Profit & Loss Statement 1st Quarter 2009

Jan - Mar 09

Ordinary Income/Expense  
  Income  
    GNT Revenue  $585.00
    Interest  $0.42
    NAOP Revenue  $1,000.00
    PV Regional Revenues  $40,090.00
    Regional Tournament Fees  $4,530.15
    Scorecard Revenues  $5,483.00
  Total Income  $51,688.57
  Expense  
    Awards  $604.50
    Miscellaneous $20.00
    NAOP Expenses  $246.00
    Postage and Delivery  $12.53
    PV Regional Expenses  $33,631.36
    Scorecard Expenses  
      Postage  $1,793.79
      Printing  $1,893.47
      Salary  $2,787.10
    Total Scorecard Expenses  $6,474.36
    STAC Expenses  $9,940.79
    Web Hosting  $96.90
  Total Expense  $41,073.12
Net Ordinary Income  $10,615.45
Net Income  $10,615.45

Balance Sheet 1st Quarter 2009

As of March 31, 2009

ASSETS  
    Checking/Savings  
      JP Morgan Chase $3,071.04
      Money Market  $22,073.00
      Scorecard Bank Account  $13,274.24
    Total Checking/Savings  $38,418.28
    Other Current Assets  
      Accounts Receivable - General $1,698.64
      Accounts Receivable - Scorecard  $1,072.10
      Pre-paid Web Hosting  $110.70
      PV hotel deposit  $1,000.00
    Total Other Current Assets  $3,881.44
  Total Current Assets  $42,299.72
TOTAL ASSETS  $42,299.72
LIABILITIES & EQUITY  
  Liabilities    
    Current Liabilities  
      Other Current Liabilities  
        Accounts Payable - Scorecard  $7,420.26
      Total Other Current Liabilities  $7,420.26
    Total Current Liabilities  $7,420.26
  Total Liabilities  $7,420.26
  Equity      
    Opening Bal Equity  $14,892.77
    Retained Earnings  $9,371.24
    Net Income  $10,615.45
  Total Equity  $34,879.46
TOTAL LIABILITIES & EQUITY  $42,299.72