Page 8 THE EVERETT ADVOCATE – FRiDAy, SEpTEmbER 15, 2023 RESNEK | FROM PAGE 1 or of Everett. The accountant was then shown an exhibit from the Dorchester Publications Profit & Loss statements from January 1 through November 20, 2019, that was provided by Alissa Johnson, which showed the newspaper had lost approximately $129,000. The company balance sheet showed the company’s assets amounted to $849 for 2019, with debts in the amount of $234,417.38 that were owed to Philbin’s various entities he owned. By year’s end of 2019, the fi nancial picture for the newspaper showed an income of approximately $112,000, expenses toOur 51st Anniversary Dan - 1972 We Sell Cigars & Accessories! ALL MAJOR BRANDS Singles * Tins * Bundles * Boxes * Travel Humidors * Desk Top Humidors * Many Types of Lighters * Ash Trays * Juuls * Vapes * Glass Pipes * Rewards Program * CBD Infused Products * GIFTS UNDER $30 - GIFT CERTIFICATES SMOKER’S DELIGHT! 15 HANDMADE CIGARS! Four-Year-Old Tobacco * 100% Long Filler * Cellophane $43.95 STORE HOURS: Mon. - Sat.: 9AM - 7PM Sunday & Holidays: 9AM - 6PM R.Y.O. TOBACCO & TUBES ON SALE! WE MAKE ALL HOUSE KEYS! A.B.C. CIGAR 170 REVERE ST., REVERE (781) 289-4959 J& • Reliable Mowing Service • Spring & Fall Cleanups • Mulch & Edging • Sod or Seed Lawns • Shrub Planting & Trimming • Water & Sewer Repairs Joe Pierotti, Jr. S LANDSCAPE & MASONRY CO. Masonry - Asphalt • Brick or Block Steps • Brick or Block Walls • Concrete or Brick Paver Patios & Walkways • Brick Re-Pointing • Asphalt Paving www.JandSlandscape-masonry.com • Senior Discount • Free Estimates • Licensed & Insured 617-389-1490 Designing and Constructing Ideas that are “Grounds for Success” Landscaping Chris 2023 taling approximately $254,000, total assets of $3,260.83, and it losing approximately $146,492. Atty. Jeff rey Robbins asked Sparrow, “Mr. Philbin, according to this balance sheet that was provided to you, had loaned Dorchester Publications $254,000?” “Except for that ‘Due to/from LOC 2110’ in the amount of $128,800,” replied Sparrow, referring to a possible Line of Credit from the bank. In another exhibit, for Dorchester Publications Profi t & Loss balance sheet for 2020, the total income for the newspaper was $117,076.74 with total expenses for that year at $198,810, showing the company lost $73,733.59. The total liabilities for 2020 amounted to $225,739. “So at the end of 2020, Dorchester Publications liabilities were about – were more than 10 times the assets, correct?” asked the attorney. “Yes,” replied Sparrow. It was also noted by the attorney that the CPA marked “must be paid back” by the line item under liabilities for the amount of $28,100 in Covid relief or PPP money from the federal government. The balance sheet for 2020 also showed that Philbin loaned Dorchester Publications approximately $185,000 under “Total Due to/from MTP” – initials for Matthew T. Philbin. But Sparrow said he questioned whether that was accurately reported by the company bookkeeper. “The LOC tells me that it’s a bank loan and I don’t really know – I don’t really know if it’s a bank loan or not,” he said. When asked if he relied on the balance sheet to perform his work, Sparrow stated that on a single-member LLC, he only reports the income statement. Asked if he agreed with the attorney if, according to the Dorchester Publications 2020 December balance sheet, the company’s liabilities exceeded 10 times what its assets were, Sparrow stated, “yes.” Regarding the exhibit which provided Dorchester Publications Profi t & Loss statement and balance sheet for calendar year 2021, Atty. Robbins inquired about the total income for the newspaper of $82,303 and total expenses for the newspaper totaling approximately $159,000-plus; twice its income. “And the newspaper lost, in 2021, $116,500, correct?” asked Robbins. “Yes,” replied Sparrow. According to the information provided during the deposition, the newspaper, in the years 2019, 2020 and 2021, had lost approximately $334,720. It might also be safe to say the company lost money in 2018 and 2022 as well, although Sparrow stated that he hasn’t prepared the company’s 2022 tax returns yet so he wouldn’t know. So at the end of 2021, RESNEK | SEE PAGE 14 Lawrence A. Simeone Jr. Attorney-at-Law ~ Since 1989 ~ * Corporate Litigation * Criminal/Civil * MCAD * Zoning/Land Court * Wetlands Litigation * Workmen’s Compensation * Landlord/Tenant Litigation * Real Estate Law * Construction Litigation * Tax Lein * Personal Injury * Bankruptcy * Wrongful Death * Zoning/Permitting Litigation 300 Broadway, Suite 1, Revere * 781-286-1560 Lsimeonejr@simeonelaw.net Need a hall for your special event? The Schiavo Club, located at 71 Tileston Street, Everett is available for your Birthdays, Anniversaries, Sweet 16 parties and more? Call Dennis at (857) 249-7882 for details.
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