2007 First Half Statement of Financial Position (balance sheet)

PROVISIONAL STATEMENT OF FINANCIAL POSITION

ASSETS Dec 31, 2006 Jun 30, 2007

Cash in bank - unrestricted 22,803 4,172

Cash in bank - Spirit Mountain Grant 20,000 14,870

Cash in PayPal 1,702 0

Accounts receivable 763 3,220

Inventories for auction 2,490 2,490

Prepaid expenses 175 2,364

Land - operating 681,736 681,736

Furniture, fixtures, & equip 505 505

Funds held in trust by others 0 187
TOTAL ASSETS 730,175 709,545

LIABILITIES

Accounts payable 462 325

Accrued payroll taxes 0 431

Accrued expenses - other 0 736

Payroll tax withholdings payable 0 769

Trustee & employee loans payable 15,500 15,500

Short-term liabilities - other 40,000 25,000

Mortgages payable 235,671 234,132

Long-term liabilities - other 35,570 35,570

TOTAL LIABILITIES 327,203 312,464

NET ASSETS

Unrestricted net assets 167,424 382,971

Use restricted net assets 20,000 13,449

Current Earnings 215,548 660

TOTAL NET ASSETS 402,971 397,081

TOTAL LIABILITIES & NET ASSETS 730,175 709,545