| STATEMENTS OF NET ASSETS |
| MAY 31, 2005 AND 2004 |
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| ASSETS |
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May 31, |
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2005 |
2004 |
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| Current Assets: |
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| Cash |
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$ 1,056,559 |
$ 712,176 |
| Grant receivable |
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- |
8,600 |
| Prepaid insurance |
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|
817 |
1,947 |
| Pilot receivable |
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19,433 |
- |
| Notes receivable, current portion |
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57,388 |
23,340 |
| Lease receivable, current portion |
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- |
100,050 |
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| Total Current Assets |
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1,134,197 |
846,113
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| Capital Assets: |
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| Land |
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16,210 |
16,210 |
| Leasehold improvements |
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5,264 |
5,264 |
| Furniture and fixtures |
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1,236 |
5,110 |
| Equipment |
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4,126 |
18,017 |
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26,836
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44,601
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| Less Accumulated Depreciation |
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(7,359) |
(24,389) |
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| Net Capital Assets |
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19,477
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20,212
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| Other Assets: |
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| Property held for sale |
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211,476 |
211,476 |
| Lease receivable, net of current portion |
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- |
1,031,496 |
| Notes receivable, net of current portion |
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555,431 |
204,452 |
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| Total Other Assets |
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766,907 |
1,447,424 |
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TOTAL |
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$ 1,920,581 |
$ 2,313,749 |
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| LIABILITIES AND NET ASSETS |
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May 31, |
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2005 |
2004 |
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(As Restated) |
| Current Liabilities: |
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| Pilot payable |
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$ 139,517 |
$
- |
| Accrued expenses |
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|
350 |
17,600 |
| Accrued payroll taxes |
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1,930 |
454 |
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| Total Current Liabilities |
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141,797 |
18,054
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| Other Liabilities: |
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| Unearned interest revenue |
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- |
468,307 |
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| Total Other Liabilities |
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- |
468,307 |
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| Total Liabilities |
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141,797 |
486,361 |
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| Net
Assets: |
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| Invested in capital assets |
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19,477 |
20,212 |
| Unrestricted |
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1,759,307 |
1,807,176 |
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| Total Net Assets |
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1,778,784 |
1,827,388 |
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TOTAL |
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$ 1,920,581 |
$ 2,313,749 |
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