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<br />HUERFANO-CUCHARAS IRRIGATION COMPANY <br />STATEMENTS OF ACTIVITY AND ACCUMULATED DEFICIT <br />FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 <br /> <br /> <br /> <br /> <br />The accompanying notes to financial statements are an integral part of these statements. <br /> <br /> <br /> For the year ended <br /> 2009 2008 <br />REVENUE <br />Maintenance assessments $59,536 $60,337 <br />Interest 469 242 <br />Miscellaneous 4,700 279 <br />TOTAL REVENUE 64,705 60,858 <br /> <br />EXPENSES <br />Salaries & payroll 24,341 13,332 <br />Directors' fees and meetings 2,040 1,830 <br />Information technology 4,439 - <br />Insurance 1,755 1,980 <br />Professional fees 141,856 19,847 <br />Repairs & maintenance 20,243 18,684 <br />Office expense 3,273 1,194 <br />Payroll tax expense 1,112 992 <br />Rent 2,400 - <br />Depreciation 3,100 2,583 <br />Impairments 14,017 - <br />Other expenses 10,189 5,005 <br />TOTAL EXPENSES 228,765 65,447 <br /> <br />NET (LOSS) (164,060) (4,589) <br /> <br />BEGINNING ACCUMULATED DEFICIT (80,770) (76,181) <br /> <br />ENDING ACCUMULATED DEFICIT $(244,830) $(80,770) <br />Weighted average shares outstanding 5,932 5,932 <br /> <br />Loss per share $(41.27) $(13.62) <br /> <br />Page 6