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<br />NORTH METRO TELECOMMUNICATIONS COMMISSION
<br />STATEMENT OF FlNANCIAL POSITION
<br /> December 31, 2003
<br />(With Comparative Totals for 2002)
<br /> Media Cable Total Total
<br /> Center Commission 2003 2002
<br />ASSETS
<br />CURRENT ASSETS
<br />Cash and cash equivalents $ 614,150 $ 1,532,816 $ 2,146,966 $ 854,758
<br />Accounts receivable 131,536 8,185 139,721
<br />Investments 576,803 576,803
<br />Intercompany account (51,280) 51,280
<br />Prepaid expenses 2,841 784 3,625 3,969
<br />TOTAL CURRENT ASSETS 697,247 2,169,868 2,867,115 858,727
<br />PROPERTY AND EQUIPMENT, at cost
<br />Office and studio equipment 1,303,888 56,752 1,360,640 1,314,552
<br />Vehicles 45,810 45,810 45,810
<br /> 1,349,698 56,752 1,406,450 1,360,362
<br />Less: accumulated depreciation (712,914) (40,803) (753,717) (622,464)
<br />PROPERTY AND EQUIPMENT, net 636,784 15,949 652,733 737,898
<br />OTHER ASSETS
<br />Construction in progress, including land
<br />costs of $225,700 368,690 368,690
<br />Loan fees, less accumulated
<br />amortization of $2,060 90,640 90,640
<br />TOTAL OTHER ASSETS 459,330 459,330
<br />TOTAL ASSETS $ 1,334,031 $ 2,645,147 $ 3,979,178 $ 1,596,625
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<br />See notes to financial statements
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