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<br />HUERFANO-CUCHARAS IRRIGATION COMPANY <br />BALANCE SHEETS <br />DECEMBER 31, 2009 AND 2008 <br /> <br /> <br /> <br />The accompanying notes to financial statements are an integral part of these statements. <br /> <br /> <br /> As of December 31, <br /> 2009 2008 <br />ASSETS <br />Current Assets: <br />Cash $31,397 $34,253 <br />Accounts receivable 7,025 15,906 <br />Other 591 623 <br />Total Current Assets 39,013 50,782 <br /> <br />Property, Equipment & Construction in Progress 184,648 21,700 <br />Less: Accumulated depreciation (5,683) (2,583) <br />Less: Impairments (14,017) - <br />Property, equipment & construction in progress - net 164,948 19,117 <br /> <br />TOTAL ASSETS $203,961 $69,899 <br /> <br />LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) <br />CURRENT LIABILITIES <br />Accounts payable $4,729 $2,369 <br /> Advances due to Two Rivers Water Company ( a related party) 295,762 - <br /> <br />TOTAL LIABILITIES 300,491 2,369 <br /> <br />STOCKHOLDERS' EQUITY (DEFICIT) <br />Common stock, $25 par value, 6,000 shares authorized; 5,932 shares issued and outstanding 148,300 148,300 <br />Accumulated Deficit (244,830) (80,770) <br /> (96,530) 67,530 <br />TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $203,961 $69,899 <br /> <br />Page 5