Table 31 Adjusted Book Value As a result of the above analysis, the net adjusted book value of the subject is estimated to be $1,750,000 on a control, non‐marketable basis. 6/30/2006 FMV Adjustment $ % Comments ASSETS Current Assets Cash 1,403,000 $ 1,403,000 $ 100.0% No restrictions as to access Accounts Receivable 891,000 $ 100.0% All collectible Inventory 49,000 $ 4,650 $ 53,650 $ 109.5% See Table Short Term Investments (2,150,000) $ ‐ $ 0.0% Non‐operating Asset ‐ See Table 10 TOTAL CURRENT ASSETS 4,493,000 $ 2,347,650 $ 52.3% FIXED ASSETS Property, Plant, & Equipment 458,250 $ 1,358,250 $ 36.4% FMV per 7/31/2006 appraisal by Quality Appraisal Company ‐ See Exhibit Land (900,000) $ ‐ $ 0.0% Non‐operating Asset ‐ See Table Other Fixed Assets 25,000 $ 0.7% TOTAL FIXED ASSETS 1,825,000 $ 1,383,250 $ 37.1% OTHER ASSETS Deposits 150,000 $ (150,000) $ ‐ $ 0.0% Non‐operating Asset ‐ See Table 10 TOTAL ASSETS 6,468,000 $ (2,737,100) $ 3,730,900 $ 57.7%
