Back to top
FORM 5500 DATA

AI Industries, Inc. Employee Stock Ownership Plan

Overview

Plan Information

  • Plan Year01/01/2006 — 12/31/2006
  • Date of Plan01/01/2006
  • Net Assets as of 12/31/2006 $-19,207,386
  • Plan Number2
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Report DescriptionThis is the first report filed for the plan.
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2006

  • Active (Eligible) Participants54
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits0
  • Subtotal54
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total54
  • Total number of participants as of 01/01/20060
  • Number of participants with account balances52
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0
  • Number of participants required to be reported on Schedule SSA0

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address1725 E Bayshore Rd Ste 101
  • CityRedwood City
  • StateCA
  • Zip94063-4145
  • Telephone(650) 366-8859
  • EIN94-2932458
  • Industry Code332900
  • Named AdministratorDanny Pham
  • Named Plan SponsorCharles Both

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Benefits Provided Under the Plan

Code Benefit Description
2I Stock bonus A stock bonus plan is a type of profit-sharing by which a corporation uses its own stock to make contributions and distributions.
2P Leveraged ESOP An Employee Stock Ownership Plan (ESOP) that acquires employer securities with borrowed money or other debt-financing techniques.
2Q S Corporation ESOP The employer maintaining this Employee Stock Ownership Plan (ESOP) is an S Corporation.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? No
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan at any time hold 20% or more of its assets in any single security, debt, mortgage, parcel of real estate, or partnership/joint venture interest? No $9,905,500
Are you claiming a waiver of the annual examination and report of an independent qualified public accountant (IQPA) under 29 CFR 2520.104-46? Yes
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No

Financials

Income and Expense Statement

Income $-18,713,876
Contributions $0
Cash Contributions $500,000
Cash from Employers $500,000
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Other Income $-19,213,876
Expenses $493,510
Total Benefit Payments $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Other Expenses $493,510
Net Income $-19,207,386
Transfers of Assets to (from) this Plan $0

Asset and Liability Statement

12/31/2006 12/31/2005 Change YOY
Total Assets $9,905,500 $0 0.0%
Total Liabilities $29,112,886 $0 0.0%
Net Assets $-19,207,386 $0 0.0%

Specific Assets Statement

Held? Amount
Total Specific Assets No $9,905,500
Partnership/joint venture interests Yes $0
Employer Real Property Yes $0
Real Estate Yes $0
Employer Securities No $9,905,500
Participant Loans Yes $0
Loans (other than to participants) Yes $0
Tangible Personal Property Yes $0

Service Providers

Service Providers

There are no service providers listed for this plan.

Investments

Investments

No investments information available for this plan.

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.