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LEFT HAND DITCH COMPANY
<br />BALANCE SHEETS
<br />RESTRICTED ASSETS
<br />Cash debt service reserve (Note 7)
<br />December 31,
<br />13,976
<br />PROPERTY AND EQUIPMENT
<br />2011
<br />2010
<br />ASSETS
<br />1,849,852
<br />1,798,217
<br />CURRENT ASSETS
<br />19,245
<br />19,245
<br />Cash on hand and in banks
<br />$ 305,227 $
<br />262,980
<br />Certificates of deposit
<br />236,215
<br />235,311
<br />Assessments and receivables
<br />24,972
<br />19,181
<br />Prepaid expenses
<br />4,666
<br />4,686
<br />Total current assets
<br />571,080
<br />522,158
<br />RESTRICTED ASSETS
<br />Cash debt service reserve (Note 7)
<br />13,983
<br />13,976
<br />PROPERTY AND EQUIPMENT
<br />Irrigation facilities
<br />1,849,852
<br />1,798,217
<br />Office equipment
<br />19,245
<br />19,245
<br />1,869,097
<br />1,817,462
<br />Less accumulated depreciation
<br />(792,522)
<br />(754,785)
<br />Net property and equipment
<br />1,076,575
<br />1,062,677
<br />OTHER ASSETS
<br />Website (net of accumulated amortization of $42,877 and $27,744
<br />2,523
<br />17,656
<br />respectively)
<br />Lease deposit
<br />750
<br />750
<br />Total other assets
<br />3,273
<br />18,406
<br />TOTAL ASSETS
<br />$ 1,664,911
<br />$ 1,617,217
<br />LIABILITIES AND STOCKHOLDERS' EQUITY
<br />CURRENT LIABILITIES
<br />Accounts payable
<br />$ 9,563
<br />$ 8,456
<br />Rents received in advance
<br />7,333
<br />1,833
<br />Due to Colorado State Treasurer (Note 9)
<br />2,446
<br />2,446
<br />Accrued interest (Note 7)
<br />11,384
<br />11,793
<br />Note payable (current portion)
<br />15,673
<br />15,016
<br />Total current liabilities
<br />46,399
<br />39,544
<br />LONGTERM NOTE PAYABLE (Note 7)
<br />416,059
<br />431,074
<br />Less, current portion (above)
<br />(15,673)
<br />(15,016)
<br />Net long -term note payable
<br />400,386
<br />416,058
<br />TOTAL LIABILITIES
<br />446,785
<br />455,602
<br />STOCKHOLDERS' EQUITY
<br />Common stock - $3125 par value - 16,800 shares authorized,
<br />16,647 issued and outstanding
<br />5,202
<br />5,202
<br />Paid -in capital
<br />204,675
<br />204,675
<br />Retained earnings
<br />1,008,249
<br />951,738
<br />Total stockholders' equity
<br />1,218,126
<br />1,161,615
<br />TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
<br />$ 1,664,911
<br />$ 1,617,217
<br />See accompanying notes and independent accountants' review report. Page 2
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