SW logo Litho Sales Figures

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Statement of Net Proceeds in USD

Description
USA Office
BobbieG
Europe Office
Soren Hilligsoe
Total
Quantity
Amount
Quantity
Amount
Quantity
Amount
Revenue            
     Litho Sales (62 of 200 sold @ $75) 47  3,525.00  15  1,125.00  62  4,650.00 
     Compensatory lithos 10      14 
     Other Income       26.49  26.49 
     Inter-Office Transfer (50% of printing & design costs)   (964.46)   964.46 
     Inter-Office Transfer (additional subsidy to Europe)   (1,184.18)   1,184.18 
     Inter-Office Transfer (to be remitted to charity)   251.08    (251.08)
Total Revenue 57  1,627.44  19  3,049.05  76  4,676.49 
Expenses            
     Design and Printing     (4) (1,928.91) (4) (1,928.91)
     Shipping   (205.27)   (535.84) (741.11)
     Bank Charges       (59.30) (59.30)
     Royalties (10)     (525.00) (10) (525.00)
Total Expenses (10) (205.27) (4) (3,049.05) (14) (3,254.32)
Net Proceeds 47  1,422.17  15  0.00  62  1,422.17 
Remittances To Charity   (1,422.17)   0.00  0.00 

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Statement of Disposition of Lithographs

Description
USA Office
BobbieG
Europe Office
Soren Hilligsoe
Total
Available For Distribution      
    Production   200  200 
    Inter-Office Transfer 100  (100)
Total Available For Distribution 100  100  200 
Distributions      
    Sales (62 of 200 sold @ $75) (47) (15) (62)
    Compensatory Lithos (10) (4) (14)
Total Distributions (57) (19) (76)
Net Unsold 43  81  124 
Unsold Lithos Forwarded To Winwood Offices (43) 0 (43)
Remainder Outstanding 0  81  81

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USA Transaction Record in USD
BobbieG reporting
(Even-numbered Lithos # 2-200)

Description Date Receipts Disbursements Balance
Litho # 2-60 (30 total) sold @ $75 per litho 12/98-01/99 2250.00
2250.00
     Mailing tubes (see note 1)

(49.00) 2201.00
     Postage (see note 2)

(52.36) 2148.64
Sent to Soren Hilligsoe (50% of design & printing costs) 01/14/99
(964.46) 1184.18
Sent to Soren Hilligsoe (subsidy of European costs) 01/14/99
(1184.18) 00.00
Litho # 62-94 (17 total) sold @ $75 per litho 01/99-05/00 1275.00
1275.00
     Mailing tubes

(28.75) 1246.25
     Postage

(40.42) 1205.83
Litho # 100-118 (10 total) sent to Lynn Goldmsith (see note 3) 09/12/01 00.00
1205.83
     Mailing tubes

(3.25) 1202.58
     Postage

(5.83) 1196.75
Litho # 96, 98, 120-200 (43 total) sent to Winwood's office 11/01/01 00.00
1196.75
     Mailing tubes

(9.86) 1186.89
     Postage

(15.80) 1171.09
Sent in honor of all the victims of 9/11 to the
American Red Cross at Steve and Eugenia Winwood's request
04/23/02
(1171.09) 00.00
Received from Soren Hilligsoe (to be forwarded to charity) 05/03/02 251.08
251.08
Sent to the American Red Cross 05/06/02
(251.08) 00.00

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European Transaction Record in USD
Soren Hilligsoe reporting
(Odd-numbered Lithos # 1-199)

Description
(no dates given)
Receipts Disbursements
(Soren's exchange rate)
(see note 4)
Balance
(Soren's exchange rate)
Disbursements
(FX History exchange rate)
Balance
(FX History exchange rate)
Litho # 1-11, 17-25, 29, 33, 161, and 163 (15 total) sold @ $75 per litho 1125.00
1125.00
1125.00
Litho # 13 and 15 (2 total) given to "computer designer" (see note 5) 00.00
1125.00
1125.00
Litho # 27 and 199 (2 total) given to "project coordinator" (see note 5) 00.00
1125.00
1125.00
Remainder of lithos (81 total) (see note 6) 00.00
1125.00
1125.00
Received from BobbieG 2148.64
3273.64
3273.64
Interest 26.49
3300.13
3300.13
Computer work, etc - DKK 4,796.00 (see note 7)
(749.38) 2550.75 (575.52) 2724.61
Printing - DKK 7,549.00 (see note 8)
(1179.53) 1371.22 (905.88) 1818.73
Cost of bringing prints to England - DKK 1,867.00 (see note 9)
(290.97) 1080.25 (224.04) 1594.69
Postage and tubes - DKK 556.30
(87.67) 992.58 (67.95) 1526.74
P.W.B. ("Eddie") Gibbs' costs - GBP 96.45 (see note 10)
(157.20) 835.38 (157.20) 1369.54
Bank charges (see note 11)
(28.30) 807.08 (28.30) 1341.24
Royalty - Lynn Goldsmith (see note 3)
(525.00) 282.08 (525.00) 816.24
     Bank commission re Ms Goldsmith
(31.00) 251.08 (31.00) 785.24
Sent to BobbieG (to be forwarded to charity)
(251.08) 0.00 (251.08) 534.16


Table Notes:

  1. Caremail Mailing Tubes from OfficeMax varied in price from $1.69 to 2.29.
  2. Lithos were sent first-class by the United States Postal Service. A tube with 1 litho weighed about 10 ounces (284 g).
  3. Lynn Goldsmith informed us on September 4, 2001, that permission to use her copyrighted photograph in the litho had not been obtained pre-production by Soren Hilligsoe. As compensation, I mailed her 10 lithos, and Soren Hilligsoe wired her $525. Advisors say that in their opinion, an imposed post-production fee is not a legitimate responsibility of the charity, while a negotiated pre-production fee would have been; Soren Hilligsoe and the person who misled him about copyright law might consider reimbursing the charity.
  4. In his sales report of February 26, 2002, Soren Hilligsoe did not calculate each disbursement individually, as I have done here. He merely showed a total disbursement of DKK 14,768.30 exchanging to a total disbursement of USD 2307.55. Dividing the USD by the DKK shows that he used an exchange rate of .15625021. This may be too high. The rate according to FX History from September 5, 2001 (the date sales closed) to February 26, 2002, averaged .12000 with a high of .12540 and a low of .11530. Similar results can be obtained at XE.com, X-Rates, and Fieba. I have included another column showing these figures for comparison purposes.
  5. Both people and their job descriptions are unidentified in the 02/26/02 sales report. In an email of April 30 Soren Hilligsoe said "the project co-ordinator handled the liaison between the person who did the artwork and the printer. He is himself in the graphics industry and a trained photographer. The project co-ordinator is a friend of mine and offered to do this for nothing - except a couple of the prints. He arranged with the person who did the artwork on the computer and negotiated a good rate for the printing."
  6. Odd-numbered lithos 31, 35-159, and 167-197 (81 total) remain in Soren Hilligsoe's possession, despite a promise on February 26 to return them to the London office. Sales of these lithos is unauthorized; if you own a litho with one of these numbers, please email me.
  7. "DKK" refers to Danish Kroner. "Computer work, etc" was not explained, except in general terms as design work having been done by a friend. No invoice or receipt accompanied the report; no company or individual was identified; how the fee was determined (hourly? flat-rate?) was not explained.
  8. Printers not identified. No invoice or receipt.
  9. This item was undefined in the 02/26/02 sales report, but an email of April 30 explained that it's personal travel expenses incurred when Soren Hilligsoe took the lithos to London for autographing.
  10. "GBP" refers to British pounds. This item was undefined in the 02/26/02 sales report, but an email of April 30 explained that it's postage costs. Mr Gibbs retrieved the lithos from Winwood's office in London after they were autographed and mailed them to Soren Hilligsoe.
  11. This item was undefined in the 02/26/02 sales report, but an email of April 30 explained that it's "handling charges for accepting foreign currency cheques that are applied by Danish banks".


Final Comments:

  • From May, 2000, until February, 2002, all requests that Soren Hilligsoe send me his sales figures were ignored or answered with "I'm too busy". A promise on November 2, 2001, to send his sales report "early next week" resulted in these figures being sent February 26, 2002, over 5 months after sales ended.

  • In March and April, I asked Soren Hilligsoe several times to address the concerns in the Table Notes above. On April 21, I sent him a preview copy of this page and invited him to comment pre-publication. On April 30, the day after publication, he finally emailed me additional information that confirmed notes 5, 9, 10, and 11, but then said, "All other expenses are accounted for". I think it's a surprising remark from a teacher at a prestigious business college.

  • In emails dated February 27, April 22, and April 30, 2002, Soren Hilligsoe said he had ordered a cheque from his bank for the balance of $251.08 to be sent to me "today or tomorrow". A check dated April 30 arrived on May 3.

  • By his own accounting, Soren Hilligsoe received $3300.13. Ms Goldsmith confirms he sent her $525; I received a check for $251.08. At some point, I would like documentation for the remaining $2524.05.

  • If you bought an odd-numbered litho or an even-numbered litho #2-60, I have no idea of what happened to most of that money. Soren Hilligsoe's expenses seem to be substantially undocumented. Please email him directly for information.

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My sincere thanks to Steve Smith, who with his accounting skills and general good sense, contributed so much to the formatting of this page.
Page created April 21, 2002.
Page uploaded April 29, 2002.
Last updated May 6, 2002.
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