Minutes and Financial Report

There was no dissent from the minutes of the December and January meetings.

John Walker presented the financial report. As of January 30, one year after the first organizational meeting, the company had a positive cash flow, with net assets doubled from the previous month.

  Bank account:                        7,966
  Capital Preservation Fund           17,987
  ------------------------------------------
  Liquid assets                       25,953

  Receivables                          7,734
  ------------------------------------------
  Total short-term assets             33,687

  Liabilities & committed exp.        (1,500)
  ===========================================
  Net                                 32,000+

Expenditures in 1982 amounted to $44,493, broken down as follows: hardware 48%; shows 22%; legal expenses 14%; printing 7%; stock repurchase 5%; others 4%.