VELOCE CAP FUND 1, LP
AUDITED FINANCIAL STATEMENTS
PERIOD ENDED JUNE 30, 2023
F-1
VELOCE CAP FUND 1, LP
TABLE OF CONTENTS
PERIOD ENDED JUNE 30, 2023
| Page | |
| Financial Statements: | |
| Balance Sheet | F-3 |
| Statements of Operations | F-4 |
| Statements of Changes in Members’ Equity | F-5 |
| Statements of Cash Flows | F-6 |
F-2
| VELOCE CAP FUND 1, LP |
| BALANCE SHEET |
| JUNE 30, 2023 |
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 40,987 | ||||||
| Accounts receivable | 3,432 | |||||||
| Organization costs, net | 20,000 | |||||||
| Trust deed notes receivable | 875,000 | |||||||
| TOTAL ASSETS | $ | 939,419 | ||||||
| LIABILITIES AND MEMBERS’ DEFICIT | ||||||||
| CURRENT LIABILITIES | ||||||||
| Management fees payable | $ | 9,274 | ||||||
| Incentive fees payable | 3,209 | |||||||
| Admin fees payable | 3,750 | |||||||
| Audit fees payable | 6,000 | |||||||
| Organization costs payable | 25,000 | |||||||
| TOTAL CURRENT LIABILITIES | $ | 47,233 | ||||||
| MEMBERS’ EQUITY - PER ACCOMPANYING STATEMENT | 892,186 | |||||||
| TOTAL LIABILITIES AND MEMBERS’ EQUITY | $ | 939,419 |
F-3
| VELOCE CAP FUND 1, LP |
| STATEMENT OF INCOME AND EXPENSE |
| JUNE 30, 2023 |
| REVENUE | ||||||||
| Interest Income | $ | 89,945 | ||||||
| TOTAL REVENUE | 89,945 | |||||||
| OPERATING EXPENSES | ||||||||
| Operating expenses | $ | 25,160 | ||||||
| TOTAL OPERATING EXPENSES | 25,160 | |||||||
| NET INCOME | $ | 64,785 | ||||||
F-4
| VELOCE CAP FUND 1, LP |
| STATEMENT OF CHANGES IN PARTNERS’ EQUITY |
| JUNE 30, 2023 |
| PARTNERS’ | ||||
| EQUITY | ||||
| DECEMBER 31, 2023 | $ | 502,401 | ||
| Net income | 64,785 | |||
| Partner Contributions | 325,000 | |||
| June 30, 2024 | $ | 892,186 | ||
F-5
| VELOCE CAP FUND 1, LP |
| STATEMENT OF CASH FLOWS |
| JUNE 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net income | $ | 64,785 | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Amortization of organization costs | 2,500 | |||
| Increase in management fee payable | 7,265 | |||
| Increase in other payables | 9,750 | |||
| NET CASH PROVIDED BY OPERATIONS | 84,300 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Trust deed notes purchased | 500,000 | |||
| Trust deed notes receivable - funded | (875,000 | ) | ||
| NET CASH USED IN INVESTING | (375,000 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Capital contributions | 324,900 | |||
| NET CASH PROVIDED BY FINANCING | 324,900 | |||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 34,200 | |||
| CASH AND CASH EQUIVALENTS - DECEMBER 31, 2023 | 6,787 | |||
| CASH AND CASH EQUIVALENTS - JUNE 30. 2024 | 40,987 | |||
F-6
