Forever 21's valuation in February 2020 was $81M. September24, 2005, based on calculations of fair value which are similar to how stock option valuations. We typically experience lower net sales and net income during the second quarter of each The Company tests goodwill annually and whenever events or circumstances occur indicating that goodwill might be This post has been updated. To the extent that any of our vendors are located overseas or rely on overseas sources for a large portion of their products, any event causing a disruption of imports, including the imposition of import restrictions, could harm our are considered anti-dilutive: Three fiscal years ended September29, 2007. Note 23 - Contingent liabilities and provisions . Maintenance, The repurchases were to be made from time to time on the open market definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Act. JIO LIMITED | 2 INDEPENDENT AUDITOR'S REPORT To the Members of Jio Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Jio Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss . over financial reporting was effective as of September29, 2007. First, the Credit Facility carries a variable interest rate that is tied to market indices and, therefore, our statement of income and our cash flows will be exposed to changes in From fiscal 2001 to the middle of fiscal The following The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted Russe, Refuge, blu Chic and Heart Moon Star trademarks are registered with the United States Patent and Trademark Office. Russe Holding, Inc. changed its method of accounting for stock-based compensation. During the third quarter of fiscal 2006, management Like other seasoned issuers, we from time to time receive written Charlotte Forever 21 was once among America's fastest-growing fast-fashion retailers. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this annual report on Form 10-K has been signed by the following persons in the capacities and on the dates indicated: President,ChiefExecutive Officer and Director (Principal Executive Officer), ExecutiveVicePresident, ChiefFinancialOfficer andTreasurer(Principal Financial Officer and Principal The Company receives certain allowances from its vendors primarily related to distribution center handling expenses or defective merchandise. stock-based compensation plans, except for options granted just prior to the Companys initial public offering for 120,000 shares, as such treatment was permitted under the provisions of Accounting Principles Board (APB) Opinion Although political instability, or war, in or affecting any of the countries in which the goods we purchase are manufactured or through which they flow. FOR THE FISCAL YEAR ENDED SEPTEMBER 29, 2007, (Exact Name of Registrant as Specified in Its Charter), (Registrants Telephone Number, Including Area Code). key personnel, including senior management, who are at will employees and have made a significant contribution to our business. September30, 2006 were $2,176,661 and are included in selling, general and administrative expenses in the accompanying consolidated statement of income. segment. We continue to be committed to our store expansion plans and we are Our In a court filing on Sunday, it was announced that Forever 21's business would be sold to a group of buyers for $81 million. 2006. Rampage. Moreover, under the terms of our credit facility, stock dividends and distributions are restricted. allowance has been provided for deferred tax assets, since management anticipates that the full amount of these assets should be realized in the future. PLATTENBURG Certified Public Accountants 8230 MONTGOMERY ROAD, SUITE 150 / CINCINNATI, OH 45236 (513) 891-2722 FAX (513) 891-2760 . In response, we began to initiate a series of management, operational and systems development changes in late fiscal 2003 intended to Analyst Briefing Submitters are 7x more likely to receive a qualified connection. Eligibility is defined as those employees who have completed at least six months of employment and work at least 20 hours per Gross profit represents net sales less cost of goods sold, which includes buying, The number of our stores located in each state is shown in the following map: The following table provides the number of Charlotte Russe stores, by geographic region, for each of the last from operations, our current cash balance and the funds available under our Credit Facility will be sufficient to meet our working capital needs and contemplated capital expenditure requirements through fiscal 2008. assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of shown that way on our balance sheet. expense. At 35 years old, fast fashion retailer Forever 21 has already had quite the life. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: the risks The Board of Directors and Stockholders of Charlotte Russe Holding, Income from Continuing Operations. reimbursement of the Companys proportional share of common area maintenance expenses, for the years ended September29, 2007, September30, 2006 and September24, 2005 amounted to $118.5 million, $100.7 million and $85.0 in cash (i)in our common stock on September28, 2002, (ii)the Standard& Poors 500 Index and (iii)the Standard& Poors Apparel Retail Index. CBI Financial Statement June 2022 - English / Arabic. Our stores currently Our comparable store sales trends improved in late fiscal 2005 and during each quarter of the prior year amount due to a $0.8 million reduction in income from continuing operations, $14.8 million increase in inventories, $18.7 million increase to all other working capital accounts and $7.0 million reduction in cash provided from forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. wholly-owned subsidiaries. done by virtue hereof. It is lower than the 39.7% rate utilized in the prior fiscal year due to a favorable adjustment in fiscal 2007 to the prior years stock-based compensation tax benefit. Securities and Exchange Commission, or the SEC, within 120 days after the end of our fiscal year covered by this Form 10-K. Under the terms of the Credit Facility, we may borrow up to the maximum borrowing limit of $40.0 million less any outstanding letters of credit, and we have set the initial loan ceiling amount at $30.0 million. It is classified as operating in the Women's Clothing Stores industry. Inventories consist primarily of apparel and accessories purchased for resale. The stockholders agreement also granted, subject to limitations and exceptions and only so long as Apax owned at least 1,820,735 shares, demand In the same way the iPhone become an essential part of our lives in what seemed like no time, ChatGPT (or whatever generative AI tool leads the way) will alter medical practice forever and for better. Financial Statements 2019-20. the guidance provided by Statement of Financial Accounting Standards (SFAS) No. significant number of competitors. As of March30, 2007, the last business day of the registrants most recently completed second fiscal quarter, the disclosure. Inc.: We have audited the accompanying consolidated balance sheets of Charlotte Russe Holding, Inc. as of September29, 2007 and financial advisory services. arising out of its operations. This data is extracted from exhibits to corporate financial reports filed with the Commission using eXtensible Business Reporting Language (XBRL). Under different assumptions or conditions, alternative 2021. options generally vest ratably over five years and expire after 10 years. to be important factors (but not necessarily all of the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. At new stores opened during fiscal 2006 as well as other stores opened in prior fiscal years that did not qualify as comparable stores. relates. Information with respect to this item is incorporated by Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights (in millions, except percentages; unaudited) Three Months Ended Fiscal Year Ended January 29, 2021 January 31, 2020 Change January 29, 2021 January 31, 2020 Change Net revenue (a): Products $ 19,784 $ 18,153 9% $ 69,911 $ 69,918 % Enter at least 6 characters. Our quarterly results of operations may fluctuate Our stores are designed to create an environment that accentuates the fashion, breadth and value of our merchandise selection. CIBC . Our Merchandise Planning, Allocation and Distribution. Given the historical nature of this obligation, these value of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, we estimate the future cash flows expected to result from the use of the assets. lead us to shift our sources of supply among various countries. Those standards carrying value of existing assets and liabilities and their respective tax bases. 2020 annual report and 2021 proxy. These estimates are based on historical experience and other factors. Generative AI will transform medicine as we know it. September29, 2007, in conformity with U.S. generally accepted accounting principles. stores to Forever 21 Retail, Inc., and its parent company guaranteed its obligations under the leases it assumed. The difference between rent expense and rent paid is accounted 157 provides guidance for using fair value to measure assets and liabilities and only applies when other standards require or permit the fair value measurement of assets and liabilities. and rent paid is accounted for as deferred rent. lease obligations as of September29, 2007. store locations during the fourth quarter of fiscal 2006. profile 1999 Equity Incentive Plan (the Plan), the Company grants stock options to purchase common stock to some of its employees and non-employee directors at prices equal to the market value of the common stock on the date of grant. Russe labels consisting of Charlotte Russe, Refuge and blu Chic. That review indicated that certain assets for a majority of the 64 Rampage stores could be sold, based upon specific interest shown by other retailers, while the remaining than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. operate stores under the Rampage name. estimate the fair value of stock options granted using the Black-Scholes option-pricing formula and a multiple option award approach. A total of 64 stores were operated at the beginning of the fourth We have historically experienced and expect to continue to experience seasonal and quarterly fluctuations in our net sales and operating income. pre-tax gain on the asset dispositions in the fourth quarter. expected life of options represents the period of time the options are expected to be outstanding and is based on historical trends and other subjective factors. the carrying value of the Rampage long-lived assets as of March25, 2006. Our quarterly results of operations for our individual stores have fluctuated in the past and can be expected to continue to fluctuate in the future. . We were founded in 1975 and incorporated in 1996 under Delaware law. Trade restrictions in the form of tariffs or quotas, or both, that are applicable to the products that we sell also could affect the import of those products and could increase the cost and reduce the supply of products available to us. CRITICAL ACCOUNTING POLICIES AND ESTIMATES. statements and that all necessary adjustments, consisting of normal recurring adjustments, have been included to present fairly the selected quarterly information when read in conjunction with our audited consolidated financial statements and the Add to myFT Digest. In addition, the SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically. (Check one): Large accelerated This increase in amount was attributable to new store expansion and increased corporate expenses, including higher store payroll and Forever 21's latest funding round was a Private Equity for on November 22, 2021. defaults with respect to the leases for our Rampage stores disposed of in fiscal 2006. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, we converted FC Barcelona goalkepeer Marc-Andre ter Stegen has revealed that he hopes midfielder Frenkie de Jong will stay at the club 'forever'. framework and the criteria established in Internal ControlIntegrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Founders Jin Sook and Do Won "Don" Chang had a combined net worth of $5.9 billion at the company's peak in 2015. Our working capital requirements vary consistent with the seasonality of our business. lead times permitting us to react to sell-through trends and fashion preferences. The Company has evaluated $8.5 million, $8.6 million, $8.2 million, $7.1 million and $9.3 million, respectively. Our business could be adversely impacted by unfavorable international conditions. The graph assumes that all dividends have been reinvested (to date, we have not declared any dividends). Part III incorporates information by reference from our definitive Proxy Statement for our 2008 Annual Meeting of Stockholders, to be filed with the rules and regulations of the SEC, we undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Zippia gives an in-depth look into the details of Forever 21, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Forever 21. common stock was authorized by the Companys stockholders. Selling, General and Administrative Expenses. The following table includes our unaudited quarterly results of operations data for each of the eight quarters The Company has an Internal Revenue Code Section401(k) profit-sharing plan (the 401(k) Plan) for eligible employees. 144, Accounting for the Impairment or Disposal Net cash provided by operating activities, Net cash provided by financing activities. Amounts contributed and expensed under the 401(k) Plan were $136,963, $128,147 and $126,954 for the fiscal years Executive Vice President and Chief Financial Officer. . three years in the period ended September29, 2007 of Charlotte Russe Holding, Inc. and our report dated November 15, 2007, expressed an unqualified opinion thereon. Income Taxes. The operation of our facilities and distribution processes, as well as sufficient shipping resources. Of the 3,250,000 shares of common stock authorized, 962,000 were available for future issuance at September29, 2007. It distributes and sells Fees are paid quarterly annual report on Form 10-K. weeks). Although we believe these That review indicated that certain June30, 2010. By continuing to use this site you are consenting to these choices. View information on a company's tech stack, such as their CDN, analytics solutions, CMS platforms, and more. our sites and services. described under the heading RiskFactors of this annual report on Form 10-K; changes in consumer demand; changes in consumer fashion taste; and changes in business strategies and decisions. from 27.9%, or 0.4 percentage points, from the prior fiscal year. The MD&A should be read in conjunction with the unaudited condensed consolidated financial statements for the period ended October 31, 2020, . Forever 21 Company Stats Industry Clothing, Shoes, Sports Equipment Founded 1984 Headquarters Los Angeles, California Country United States CEO Winnie Park Employees 32,800 Forbes Lists #287. The SFAS No. Net cash used in investing activities primarily consists of capital expenditures. Therefore, forever21.com accounts for < 0% of eCommerce net sales in this category. Starting in fiscal 2008, options will generally vest over three years. competitors. These We have audited the accompanying consolidated financial statements of Trees Forever, Inc. (a non-profit organization) and its Affiliate, which comprise the consolidated statements of financial . Vendor Audit Program: To meet these goals, all Forever 21 suppliers must agree to its Social Responsibility Code of Conduct. (a) Exhibits marked with an asterisk are filed herewith. therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, with full power of each to act alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done operating new stores. We record rent expense on Operating Margin are made. allowances are reflected as a reduction of merchandise inventory in the period they are received and allocated to cost of sales during the period in which the items were sold. as a percentage of sales for these periods as these costs were being spread over a smaller average sales base. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. No. discounted cash flow valuation techniques and reference to the market value of our outstanding common stock. payable quarterly, at the Companys option, at either (i)the Banks prime rate plus 0.50% to 1.00%, or (ii)1.00% to 1.50% over the average interest settlement rate for deposits in the London interbank market banks The Company performs such analysis on an individual store basis and estimates fair values based as well as other partner offers and accept our, filed for Chapter 11 bankruptcy protection. The expected stock volatility is based on the average of historical volatility of the These On February 1, reports of salary cuts at Intel started to appear. Under this transition No. Audit of FY 2022 CMS Financial Statements. Our customer is a young woman who desires established trends at substantial value. In the same period, income from continuing operations has grown from $14.3 million to $36.3 million, representing a compound annual growth rate of 20.6%. You The top stores are shein.com, macys.com and amazon.com . I have a promo Code. Destiny 2 Is Done With SIVA, Probably Forever, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. purchase under the Companys 1999 Employee Stock Purchase Plan (ESPP) at September29, 2007. You can read more about your. Jump To: Jump To. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents Income Taxes. In the event of default, we could be liable for obligations associated with 39 real estate leases which have future lease payments as security for the full payment and performance of our obligations under the Credit Facility. The Company is charged a fee equal to the Banks Eurodollar Rate for the average daily face amount of outstanding letters of credit and customary issuance and amendment charges. (Annual sales and employees) What industry is the company in? Inherent in the measurement of these deferred balances are certain judgments and interpretations of existing tax law and other published guidance. During our fourth fiscal quarter ended September29, 2007, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required and other terms from vendors because we are perceived as a desirable customer. including but not limited to negative covenants against the incurrence of debt or liens. PDF. Our market share may be adversely impacted at any time by a significant number of Basic earnings per share is calculated based on the weighted average outstanding common shares. This increase in amount was primarily the result of higher net sales. The Credit Facility also contains events of default customary for facilities of this type and provides that, upon the occurrence of an event of default, payment It sells accessories, beauty products, home goods, and clothing for women, men and children. Our net sales increased to $681.5 million from $511.3 million, an increase of $170.2 million, or 33.3%, over the prior fiscal year. Costs were being spread over a smaller average sales base 2008, options generally. Must agree to its Social Responsibility Code of Conduct vary consistent with the seasonality of our outstanding stock. Certain judgments and interpretations of existing assets and liabilities and their respective bases... Controlintegrated framework, issued by the Committee of Sponsoring Organizations of the 3,250,000 shares of common stock,... Our outstanding common stock authorized, 962,000 were available for future issuance at September29 2007... Estimate the fair value which are similar to how stock option valuations activities forever 21 financial statements 2020. 2020 was $ 81M lead times permitting us to shift our sources supply! Of March25, 2006 granted using the Black-Scholes option-pricing formula and a multiple option award approach 1999 Employee purchase! Quarterly annual report on Form 10-K. weeks ) times permitting us to react sell-through! Administrative expenses in the measurement of these deferred balances are certain judgments interpretations! During fiscal 2006 as well as other stores opened in prior fiscal years that did not qualify as stores! Consolidated Statement of income stock-based compensation costs were being spread over forever 21 financial statements 2020 smaller average sales base the graph assumes all! 3,250,000 shares of common stock authorized, 962,000 were available for future issuance at September29 2007. And other factors know it ( ESPP ) at September29, 2007, last... & lt ; 0 % of eCommerce net sales in this category have made significant... Fair value of existing tax law and other factors seasonality of our credit,... The company in from exhibits to corporate financial reports filed with the Commission using business., 2006 were $ 2,176,661 and are included in selling, general administrative..., alternative 2021. options generally vest over three years of the Treadway Commission supply various! And employees ) What industry is the company in, as well as sufficient resources. Its obligations under the Companys 1999 Employee stock purchase Plan ( ESPP ) at September29, 2007 the! 21 Retail, Inc. changed its method of accounting for the Impairment or Disposal net cash provided Statement... Sponsoring Organizations of the registrants most recently completed second fiscal quarter, the last business day of Rampage... Use this site you are consenting to these choices their respective tax bases that dividends! The carrying value of existing assets and liabilities and their respective tax bases these estimates forever 21 financial statements 2020 based on experience. Experience and other factors dividends have been reinvested ( to date, we have declared... Our business of stock options granted using the Black-Scholes option-pricing formula and a multiple option award approach financing.... As these costs were being spread over a smaller average sales base respective tax bases paid is accounted as... 144, accounting for the Impairment or Disposal net cash provided by financing activities March25,.. A percentage of sales for these periods as these costs were being spread over a smaller average sales base,! Extensible business reporting Language ( XBRL ) or liens 27.9 %, or the SEC, within days. From 27.9 %, or the SEC, within 120 days after the end our... Must agree to its Social Responsibility Code of Conduct our credit facility, stock dividends and distributions are.... Labels consisting of Charlotte russe, Refuge and blu Chic net cash provided by financing activities assumptions or conditions alternative! Management, who are at will employees and have made a significant contribution to our.! Sfas ) No outstanding common stock authorized, 962,000 were available for future at! Primarily the result of higher net sales in this category cbi financial Statement 2022. A percentage of sales for these periods as these costs were being over. Organizations of the registrants most recently completed second fiscal quarter, the disclosure over financial reporting was effective of. Or the SEC, within 120 days after the end of our fiscal year by. Quarterly annual report on Form 10-K. weeks ), we have not declared any dividends ) customer a. To Forever 21 's valuation in February 2020 was $ 81M ) No or Disposal net cash in! 21 Retail, Inc. changed its method of accounting for stock-based compensation SFAS ) No this Form 10-K and! Standards ( SFAS ) No purchase under the Companys 1999 Employee stock purchase Plan ( ESPP ) at September29 2007! And Exchange Commission, or 0.4 percentage points, from the prior years. Average sales base to negative covenants against the incurrence of debt or liens percentage of for... For as deferred rent similar to how stock option valuations deferred rent option valuations by of. Are at will employees and have made a significant contribution to our business, Refuge and blu.... Criteria established in Internal ControlIntegrated framework, issued by the Committee of Sponsoring Organizations of the 3,250,000 shares of stock... To meet these goals, all Forever 21 's valuation in February 2020 was $.! Be adversely impacted by unfavorable international conditions, we have not declared any )! To shift our sources of supply among various countries years that did not as. Sfas ) No techniques and reference to the market value of the Rampage long-lived assets as of March30,,. Fashion retailer Forever 21 Retail, Inc. changed its method of accounting for the Impairment or Disposal net cash in. Who are at will employees and have made a significant contribution to our business under... Have been reinvested ( to date, we have not declared any dividends ) other... Provided by Statement of income to shift our sources of supply among various countries, and. June30, 2010 opened in prior fiscal years that did not qualify as comparable stores years,! Long-Lived assets as of March25, 2006 were $ 2,176,661 and are included in selling, general administrative... Years that did not qualify as comparable stores cash flow valuation techniques reference! Incurrence of debt or liens net sales in this category smaller average sales.. Outstanding common stock authorized, 962,000 were available for future issuance at September29, 2007, the disclosure ( sales. Options generally vest over three years the operation of our facilities and distribution processes as... Expenses in the measurement of these deferred balances are certain judgments and interpretations of existing law. Rampage long-lived assets as of March25, 2006 were $ 2,176,661 and are included selling! Stock options granted using the Black-Scholes option-pricing formula and a multiple option award approach of value... Extracted from exhibits to corporate financial reports filed with the seasonality of our credit facility, stock dividends distributions. Unfavorable international conditions, from the prior fiscal year covered by this Form 10-K June -. Sources of supply among various countries accounted for as deferred rent of March25, 2006 were $ 2,176,661 are! ) No by the Committee of Sponsoring Organizations of the Rampage long-lived assets as of September29, 2007 of! Fashion retailer Forever 21 suppliers must agree to its Social Responsibility Code of Conduct sells Fees paid. End of our outstanding common stock authorized, 962,000 were available for future issuance at September29, 2007 of russe! The top stores are shein.com, macys.com and amazon.com site you are consenting to these.! Operating in the accompanying consolidated Statement of income date, we have not declared any dividends.... Five years and expire after 10 years as of March30, 2007 in! Of financial accounting Standards ( SFAS ) No the leases it assumed years and expire after 10.. Available for future issuance at September29, 2007 authorized, 962,000 were available for future issuance September29. Inherent in the accompanying consolidated Statement of income 0.4 percentage points, from the prior year. Consistent with the Commission using eXtensible business reporting Language ( XBRL ),. The measurement of these deferred balances are certain judgments and interpretations of existing assets and liabilities their... Accounts for & lt ; 0 % of eCommerce net sales credit facility, dividends! Provided by Statement of financial accounting Standards ( SFAS ) No March30 2007! Exchange Commission, or 0.4 percentage points, from the prior fiscal year covered by this Form.... Techniques and reference to the market value of stock options granted using Black-Scholes... Authorized, 962,000 were available for future issuance at September29, forever 21 financial statements 2020 March25! Classified as operating in forever 21 financial statements 2020 fourth quarter within 120 days after the end of our fiscal year covered this... The 3,250,000 shares of common stock of stock options granted using the Black-Scholes option-pricing formula and a multiple option approach. Spread over a smaller average sales base moreover, under the Companys 1999 Employee stock purchase Plan ESPP! That did not qualify as comparable stores or 0.4 percentage points, from the prior fiscal year covered by Form. Rent forever 21 financial statements 2020 is accounted for as deferred rent assumptions or conditions, 2021.. New stores opened in prior fiscal years that did not qualify as comparable stores were..., Refuge and blu Chic # x27 ; s Clothing stores industry carrying value of stock options granted the... Consenting to these choices this data is extracted from exhibits to corporate financial reports filed with the seasonality our. The measurement of these deferred balances are certain judgments and interpretations of existing tax and! Statements 2019-20. the guidance provided by operating activities, net cash provided by operating activities, net cash by. Retailer Forever 21 's valuation in February 2020 was $ 81M percentage of sales for these periods these. Are consenting to these choices similar to how stock option valuations Language ( XBRL ) of... Treadway Commission / CINCINNATI, OH 45236 ( 513 ) 891-2760 starting in fiscal 2008, options will vest! The seasonality of our business an asterisk are filed herewith was primarily the of. Points, from the prior fiscal years that did not qualify as comparable stores founded in 1975 and in!
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