturities of long-term debt (Note 8)
|
420,814
|
910,217
|
|||||
Current
maturities of long-term debt - related parties (Note 9)
|
176,025
|
-
|
|||||
TOTAL
CURRENT LIABILITIES
|
2,012,672
|
1,484,121
|
|||||
LONG-TERM
LIABILTIES
|
|||||||
Convertible
debenture derivative (Note 10)
|
10,179
|
85,714
|
|||||
Convertible
debenture (Note 10)
|
107,808
|
16,440
|
|||||
Long-term
debt (Note 8)
|
2,196,580
|
997,018
|
|||||
Long-term
debt - property held for sale (Note 11)
|
-
|
547,012
|
|||||
Long-term
debt - related parties (Note 9)
|
437,000
|
-
|
|||||
TOTAL
LONG-TERM LIABILITIES
|
2,751,567
|
1,646,184
|
|||||
TOTAL
LIABILITIES
|
4,764,239
|
3,130,305
|
|||||
MINORITY
INTEREST
|
91,344
|
226,426
|
|||||
STOCKHOLDERS'
EQUITY (Note 12)
|
|||||||
Preferred
Series A stock, $0.001 par value, 10,000,000
|
|||||||
shares
authorized, 150,000 shares issued and outstanding
|
150
|
-
|
|||||
Preferred
Series B stock, $0.001 par value, 10,000,000
|
|||||||
shares
authorized, 10,000,000 and 8,000,000 shares issued
|
|||||||
and
outstanding, respectively
|
10,000
|
8,000
|
|||||
Preferred
Series C stock, $0.001 par value, 5,000,000
|
|||||||
shares
authorized, 190,500 and 100,00 shares issued
|
|||||||
and
outstanding, respectively
|
191
|
100
|
|||||
Common
stock $0.0001 par value, 50,000,000,000 shares
|
|||||||
authorized,
811,476,885 and 353,994,503 shares issued
|
|||||||
(post
reverse split) and outstanding, respectively
|
81,148
|
353,995
|
|||||
Additional
paid-in capital
|
15,602,504
|
14,320,192
|
|||||
Treasury
stock, 1,469 and 1,469 shares at cost, respectively (Note 14)
|
(100,618
|
)
|
(100,618
|
)
|
|||
Stock
subscriptions receivable
|
(365,262
|
)
|
(11,325
|
)
|
|||
Other
comprehensive gain (loss)
|
219,585
|
(5,721
|
)
|
||||
Accumulated
deficit
|
(15,568,646
|
)
|
(13,601,438
|
)
|
|||
Total
Stockholders’ Equity
|
(120,948
|
)
|
963,185
|
||||
TOTAL
LIABILITIES AND STOCKHOLDERS'
|
|||||||
EQUITY
|
$
|
4,734,635
|
$
|
4,319,916
|
|||
The
accompanying notes are an integral part of these consolidated financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||
Consolidated
Statements of Operations and Other Comprehensive Income
(Loss)
|
|||||||
For
the Years Ended
|
|||||||
December
31,
|
|||||||
2006
|
|
2005
|
|||||
REVENUE
|
|||||||
Rental
revenue
|
$
|
184,230
|
$
|
257,627
|
|||
Sales
- Salon and Retail
|
1,649,365
|
124,262
|
|||||
Consulting
revenue
|
650
|
10,525
|
|||||
TOTAL
REVENUE
|
1,834,245
|
392,414
|
|||||
COST
OF REVENUE
|
|||||||
Cost
associated with rental revenue
|
94,517
|
143,605
|
|||||
Depreciation
and amortization associated with rental revenue
|
104,005
|
110,758
|
|||||
Cost
of sales - Salon and Retail
|
638,586
|
50,607
|
|||||
TOTAL
COST OF REVENUE
|
837,108
|
304,970
|
|||||
GROSS
INCOME (Note 16)
|
997,137
|
87,444
|
|||||
EXPENSES
|
|||||||
General
and administrative expense
|
2,871,214
|
627,854
|
|||||
Consulting
fees
|
2,345,598
|
56,805
|
|||||
Depreciation
and amortization expense
|
62,869
|
14,731
|
|||||
Interest
expense associated with rental revenue
|
142,591
|
144,876
|
|||||
TOTAL
EXPENSES
|
5,422,272
|
844,266
|
|||||
OPERATING
LOSS
|
(4,425,135
|
)
|
(756,822
|
)
|
|||
OTHER
INCOME (EXPENSE)
|
|||||||
Interest
expense
|
(128,666
|
)
|
(52,938
|
)
|
|||
Interest
expense - accretion of debt (Note 10)
|
(79,623
|
)
|
(16,440
|
)
|
|||
Interest
income
|
15,476
|
43,488
|
|||||
Income
from litigation settlement (Note 17)
|
109,791
|
206,500
|
|||||
Gain
on disposal of assets (Note 18)
|
34,124
|
756,471
|
|||||
Securities
received in agreement settlements (Note 19)
|
2,301,967
|
-
|
|||||
Unrealized
gain related to adjustment of derivative
|
|||||||
liability
to fair value of underlying security
|
73,393
|
114,286
|
|||||
Other
income (Note 20)
|
128,618
|
64
|
|||||
Other
expense (forgiveness of debt)
|
-
|
(305
|
)
|
||||
TOTAL
OTHER INCOME
|
2,455,080
|
1,051,126
|
|||||
NET
INCOME (LOSS) BEFORE MINORITY INTEREST
|
(1,970,055
|
)
|
294,304
|
||||
MINORITY
INTEREST IN (INCOME) LOSS
|
2,847
|
(65,368
|
)
|
||||
NET
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
$
|
(1,967,208
|
)
|
$
|
228,936
|
||
The
accompanying notes are an integrtal part of these consolidated
financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||
Consolidated
Statements of Operations and Other Comprehensive Income
(Loss)(Continued)
|
|||||||
For
the Years Ended
|
|||||||
December
31,
|
|||||||
2006
|
2005
|
||||||
(Revised)
|
|||||||
NET
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
$
|
(1,967,208
|
)
|
$
|
228,936
|
||
DISCONTINUED
OPERATIONS
|
|||||||
Loss
from operations expenses
|
-
|
(343,674
|
)
|
||||
Depreciation
expense
|
-
|
(15,810
|
)
|
||||
LOSS
FROM DISCONTINUED OPERATIONS (Note 22)
|
-
|
(359,484
|
)
|
||||
NET
LOSS
|
(1,967,208
|
)
|
(130,548
|
)
|
|||
OTHER
COMPREHENSIVE INCOME
|
|||||||
Change
in unrealized gain on marketable securities (Note 5)
|
225,306
|
1,046
|
|||||
TOTAL
COMPREHENSIVE LOSS
|
$
|
(1,741,902
|
)
|
$
|
(129,502
|
)
|
|
The
accompanying notes are an integral part of these consolidated financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||
Consolidated
Statements of Operations and Other Comprehensive Income (Loss)
(Continued)
|
|||||||
For
the Years Ended
|
|||||||
December
31,
|
|||||||
2006
|
2005
|
||||||
(Revised)
|
|||||||
NET
LOSS PER COMMON SHARE, BASIC:
|
|||||||
|
|||||||
Net
loss (before comprehensive income)
|
$
|
(1,967,208
|
)
|
$
|
(130,548
|
)
|
|
Net
loss per share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|
|
|||||||
Total
comprehensive Loss
|
$
|
(1,741,902
|
)
|
$
|
(129,502
|
)
|
|
Net
loss per share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|
|
|||||||
Weighted
average shares outstanding - basic
|
517,497,916
|
317,112,939
|
|||||
|
|||||||
|
|||||||
The
accompanying notes are an integral part of these consolidated financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||
Consolidated
Statement of Stockholders' Equity
|
|||||||||||||||||||||||||||||||
For
the Year Ended December 31, 2005
|
|||||||||||||||||||||||||||||||
Post
Reverse Split Effective February 20, 2007
|
|||||||||||||||||||||||||||||||
Number
|
|
|
|
Number
|
|
|
|
|
|
|
|
Stock
|
|
Other
|
|
|
|
Total
|
|
||||||||||||
|
|
of
Preferred
|
|
Preferred
|
|
of
Common
|
|
Common
|
|
|
|
Treasury
|
|
Subscriptions
|
|
Comprehensive
|
|
Retained
|
|
Stockholders
|
|
||||||||||
Description
|
|
Shares
|
|
Stock
|
|
Shares
|
|
Stock
|
|
APIC
|
|
Stock
|
|
Receivable
|
|
Income
- (Loss)
|
|
Deficit
|
|
Equity
|
|||||||||||
Balance
forward, Dec 31, 2004
|
8,100,000
|
$
|
8,100
|
174,794,583
|
$
|
174,795
|
$
|
14,211,805
|
$
|
(100,618
|
)
|
$
|
(375,009
|
)
|
$
|
(6,767
|
)
|
$
|
(13,470,890
|
)
|
$
|
441,416
|
|||||||||
Common
stock issued for services
|
-
|
-
|
99,675,000
|
99,675
|
20,350
|
-
|
-
|
-
|
-
|
120,025
|
|||||||||||||||||||||
Common
stock issued to EquitiLink, LLC (Rule 144 legend, Restr.)
|
-
|
-
|
10,000,000
|
10,000
|
10,000
|
-
|
-
|
-
|
-
|
20,000
|
|||||||||||||||||||||
Receipt
of cash on subscriptions receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
396,691
|
-
|
-
|
396,691
|
|||||||||||||||||||||
Return
of common stock issued to J. Fry, Jr. on 11/12/2004
|
-
|
-
|
(800,000
|
)
|
(800
|
)
|
(19,200
|
)
|
-
|
-
|
-
|
-
|
(20,000
|
)
|
|||||||||||||||||
Fair
value of options issued for past services
|
-
|
-
|
-
|
-
|
11,875
|
-
|
-
|
-
|
-
|
11,875
|
|||||||||||||||||||||
Intrinsic
value of options issued for past services
|
-
|
-
|
-
|
-
|
44,875
|
-
|
-
|
-
|
-
|
44,875
|
|||||||||||||||||||||
Common
stock issued for options exercised
|
-
|
-
|
40,000,000
|
40,000
|
(5,500
|
)
|
-
|
(34,500
|
)
|
-
|
-
|
-
|
|||||||||||||||||||
Common
stock issued to contractors applied to accounts payable
|
-
|
-
|
20,325,000
|
20,325
|
29,317
|
-
|
-
|
-
|
-
|
49,642
|
|||||||||||||||||||||
Common
stock issued to contractor for building improvements
|
-
|
-
|
5,000,000
|
5,000
|
5,000
|
-
|
-
|
-
|
-
|
10,000
|
|||||||||||||||||||||
Proceeds
from options stock sales applied to accounts payable
|
-
|
-
|
-
|
-
|
7,985
|
-
|
-
|
-
|
-
|
7,985
|
|||||||||||||||||||||
Change
in comprehensive loss to December 31, 2005
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,046
|
-
|
1,046
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||
Consolidated
Statement of Stockholders' Equity
|
|||||||||||||||||||||||||||||||
For
the Year Ended December 31, 2005
|
|||||||||||||||||||||||||||||||
Post
Reverse Split Effective February 20, 2007
|
|||||||||||||||||||||||||||||||
|
|
Number
|
|
|
|
Number
|
|
|
|
|
|
|
|
Stock
|
|
Other
|
|
|
|
Total
|
|
||||||||||
|
|
of
Preferred
|
|
Preferred
|
|
of
Common
|
|
Common
|
|
|
|
Treasury
|
|
Subscriptions
|
|
Comprehensive
|
|
Retained
|
|
Stockholders
|
|
||||||||||
Description
|
|
Shares
|
|
Stock
|
|
Shares
|
|
Stock
|
|
APIC
|
|
Stock
|
|
Receivable
|
|
Income
- (Loss)
|
|
Deficit
|
|
Equity
|
|||||||||||
Proceeds
for stock issued to R. Liebsch on 07/06/2005 greater than amount
shown as
applied to Accounts Payable above, requiring an adjustment to Common
APIC
|
-
|
-
|
-
|
-
|
3,685
|
-
|
-
|
-
|
-
|
3,685
|
|||||||||||||||||||||
Common
stock issued to Barry Burbank (restricted)
|
-
|
-
|
5,000,000
|
5,000
|
-
|
-
|
-
|
-
|
-
|
5,000
|
|||||||||||||||||||||
Apply
stock subscription receivable balance for Grant Anea (stock issued
11/12/2004) to Hallmark accounts payable. No evidence stock has
been sold
as of 12/31/2005.
|
-
|
-
|
-
|
-
|
-
|
-
|
1,493
|
-
|
-
|
1,493
|
|||||||||||||||||||||
Common
stock, originally issued to Hudson Consulting Group, part of Nexia
Holdings, Inc. consolidated group, returned and cancelled
|
-
|
-
|
(80
|
)
|
(0
|
)
|
-
|
-
|
-
|
-
|
-
|
(0
|
)
|
||||||||||||||||||
Net
consolidated loss for year ended December 31, 2005
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(130,548
|
)
|
(130,548
|
)
|
|||||||||||||||||||
Balance
at December 31, 2005
|
-
|
$
|
-
|
4,999,920
|
$
|
5,000
|
$
|
3,685
|
$
|
-
|
$
|
1,493
|
$
|
-
|
$
|
(130,548
|
)
|
$
|
(120,370
|
)
|
|||||||||||
The
accompanying notes are an integral part of these consolidated financial
statements
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||
Consolidated
Statement of Stockholders' Deficit
|
|||||||||||||||||||||||||||||||
For
the Year Ended December 31, 2006
|
|||||||||||||||||||||||||||||||
Post
Reverse Split Effective February 20, 2007
|
|||||||||||||||||||||||||||||||
Number
|
|
|
|
Number
|
|
|
|
|
|
|
|
Stock
|
|
Other
|
|
|
|
Total
|
|
||||||||||||
|
|
of
Preferred
|
|
Preferred
|
|
of
Common
|
|
Common
|
|
|
|
Treasury
|
|
Subscriptions
|
|
Comprehensive
|
|
Retained
|
|
Stockholders
|
|
||||||||||
Description
|
|
Shares
|
|
Stock
|
|
Shares
|
|
Stock
|
|
APIC
|
|
Stock
|
|
Receivable
|
|
Income
- (Loss)
|
|
Deficit
|
|
Equity
|
|||||||||||
Balance
forward, Dec 31, 2005
|
8,100,000
|
$
|
8,100
|
353,994,503
|
$
|
353,995
|
$
|
14,320,192
|
$
|
(100,618
|
)
|
$
|
(11,325
|
)
|
$
|
(5,721
|
)
|
$
|
(13,601,438
|
)
|
$
|
963,185
|
|||||||||
Intrinsic
value of options issued for past services
|
-
|
-
|
-
|
-
|
41,250
|
-
|
-
|
-
|
-
|
41,250
|
|||||||||||||||||||||
Fair
value of options issued for past services
|
-
|
-
|
-
|
-
|
19,500
|
-
|
-
|
-
|
-
|
19,500
|
|||||||||||||||||||||
Common
stock issued for options exercised
|
-
|
-
|
219,000,000
|
188,400
|
449,850
|
-
|
(394,704
|
)
|
-
|
-
|
243,546
|
||||||||||||||||||||
Stock
certificate returned and cancelled
|
-
|
-
|
(118
|
)
|
-
|
(11,800
|
)
|
-
|
-
|
-
|
-
|
(11,800
|
)
|
||||||||||||||||||
Adjust
stock subscriptions receivable for sale of stock at fair market
values
less than the value when the stock was issued
|
-
|
-
|
-
|
-
|
(12,397
|
)
|
-
|
12,397
|
-
|
-
|
-
|
||||||||||||||||||||
Adjust
for cash received on subscriptions receivable in excess of amount
receivable from an employee
|
-
|
-
|
-
|
-
|
(1,576
|
)
|
-
|
-
|
-
|
-
|
(1,576
|
)
|
|||||||||||||||||||
Common
stock issued for services
|
-
|
-
|
3,482,500
|
348
|
12,100
|
-
|
-
|
-
|
-
|
12,448
|
|||||||||||||||||||||
Add
net credit balance to common stock paid-in capital resulting from
writing
off intercompany balances by forgiving debt of other Nexia companies
or
debt being forgiven by other Nexia companies
|
-
|
-
|
-
|
-
|
7,118
|
-
|
-
|
-
|
-
|
7,118
|
|||||||||||||||||||||
Preferred
stock issued for increased investment in Landis
|
2,080,000
|
2,080
|
(76,579
|
)
|
(74,499
|
)
|
|||||||||||||||||||||||||
Preferred
stock issued for acquisition of Black Chandelier net assets from
DHX,
Inc.
|
157,500
|
158
|
241,454
|
241,612
|
|||||||||||||||||||||||||||
Preferred
stock issued for acquisition of Black Chandelier net assets from
DHX, Inc.
and making loan to Nexia Holdings, Inc.
|
3,000
|
3
|
14,997
|
15,000
|
|||||||||||||||||||||||||||
Adjust
stock subscriptions receivable for difference between market value
when
stock was issued and sales proceeds
|
-
|
-
|
-
|
-
|
(32,487
|
)
|
-
|
24,365
|
-
|
-
|
(8,122
|
)
|
NEXIA
HOLDINGS, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||
Consolidated
Statement of Stockholders' Deficit
|
|||||||||||||||||||||||||||||||
For
the Year Ended December 31, 2006
|
|||||||||||||||||||||||||||||||
Post
Reverse Split Effective February 20, 2007
|
|||||||||||||||||||||||||||||||
|
|
Number
|
|
|
|
Number
|
|
|
|
|
|
|
|
Stock
|
|
Other
|
|
|
|
Total
|
|
||||||||||
|
|
of
Preferred
|
|
Preferred
|
|
of
Common
|
|
Common
|
|
|
|
Treasury
|
|
Subscriptions
|
|
Comprehensive
|
|
Retained
|
|
Stockholders
|
|
||||||||||
Description
|
|
Shares
|
|
Stock
|
|
Shares
|
|
Stock
|
|
APIC
|
|
Stock
|
|
Receivable
|
|
Income
- (Loss)
|
|
Deficit
|
|
Equity
|
|||||||||||
Common
stock issued to Diversified Holdings X, Inc. re. acquisition of
net assets
of Black Chandelier operation from DHX, Inc.(restricted)
|
-
|
-
|
200,000,000
|
20,000
|
21,903
|
-
|
-
|
-
|
-
|
41,903
|
|||||||||||||||||||||