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<br />E ~ DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD.
<br />. -,;; (AN S CORPORATION)
<br />
<br />accountant~& advisors BALANCE SHEETS
<br />
<br />FOR THE YEARS ENDED DECEMBER 31,
<br />
<br />2008
<br />
<br />2007
<br />
<br />ASSETS
<br />
<br />Current Assets:
<br />Cash and cash equivalents
<br />Accounts receivable
<br />Work in progress
<br />Investments
<br />Loans and exchanges
<br />Prepaid expenses
<br />
<br />$ 28,799 $ 18,448
<br /> 1,238,155 1,052,425
<br /> 196,704 153,807
<br /> 1,703 1,703
<br /> 25,479 9,838
<br /> 141,985 0
<br /> 1,632,825 1,236,221
<br />
<br />Property and equipment - less accumulated depreciation
<br />of $ 771,442 and $ 662,190 in 2008 and 2007 respectively
<br />
<br />Security deposits
<br />
<br />684,929
<br />261,250
<br />$ 2,579,004
<br />LIABILITIES AND SHAREHOLDERS' EQUITY
<br />
<br />839,351
<br />400,255
<br />$ 2,475,827
<br />
<br />T ota I Assets
<br />
<br />Current Liabilities:
<br />Accounts payable and accrued expenses $ 298,113 $ 229,334
<br />Accrued pension payable 54,392 63,488
<br />Income taxes payable 3,750 27,820
<br />Line of credit 500,000 400,000
<br />Lease payable 16,955 19,863
<br />Deferred rent payable 58,712 58,712
<br />Deferred taxes payable 67,262 58,546
<br /> 999,184 857,763
<br />Long Term Liabilities:
<br />Lease payable 0 48,595
<br />Total Liabilities 999,184 906,358
<br />Shareholders' Equity
<br />Common stock - 100 shares issued and
<br />outstanding; without par value at aggregate
<br />stated value 20,000 20,000
<br />Retained earnings and undistributed US" Corporation
<br />taxable earnings 1,619,820 1,609,469
<br />Less: Treasury Stock at Cost (60,000) (60,000)
<br /> 1,579,820 1,569,469
<br />Total Liabilities and Shareholders' Equity $ 2,579,004 $ 2,475,827
<br />
<br />See accountant's review report and notes to financial statements.
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