Financial Statement

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Sample Financial Statement

The Coffee Beanery, Ltd,

Annual Financial Statements

and

Auditors' Report

June 30, 2006

The Coffee Beanery, Ltd.

Uniform Franchise Offering Circular (v.2006)

Exhibit E - 4

09/30/06


Table of Contents

Report of Independent Auditors.....................................................................................   1

Financial Statements

Balance Sheet...............................................................................................................   2

Statement of Operations...............................................................................................   3

Statement of Stockholders' Equity.................................................................................   4

Statement of Cash Flows..............................................................................................   5

Notes to Financial Statements.......................................................................................   6

The Coffee Beanery, Ltd.                                             Exhibit E - 5

Uniform Franchise Offering Circular (v.2006)                                                                                                       09/30/06


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Report of Independent Auditors'

The Board of Directors The Coffee Beanery. Ltd.

We have audited the accompanying balance sheet of The Coffee Beanery, Ltd., a wholly owned subsidiary of the Shaw Coffee Company, as of June 30,2006,2005. and 2004 and the related statements of operations, stockholders' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

Except as discussed in the following paragraph, we conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform Uie audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overaD financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

The Company's financial statemenls do not include the accounts of Shaw Services. Inc. that the Company has determined to be a variable interest entity and in which the Company holds a variable interest. The Company's June 30. 2006 financial statements should include the accounts of Shaw Services, Inc. and the effect of this departure from generally accepted accounting principles on financial positron, results of operation, and cash flows has not been determined.

In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we consolidated the financial statements of the variable interest entities, the 2006,2005, and 2004 financial statements referred to above present fairly, in all material respects, the financial position of The Coffee Beanery, Ltd. at June 30, 2006, 2005 and 2004 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Flint, Michigan August 23,2006

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The Coffee Beanery, Ltd.                                             Exhibit E - 6

Uniform Franchise Offering Circular (v.2006)                                                                                                       09/30/06


The original file could not be completely converted to text. Below is an excerpt from the file. The original file can be downloaded at the link above.