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G.R.O .W., Inc. <br /> Notes to Financial Statements (continued) <br /> Note 2 — Property and Equipment, net <br /> The following is a summary of property and equipment : <br /> Balance <br /> June 30, 2002 <br /> Furniture, fixtures and equipment $ 259860 <br /> Accumulated depreciation (29586) <br /> $ 23 , 274 <br /> Note 3— Deferred Revenue <br /> Deferred revenue consists of the following: <br /> Balance <br /> June 30, 2002 <br /> Workforce Investment Act Youth Activities grant 36,235 <br /> Note 4 — Concentrations <br /> Grow received approximately 95 % of its revenue , from one governmental agency grant. <br /> Note 5 — Property Disposition <br /> The Workforce Development Board / Workforce Investment Act Youth Activities grant reserves <br /> the right to retrieve any and all equipment and furniture with a value greater than $500, which <br /> was purchased with funds provided through the grant, upon completion or termination of the <br /> grant contract. Grow has purchased equipment and furniture of approximately $ 8 ,900 under the <br /> Workforce Development Board / Workforce Investment Act Youth Activities grant, as of June <br /> 30, 2002. <br /> Note 6 — Short-Term Bank Note <br /> The short-term bank note consists of a 60-day note with a local financial institution, with a stated <br /> interest rate of 2% and maturing on August 24, 2002. <br /> -7- <br />