Joe,
Last sentence reads very nicely,
At December 31, 1997, the Company had total assets of
$2,229,029, total liabilities of $2,533,251 and total stockholders equity of
$(301,222) compared with total assets of $13,323,105, total liabilities of
$10,265,397 and total stockholders equity of $3,057,708 at March 31, 1997. The
significant changes in assets, liabilities and stockholders equity is due to the
merger of the Company's former consolidated subsidiary, Golf Ventures, Inc.,
with U.S. Golf Communities. As a result of this merger the Company no longer
includes Golf Ventures in its consolidation. The merger of the Company's former
subsidiary, GVI, provided substantial debt relief. At December 31, 1997.
The Company's current ratio was approximately 84 current assets to 1 current liabilities.
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