Balance Sheet
	Kipuka Wai, Inc.
	As of 9-15-05 (End of our tax year)
(In numbered lines for Federal tax return)
		End of tax year 1998 (startup)		Main changes		End of tax year 2005
Assets	1. Cash	1,000		(530)		470
	10. Land*	10,000		0		10,000
	11. Other assets**	3,000		1,328		4,328
	Total assets	14,000		798		14,798
Liabilities and Share-holders' Equity	18. Capital stock**	3,000		1,328		4,328
	19. Additional paid-in capital	11,000		1,752		12,752
	20. Retained earnings	0		(2,282)		(2,282)
	Total liabilities and shareholders' equity	14,000		798		14,798
* Land values Hawaii Tax Map Key (1) 6-6-009-011.
It is a little less than a half-acre of old taro land in Haleiwa.
The tax assessor uses a market valuation of $38,800.
So far I am keeping the land value at book value.
We don't usually have a good indicator except shareholder
action (or lack of it implying contentment).
This time a big one (Guy) is selling shares, based on his
opinion of our total value of $20K.
** Goodwill and goodwill stock given to the people who work
on the land.