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U <br /> LOGAN WELL USERS,INC. <br /> STATEMENTS OF FINANCIAL POSITION <br /> December 31,2006 and 2005 <br /> U <br /> 2006 2005 <br /> ASSETS <br /> Cash and cash equivalents $ 43,308 $ 24,581 <br /> Accounts receivable-members 80,941 21,475 <br /> Prepaid insurance 535 740 <br /> Current assets $ 124,784 $ 46,796 <br /> U <br /> LIABILITIES AND NET ASSETS (DEFICIT) <br /> U LIABILITIES <br /> Line of credit(Note 2) $ 71,000 $ - <br /> U Accounts payable: - <br /> Water rights and augmentation plan matters (Note 5) 98,200 <br /> Other 10,682 38,417 <br /> Member deposits - 2,500 <br /> Current liabilities 81,682 139,117 <br /> COMMITMENTS (Note 2) <br /> NET ASSETS (DEFICIT),UNRESTRICTED (Note 3) 43,102 (92,321) <br /> U S 124,784 $ 46,796 <br /> U <br /> U <br /> U <br /> U <br /> I <br /> See Notes to Financial Statements. <br /> 2 <br />