| The major change this month is to "other assets." These assets represent a separate business and my equity in my law practice.
In sum, I've agreed to sell the separate business for $650,000 through a combination of monthly and annual payments over the next three years, beginning Nov. 1. As for the law practice, with the assistance of a business valuation expert, we've now adopted a mathematical formula to value our interests based upon an average of net income to the firm, which value is realistic and close to the firm's liquidation value. While the actual value of the firm is approximately $4MM, I've decided to "smooth out" the increase by only valuing it at $3MM for now and updating it beginning next year and, of course, when next tax returns are available. |