Following the discharge of the Irelandia loan facility and other accrued expenses
and liabilities, it is expected that Merrion will retain approximately EUR 4m cash, and a number of IP assets.
A matching principle applied to accrued expenses
owed by a domestic taxpayer to a related foreign person.
978 26,785 Investments-Endowment 50 50 Fixed Assets, Net 3,433 3,019 Trust Assets-Deferred Compensation 786 716 TOTAL ASSETS S 44,109 $ 43,185 LIABILITIES AND NET ASSETS: Current Liabilities: Accounts Payable S 634 S 577 Accrued Expenses
1,544 1,188 Deferred Revenues 8,703 9,777 Deferred Lease Costs, Current Portion 200 194 Total Current Liabilities 11,081 11736 Deferred Lease Costs, Less Current Portion 1,851 1,844 Deferred Compensation 786 716 TOTAL LIABILITIES 13,718 14,296 Commitments Met Assets: Unrestricted: Board Designated 7,500 6,500 Undesignated 20,921 20,300 Temporarily Restricted 1,920 2,039 Permanently Restricted 50 50 Total Net Assets 30,391 28,889 TOTAL LIABILITIES AND NET ASSETS $ 44,109 $ 43,185
Since our currently available cash and cash equivalents is not adequate to meet our accounts payable and accrued expenses
, we have engaged a law firm that specializes in work-out and bankruptcy matters to assist us in attempting to negotiate with and reduce amounts owed to our vendors.
The decrease in operating and net income is primarily due to the same realization of prior years' revenue plus the reversal of accrued expenses
related to a legal settlement of approximately $61,000 - both of which occurred in the quarter ended September 30, 2007.
847 LIABILITIES AND NET ASSETS: Current Liabilities: Accounts Payable $577 $ 328 Accrued Expenses
1,188 1,234 Deferred Revenues 9,777 10,411 Deferred Lease Costs.
Excluding the recognition of prior year revenue and the reversal of accrued expenses
related to a legal settlement, net income decreased by approximately $61,000 from the first quarter of the prior fiscal year.
TABLE OMITTED] Footnotes: (a) The difference between total assets and total net assets is due primarily to the issuance of preferred stock and/or the Fund's use of borrowings; total assets do not include accrued expenses
, other liabilities, borrowings and the redemption value of preferred stock, if any.
Non-interest expenses for 2006 include accrued expenses
, net of the related income tax benefits, of approximately $102,000 for retirement plans that we implemented in 2006.