| **SECURITIES AND EXCHANGE COMMISSION** |
|----------------------------------------|
| **Washington, D.C. 20549**             |
| **FORM 10-KSB /A**                     |

| (Mark One)                                                                                                    |
|---------------------------------------------------------------------------------------------------------------|
| [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934                       |
| For the fiscal years ended May 31, 1999, 2000, and 2001 or                                                    |
| [  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 [No Fee Required] |
| For the transition period from to                                                                             |

| Commission file number 0-2288
**HOSOI GARDEN MORTUARY, INC.**
STATE OF HAWAII
IRS Employer Identification No. 99-0088064
30 North Kukui Street
Honolulu, Hawaii 96817
Issuer's telephone number:  808-538-3877Securities registered pursuant to Section 12(b) of the Exchange Act:      NoneSecurities registered pursuant to Section 12(g) of the Exchange Act:  Common Stock  Par Value $.20 per shareCheck whether the issuer (1) filed all reports required to be filed by the Exchange Act duringthe past 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes                                         No      X       
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Indicate by check mark if disclosure of delinquent filers in response to Item 405 ofRegulation S-B is not contained herein, and will not be contained, to the best of registrant'sknowledge, in definitive proxy or information statements incorporated by reference in PartIII of  this Form 10-KSB/A or any amendment to this  Form 10-KSB/A.  (   )State issuer's revenue for its fiscal years ended May 31, as follows:1999 $2,747,3012000$2,725,6112001$2,602,328State the aggregate market value of the voting stock held by non-affiliates computed byreference to the price at which the stock was sold, or the average bid and asked prices ofsuch stock, as of a specified date within the past 60 days. (See definition of affiliate in Rule12b-2 of the Exchange Act):    1999$7,116,7992000$7,051,9662001$6,544,324
**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**State the number of shares outstanding of each of issuer's classes of common stock, as of thelatest practicable date:     19991,674,54120001,659,28620011,636,081
DOCUMENTS INCORPORATED BY REFERENCEIf the following documents are incorporated by reference, briefly describe them and identifythe part of the 10-KSB/A  (e.g. Part I, Part II, etc.) into which the document is incorporated:(1) any annual report to security holders; (2) any proxy or information statement; and (3) anyprospectus filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("SecuritiesAct").  The listed documents should be clearly described for identification purposes (e.g.annual report to the security holders for fiscal year ended May 31, 1992).Transitional Small Business Disclosure Format (Check one):  Yes    X     No
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**PART I**
ITEM 1.   Description of Business
Hosoi Garden Mortuary, Inc. (the "Company") was incorporated in 1957 under the laws of theState of Hawaii as the successor to a business founded in 1900.  The Company considers itself tobe in a single business segment and is principally engaged in the funeral services and mortuarybusiness. The Company provides professional services related to funerals,  including the use offuneral facilities and motor vehicles. The Company also provides for the sale of selectedmerchandise and ancillary products and services, such as caskets, urns, crematory services,announcements, flowers, catering, and other services.
During the fiscal years ended May 31, 1999, 2000, and 2001, funeral services accounted for67.3%, 71.0% and 74.6%, respectively, of total revenues.
The Company operates a mortuary business in Honolulu, Hawaii.  The Company offers funeralservices to all persons in Hawaii. Although the Company, historically, has served principallypersons of Japanese ancestry who follow a particular and special order of worship in accordancewith their religious beliefs, the Company continues to develop markets involving other ethnicgroups and religious beliefs.  In addition to handling funeral services for residents of Honolulu,the Company conducts services for residents of other counties in Hawaii and prepares remainsfor shipment to or receives them from other counties in Hawaii, other states in the United Statesand foreign countries.  Competition in the funeral business in Hawaii is based upon (1) thelocation of a mortuary and (2) the principal ethnic group that a mortuary serves.  There are 21mortuaries in the State of Hawaii.  Their locations are as follows:
**Location**
**Number of Mortuaries**
Island of Hawaii
3
Island of Maui
3
Island of Oahu
12
Island of Kauai
2
Island of Molokai
1
Because of the separation of the Hawaiian islands by ocean, a mortuary is generally confined tothe funeral  demands of a particular island.  A very small percentage of business constitutesservice requiring the use of funeral parlors on an island other than where death has occurred.
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**Comparative Statistical Information**
**Calendar YearEnded**
**No. of Deathsin State of HI**
**No. of Deathsin Oahu**
**ServicesPerformed bythe Company**
**Percent ofServices byCompany as toNo. of Deathsin Oahu**19907,0565,25398018.66%19916,4864,93098019.88%19927,1735,3171,01119.01%19937,5705,6891,11419.58%19947,5315,5881,09119.52%19957,7955,8341,04317.88%19968,1485,5571,15120.71%19978,0165,8561,05017.93%19988,2976,0581,06317.54%19998,3696,1361,10017.93%20008,5126,1291,10318.00%20018,4326,1541,09917.86%
In most cases, a substantial portion of the business of a mortuary is from an ethnic group itprincipally serves.  Historically, a substantial portion of the Company's total services were forfamilies of Japanese ancestry.
The larger mortuaries on the Island of Oahu and the ethnic groups which they are believed toserve primarily are as follows:
**Name**
**Ethnic Group Served**Williams MortuaryCaucasianHosoi Garden Mortuary, Inc.JapaneseBorthwick MortuaryCaucasian and ChineseHawaiian Memorial ParkMixed and JapaneseMililani Memorial Park & MortuaryMixed (Filipino and Japanese)Leeward Funeral HomeMixedValley of the Temples Mortuary (alsooperating Kukui, Nuuanu, and Diamond HeadMemorial Parks)Japanese, Chinese and CaucasianMoanalua MortuaryMixed and Japanese
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On July 7, 1998, the Company entered into an agreement with Woolsey Funeral & CemeteryServices, Inc. to form Woolsey-Hosoi Mortuary Services, LLC, a limited liability company(LLC) under the laws of the State of Hawaii.  The LLC conducts funeral services to persons otherthan those of Japanese ancestry.  Funeral services arranged by the LLC will generally beconducted at churches and other locations other than on the Company's premises. The Companyowns 50% of the LLC.
On August 3, 2001, the Company incorporated Hosoi Life Plan, Inc.(HLP), a wholly-ownedsubsidiary, to sell price guaranteed prearranged funeral contracts to be solely serviced by theCompany.    Prearranged funeral contracts is a means through which a customer contractuallyagrees to the terms of a funeral to be performed in the future.  In September 2002, the Companyreceived its license from the State of Hawaii to sell prearranged funeral contracts.
The Company owns  50% of Garden Life Plan, Ltd. ("Garden Life") which sold prearrangedfuneral service contracts under a Servicing Agreement ("Agreement") for which the Companywas the sole servicing mortuary.    In September 2001, the Agreement with Garden Life expiredand Garden Life ceased all sales of Garden Life's prearranged funeral service  contracts.However, the Company is obligated to service the remaining prearranged funeral servicecontracts sold prior to the termination date.
Upon the termination of the Agreement, the Company entered into negotiations to purchase the50%  ownership interest in Garden Life held by Hawaii Memorial Park Cemetery.  In November2002, the Company concluded the purchase of Garden Life for $2,500,000.   The purchase of thisinterest in Garden Life resulted in Garden Life becoming a wholly-owned subsidiary of theCompany, which enables the Company to resume sales of Garden Life' prearranged funeralcontracts.
Revenues from Garden Life's prearranged funeral service contracts, which accounted forapproximately 22.0%, 24.3%, and 25.2% of  Total Revenues in 1999,  2000,  and 2001,respectively.
The Company employed the following number of persons during the fiscal years ended May 31,:
**Total of persons**
**Full-time employees**
**Part-time employees**
1999
34
17
17
2000
33
17
16
2001
32
17
15
ITEM 2.   Description of Property
The Company operates its business at 30 North Kukui Street, Honolulu, Hawaii, 96817, on thenorthwest corner of Nuuanu Avenue and Kukui Street in Honolulu, Hawaii.  The business siteconsists of 92,773 square feet, of which the Company owns a 78/104th interest.  The Herman S.Hosoi Trust owns a 13.65/104th interest and the Hosoi-Tamori-Shimonishi Trust owns theremaining 12.35/104th interest.
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The trustees and beneficiaries of both trusts include directors, officers and shareholders of theCompany.
The portion owned by the Company is owned in fee simple.  The Company leases the portionowned by the Herman S. Hosoi Trust and Hosoi-Tamori-Shimonishi Trust ("Trusts") under afifteen-year lease that expires on October 31, 2014. The lease provides for the Company to thepay the higher of $112,200, plus general excise tax, per year or percentage rent of 25% times15% of gross annual revenues, as defined in the lease.   For the next second five year period, theCompany will pay $132,000, plus general excise tax, per year or the percentage rent.   For thethird five year period, an appraisal of the property will be required to be establish the base rentbut in no event will the base rent exceed $200,000, plus general excise tax, per year or thepercentage rent.   The Company is also responsible for the payment of real property taxes on theportion of the land owned by the Trusts. Rent expense is recognized on the straight-line basisover the lease term.   The difference between the straight-line rent expense and actual paymentsmade under the lease is recorded as a liability in the balance sheets.
The total rental expense was $345,636, $144,792, and $144,914 in the fiscal years 1999, 2000,and 2001, respectively.
The main mortuary building, which was built in 1961, contains a chapel area, which is capable ofbeing used for one service with a seating capacity of 600 or for two chapels with a seatingcapacity of 300 each.  There is an altar and family room at each end of the building.  The office islocated on the west end of the main mortuary building.  The embalming rooms are on the secondfloor.
In addition, there is a combined garage, kitchen and dining room annex.  Parking facilities for147 cars have access to Nuuanu Avenue, Kukui Street and Maunakea Street, and are one-halfblock away from Vineyard Boulevard, which is one of the main thoroughfares in Honolulu. Theareas not used for buildings or parking stalls have been appropriately landscaped to qualify forpartial real property tax exemption.
No substantial addition or changes in the real property or improvements of the Company weremade during the fiscal years ended May 31, 1999, 2000, and 2001.
ITEM 3.   Legal Proceedings 
None.
ITEM 4.   Submission of Matters to Vote of Security Holders
The following table presents the dates annual meeting of the shareholders were commenced.According to the Company's stock transfer agent Continental Stock Transfer & Trust Co., thetotal shares issued, outstanding and entitled to vote,  and the total shares present in person andproxy were as followed:
**Date of AnnualMeeting of theShareholders**
**Total Shares Issued,Outstanding andEntitled to Vote**
**Total SharesPresent in Personand Proxy**
**Percentage ofShares Present inPerson and Proxy**
January 29, 1999
1,734,883
1,160,272
66.89%
January 23, 2000
1,683,741
1,037,025
61.59%
January 21, 2001
1,662,731
1,037,881
62.42%
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The election of three directors and the election of an auditor were submitted to a vote of theshareholders.  Of the total shares present in person and proxy, the following vote of theshareholders was taken:
**May 31, 1999 - Election of Class A Directors (3 year term)**
**Name**
**For**
**Against**
**Abstain**Sadako Hosoi
1,109,137 (63.93%)
51,135 (2.95%)
N/ABerton Kato
1,109,137 (63.93%)
51,135 (2.95%)
N/AAnne T. Tamori
1,123,687 (64.77%)
36,585 (2.11%)
N/A
The foregoing persons were elected at the annual meeting to serve a three-year term until the2002 annual meeting or until their successors shall be elected.
**May 31, 2000 - Election of Class A Directors (3 year term)**
**Name**
**For**
**Against**
**Abstain**Robert Kuwahara
1,036,225 (61.54%)
800 (0.5%)
N/AJulie Shimonishi
1,021,090 (60.64%)
15,935 (0.95%)
N/AGlenn Suetsugu
1,036,225 (61.54%)
800 (0.05%)
N/A
The foregoing persons were elected at the annual meeting to serve a three-year term until the2003 annual meeting or until their successors shall be elected.
**May 31, 2001 - Election of Class A Directors (3 year term)**
**Name**
**For**
**Against**
**Abstain**Clifford Hosoi
1,032,696 (62.11%)
5,185 (0.31%)
N/ARicky Manayan
1,030,556 (61.98%)
7,325(0.44%)
N/ARene Mansho
1,024,306 (61.60%)
13,575 (0.82%)
N/A
The foregoing persons were elected at the annual meeting to serve a three-year term until the2004 annual meeting or until their successors shall be elected.
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**Election of Auditor (One Year Term)**
**Name**
**For**
**Against**
**Abstain**
1999
Endo &Company, CPA(Jack Y. Endo)
1,143,762(65.93%)
15,135 (0.87%)
1,375 (0.08%)
2000
Endo &Company, CPA(Jack Y. Endo)
1,021,185(60.65%)
15,135 (0.90%)
705 (0.04%)
2001
Endo &Company, CPA(Jack Y. Endo)
1,035,756(62.29%)
1,400 (0.08%)
725 (0.04%)
**PART II**
ITEM 5.   Market for Common Stock and Related Shareholder Matters
The common shares of the Company are neither traded nor listed on an exchange and has noestablished public trading market.**Number of record holdersas of the fiscal years endedMay 31:****1999**
1,628**2000**
1,598**2001**
1,557
The Company redeemed the following number of shares during the fiscal years ended May 31,:
**No. of Shares**
**Redemption Price**
**1999**
65,772
$4.25
**1999**
4,500
$3.75
**2000**
15,255
$4.25
**2001**
11,280
$4.25
**2001**
11,925
$4.00
A cash dividend has been declared and paid once a year since 1969.  The following is a scheduleof cash dividends paid during the fiscal years ended May 31,:
**Date DividendDeclared**
**Date Dividend Paid**
**Cash Dividend perShare**
**1998**
October 15, 1998
January 2, 1999
$.10
**1999**
November 15, 1999
January 2, 2000
$.06
**2000**
October 19, 2000
Januar	y 2, 2001
$.045
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ITEM 6.   Management's Discussion and Analysis of Financial Condition and Results ofOperations 
The following table sets forth items from Hosoi Garden Mortuary, Inc.'s statement of income aspercentages of net revenues:
**Years Ended May 31,**
**1999
**2000**
**2001Total revenues
100%
100%
100%Cost of revenues
74.7
71.5
69.1Gross profit
25.3
28.5
30.9Selling, general, and administrativeexpenses
24.0
27.7
30.6Operating income
1.2
0.8
0.3Other income (expenses)
6.2
6.2
7.6Income before income taxes and equityin earnings (losses) of equity investees
7.4
7.0
7.9Provision for income taxes
3.2
2.3
3.0Income before equity in earnings(losses) of equity investees
4.2
4.7
4.9Equity in earnings (losses) of equityinvestees
(6.9)
(0.2)
5.2Net (loss) income
(2.7)%
4.5%
10.1%
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**Critical Accounting Policies and Accounting Changes**
The Company's financial statements are impacted by the accounting policies used and theestimates and assumptions made by management during their preparation.   Note (1) to thefinancial statements provides a summary of the Company's significant accounting policies.Following is a discussion of the uncertainties and significant estimates and judgments that areinvolved in applying these accounting policies.
In general, judgment is involved when assessing the realizability or recoverability of the carryingvalues of assets, and the timing of loss recognition on assets.   The Company's assets that aresusceptible to such judgments include securities *available-for-sale*, accounts receivable,inventories, deferred tax assets, and property and equipment.  The Company believes that basedon its long history of profitability and absent any negative market information to the contrary,that its property and equipment and deferred tax assets are not impaired and thus no losses areinherent in the carrying values of such assets.
While securities*available-for-sale* are carried at market value in the accompanying financialstatements, the difference between cost and market values is not reflected in net income untilsecurities are sold (the difference is reflected as a separate component of stockholders' equityuntil sold, in accordance with generally accepted accounting principles).  Judgement is involvedin determining whether a loss on an individual security should be charged against net incomeprior to selling the security.  In general, the Company does not report losses on such securitiesprior to their sale date, unless the unrealized losses are significant relative to the carrying value ofthe security, and the unrealized loss has been in existence for a sustained period of time (i.e., fora year or longer).  Since the Company's securities portfolio is actively managed by professionalmanagers, loss securities are not carried for sustained periods of time, and accordingly, grossunrealized losses have not been significant.  In fiscal 1999, 2000, and 2001, no losses werecharged against net income for loss securities prior to their sale date.  Note (5) to the financialstatements provides more information on the Company's securities portfolio and its grossunrealized gains and losses.
The Company believes that the carrying value of inventories and accounts receivable, net ofallowance for uncollectible accounts, are not stated in excess of their recoverable amounts, basedon detailed analysis of these accounts, which included a review of subsequent activity after theCompany's May 31, year end.
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In addition to the above asset accounts, judgment is also involved in applying the equity methodof accounting for the Company's investment in Garden Life Plan, Ltd. (GLP), a 50%owned-investee.  Since GLP's liabilities exceed its assets, it has negative equity.  Under generallyaccepted accounting principles, judgment is involved on the part of the Company as an investorin determining whether to carry its investment in GLP at a zero value, or to record a "negativeinvestment" equal to 50% of GLP's negative equity.  Because GLP's business activities are soclosely aligned with the business activities of the Company (GLP in effect serves as a sales agentfor mortuary services for the Company) and because the Company has an obligation to providemortuary services to GLP in connection with GLP's prearranged funeral contracts, the Companyhas determined that it is appropriate to record a "negative investment" in GLP.  This is reflectedin the accompanying balance sheets under the caption *Accumulated Losses of Equity Investee inExcess of Investment*.   As a result, the Company's share of GLP's earnings (losses) are alsoreflected in the Company's statements of income and comprehensive income.  Since theCompany does not control GLP (it is managed by GLP's other 50% owner) consolidationaccounting is not appropriate for this investment.
*New Pronouncements*
In June 2001, the Financial Accounting Standards Board (FASB) issued Statement of FinancialAccounting Standards (SFAS) No. 141, *Business Combinations*, and SFAS No. 142, *Goodwilland Other Intangible Assets*.   SFAS No. 141 address financial accounting and reporting forbusiness combinations and establishes the purchase method for accounting for such transactions.SFAS No. 142 address accounting for goodwill and other intangible assets and redefines usefullives, amortization periods and impairment of goodwill.  Under the new standard, goodwill willno longer be amortized, but must be tested for impairment annually.
The adoption of these new standards will not impact the 1999, 2000, and 2001 financialstatements, however in fiscal year ended May 31, 2003 the acquisition of GLP will be accountedfor under these new pronouncements.
In June 2001, the FASB issued SFAS No. 143,*Accounting for Asset Retirement Obligations*. Theprovisions of SFAS No. 143 are effective for fiscal years beginning after June 15, 2002.  Theadoption of SFAS No. 143 is not expected to have a material effect on the Company's financialstatements.
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In October 2001, the FASB issued SFAS No. 144, *Accounting for the Impairment or Disposal ofLong-Lived Assets. SFAS No. 144 supersedes SFAS No. 121, Accounting for Impairment ofLong-Lived Assets and Long-Lived Assets to be Disposed of.* However, SFAS No. 144 retains thefundamental provision of SFAS No. 121 for the recognition and measurement of the impairmentof long-lived assets to be held and used and measurement of the long-lived assets to be disposedof by sale.   The scope of SFAS No. 144 excludes goodwill and other non-amortizable intangibleassets to be held and used as well as goodwill associated with a reporting unit to be disposed of.The provisions of SFAS No. 144 are effective for fiscal years beginning after December 15,2001.  The adoption of SFAS No. 144 is not expected to have a material effect on the Company'sfinancial statements.
On November 25, 2002, the FASB issued FASB Interpretation No. 45 (FIN 45), *Guarantor'sAccounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees ofIndebtedness of Others, an interpretation of FASB Statement No. 5, 57, and 107 and Recission ofFASB Interpretation No. 34.*  Fin 45 clarifies the requirements of FASB Statement No. 5,Accounting for Contingencies (FAS 5), relating to the guarantor's accounting for, and disclosureof, the issuance of certain types of guarantees.  The adoption of FIN 45 is not expected to have amaterial effect on the Company's financial statements.
**Disclosure Controls and Procedures**
Within the 90 days prior to the date of this report, the Company carried an evaluation, under thesupervision and with the participation of the Company's management, including the Company'schief executive officer and chief financial officer, of the effectiveness of the design and operationof the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-14.Based upon that evaluation, its chief executive office and its chief financial officer concludedthat the Company's disclosure controls and procedures are effective in timely alerting them tomaterial information relating to the Company required to be included in the Company's periodicfilings with the U. S. Securities and Exchange Commission.
**Results of Operations**
***Revenues***
The Company's revenues increased by $82,813 in 1999 over 1998.  The increase of 3.1% isattributable to an increase in the total number of services performed from 1,050 in 1998 to 1,063in 1999, which is an increase of 1.2% and the results of a price increase instituted during the1999 fiscal.
The Company's revenues decreased by $21,690 in 2000 over 1999.  The decrease of 0.8% isprincipally attributable to an increase in the number of prearranged funeral services in 2000 over1999.  Prearranged funeral services, which generate a lower average prices, increased from 410in 1999 to 451 in 2000 which is an increase of 10%.   The decrease in total revenues resultingfrom the increase in prearranged funeral services in 2000 was partially offset by an increase inrevenues from at-need services and additional merchandise sales to prearranged funeral servicecustomers.
The Company's revenues decreased by $123,283 in 2001 over 2000.  The decrease of 4.5% isprincipally attributable to an overall decrease in the total number of services performed from1,109 in 2000 to 1,067 in 2001, which is a decrease of 3.8%.  In addition the number ofprearranged funeral services which generate a lower average price, increased from 451 in 2000 to459 in 2001, which is an increase of 1.8%.
The Company expects that the total number of prearranged funeral services will account forbetween 40% to 50% of total services within the next five years.  The Company expects tomitigate the reduction in revenues from this expected increase in prearranged funeral services bya combination of sales of additional merchandise to its prearranged customers and marketing itsat-need services to ethnic groups other than Japanese, which current comprise a minor part of itsfuneral services.
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In addition, the Company expects to construct its own crematory to reduce the cost of itscremation services which is currently provided by an outside crematory.
The following table set forth the total number of services performed, excluding services renderedto Woolsey-Hosoi Mortuary Services, LLC for the fiscal years ended May 31,:
**Total number ofservices performed**
**Number of servicesat-need**
**Number ofprearranged funeralservices**
**1999**
1,063 (100.0%)
653 (61.4%)
410   (38.6%)
**2000**
1,109 (100.0%)
658 (59.3%)
451   (40.7%)
**2001**
1,067 (100.0%)
608 (57.0%)
459   (43.0%)
The continued affiliation with Woolsey Funeral & Cemetery Services, Inc., described in ITEM1.Description of Business, is a revenue source from a segment of the community which was notpreviously served by the Company. This affiliation with Woolsey Funeral & Cemetery Services,Inc. is expected to provide an additional revenue source from an ethnic group (Polynesian) whichcurrently contributes only a minor part of the Company's revenues.
Future operating results will be adversely affected if revenues do not increase in relation to theincrease in operating expenses.  The expected increase in the number of prearranged funeralservices will limit the growth of revenues and it is the Company's intention to upgrade itsfacilities and personnel to enable it to increase the capacity of the physical plant.  The upgrade ofthe Company's facilities and personnel is expected to mitigate the effects of the increase inprearranged funeral services.
Current plans to increase capacity and revenues include the following:
1.  Upgrade and train professional staff to meet the current market demands and changing thenature of customer preferences.  The current trend indicates that families are having smallerprivate services with lower priced merchandise.
2.  Upgrade the facilities to provide the capacity to provide multi-cultural services and to servicethe expected increase in prearranged funeral services.
3.  Establishment of a pre-need authority or purchase the 50% share of the Company's partner inGarden Life Plan, Ltd.
4.  Construction of an on-site crematory.
***Gross Profit***
Gross profit as a percentage of total revenues increased to 25.3% in 1999 from  21.2% in 1998.The increase is due to the increase in revenues and the decrease in salaries and wages and realproperty taxes.
Gross profit as a percentage of total revenues increased to 28.5% in 2000 from 25.3% in 1999.The 3.2% increase in gross profit is attributable to a decrease in lease rent and real propertytaxes. The decrease in lease rents is attributable to the execution of a new lease agreement, inOctober 1999, which reduced the annual lease rent.
Gross profit as a percentage of total revenues increased to 30.9% in 2001 from 28.5% in 2000.The 2.4% increase in the gross profit margin is attributable to effects of an entire year of reducedlease rent and a decrease in real property taxes.
***Selling, General, and Administrative Expenses***
Selling, general, and administrative expenses, as a percentage of total revenues, decreased to24.0% in 1999 from 26.7% in 1998. The decrease is attributable to decreases in professionalservices,  advertising and promotions and bad debts expense.
Selling, general, and administrative expenses, as a percentage of total revenues, increased to27.7% in 2000 from 24.0% in 1999. The increase is attributable to increases in professionalservices, advertising and promotion, salaries and wages, and educational expenses.   The increasein educational expenses was for the cost of training of an employee at the San FranciscoMortuary Science School.
Selling, general, and administrative expenses, as a percentage of total revenues, increased to30.6% in 2001 from 27.7% in 2000. The increase is primarily attributable to increases inprofessional services and advertising and promotion expenses.  The increase in professionalservices is attributable to the Company's negotiations to purchase its co-shareholder's 50%ownership of Garden Life Plan, Ltd. (GLP).
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It is expected that professional services will increase in the short term as the Company continuesto incur legal and accounting expenses for issues related to the following:
a) Issues concerning expansion of its facilities,
b) Establishment of  its own pre-need funeral authority,
c) Refiling of its 10-KSB filings for the years ended May 31, 1999, 2000,  and  2001.
***Equity in Earnings (losses) of Garden Life Plan, Ltd. (GLP)***
GLP restated its retained earnings as of June 1, 1998 from $3,206,730 to an accumulated deficitof $870,619.  GLP's restatement was largely caused by the need to revise its revenue recognitionand cost deferral policies to conform to SAB 101 guidance.  Due to this restatement, the equity inlosses of GLP in 1999 of $(197,234) is not comparable to the equity in earnings reported in 1998.
Equity in losses of GLP decreased from $(197,234) in 1999 to $(26,437) in 2000.   The 86.6%decrease is attributable to a decrease in GLP's provision for income taxes from $301,131 in 1999to $(53,962) in 2000.
Equity in earnings of GLP increased from $(26,437) in 2000 to $99,274 in 2001.  The 475.5%increase is attributable to an increase in GLP's income tax benefits and a decrease in selling,general and administrative expenses during 2001.   The decrease in selling, general andadministrative costs is attributable to GLP "winding down" its selling efforts due to theanticipated termination of the service agreement between the Company and GLP in September2001.
***Income Taxes***
The Company's effective income tax rate was 42.7%, 33.4% and 38.2% in 1999, 2000, and 2001,respectively.
***Liquidity and Capital Resources***
Total working capital decreased by $487,891 to $1,901,695 in 1999 from $2,389,586 in 1998.The decrease is attributable to a decrease in current assets, particularly in income taxes receivableof $226,732 and a decrease in cash used to redeem the Company's shares.  Working capital ratiowas 5.6:1 in 1999 and 6.7:1 in 1998.
Total working capital remained relatively unchanged at $1,910,731 in 2000 and at $1,901,695 in1999.  Working capital ratio was 5.3:1 in 2000 and 5.6:1 in 1999.   Securities available-for-saleincreased to $891,482 in 2000 from $847,718 in 1999 as an result of earnings on the investments.Securities held-to-maturity decreased to $876,950 in 2000 from $888,931 in 1999 as result ofmaturing U.S. Treasury bills which were not reinvested.
Total working capital was $1,895,720 in 2001 and $1,910,731 in 2000 a decrease of $15,011.Working capital ratio was 4.8:1 in 2001 and 5.3:1 in 1999.  The slight decrease in workingcapital and working capital ratio was a result of increases in accounts payable and accruedliabilities relative to the increase in total current assets.   Securities available-for-sale increased to$928,668 in 2001 from $891,482 in 2000 as a result of an increase in the market value of theCompany's investments.  Securities held-to-maturity increased to $888,846 in 2001 from$876,950 in 2000 as result of the reinvestment of earnings on the securities.
At the end of 1999, 2000, and 2001 the Company did not have any long-term debt.  TheCompany expects that cash flows from operations, its cash reserves and earnings on itsinvestments will be adequate to meet the Company's cash requirements in the foreseeable future.
-14-

The following table set forth dividends paid and dividend per share:
**No. of outstandingshares**
**Dividends paid**
**Dividend per share**
**1999**
1,674,541
$173,488
$0.10
**2000**
1,659,286
$101,024
$0.06
**2001**
1,636,081
$74,825
$0.045
The following table set forth the cash outflow for the acquisition of the Company's shares:
**No. of shares redeemed**
**Total cash paid foracquisition**
**1999**
70,272
$296,407
**2000**
15,255
$64,834
**2001**
23,205
$95,640
The Company expects that future acquisitions will be in the range of $75,000 to $100,000 peryear.
**Contractual, Commercial and Contingent Commitments**
The Company has the following contractual obligations, commercial and contingentscommitments in the ordinary course of conducting its business.
*Operating leases* - The Company's operating lease agreement primarily relates to the funeralservice location which contains an option in the third five year period for the base rent to be fairmarket value but in no event will the base rent exceed $200,000.   See Note (12) to theconsolidated financial statements in Item 7 of this Form 10-KSB/A for further discussionregarding the Company's lease obligation.
*Prearranged funeral service contracts*- The Company had a Servicing Agreement (Agreement)with its 50% owned investee, Garden Life Plan, Ltd. (GLP) which terminated on September 15,2001.   The Company is obligated to service the sales of the remaining contracts sold prior to thetermination date.   See Note (2) to the financial statements in Item 7 of this Form 10-KSB/A forfurther discussion regarding the Company's contractual obligations.
ITEM 7.  Financial Statements
The restated audited balance sheets, statements of income and comprehensive income, statementsof cash flows and changes in shareholders' equity for the fiscal years ended May 31, 1999, 2000,and 2001 are on pages F-1 to F- 6 of this report.
ITEM 8.   Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure
In a letter dated October 5, 2001, the Company's auditor, Endo & Company, Certified PublicAccountant, informed the Company's Finance Committee that it could not stand for re-election asauditor because it determined that it was not independent in accordance with the SecurityExchange Commission's prohibition against bookkeeping services.   The Finance Committeeinformed the Board of Director and recommended that the Company engage and approve newauditors for the Company's financial statements restated for the years ended May 31, 1999, 2000,and 2001.
-15-

The Company does not have any disagreement with its past auditor, and does not anticipate anydisagreement with its newly engaged auditor, relating to accounting or financial disclosureissues.
On September 10, 2002, the Company engaged PricewaterhouseCoopers LLP, to audit theCompany's restated financial statements as of and for the years ended May 31, 1999, 2000, and2001.
**PART III**
ITEM 9.   Directors, Executive Officers, Promoters and Control Persons:  Compliance withSection 16(a) of the Exchange Act (fn1)
The Company has a total of nine (9) directors constituting the entire Board of Directors, dividedinto three (3) classes of three (3) directors each.  The Company's Articles of Association providefor each class of directors to be elected for three-year terms on a staggered basis.
Directors hold office for the duration of their terms and thereafter until their successors areelected.  The executive officers serve at the pleasure of the Board of Directors.  See the table onpage (18)  for certain information about the directors and executive officers of the Company.
The names, ages, positions and offices, terms of office, and business experience of the directorsand executive officers of the Company are set forth below.
***Directors Whose Terms Expired in 1999 and Who Were Elected to Terms Expiring in 2002***
At the January 29, 1999 annual meeting the following were elected to new three-year termswhich will expire in 2002.
Sadako Hosoi is the widow of Herman S. Hosoi, founder of the Company.  She has been adirector of the Company since 1957 and is the Chairperson of the Board Emeritus.  In the past,she has served as chairperson of the Company and treasurer.  She serves as a director of GardenLife Plan, Ltd. She is the mother of Julie S. Shimonishi, director, Clifford Hosoi, director andpresident and chief executive officer of the Company, and Anne T. Tamori, director and vicepresident of operations of the Company.
Berton T. Kato is an attorney licensed in the State of Hawaii and has his own law practice.    Hehas been a director of the Company since 1996.   He serves as a director of Garden Life Plan,Ltd.
Anne T. Tamori has been employed by the Company since 1978.  She has been a vice presidentof operations and director of the Company since 1994.  She has served as an associate secretaryof the Company.  She is the daughter of Sadako Hosoi, director, and the sister of Clifford Hosoi,director and, president and chief executive officer of the Company, and Julie S. Shimonishi,director.
***Directors Whose Terms Expire in 2000 and Who Were Elected to Terms Expiring in 2003***
At the January 23, 2000 annual meeting the following were elected to new three-year termswhich will expire in 2003.
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Julie S. Shimonishi is a school teacher and has been employed by the Hongwanji Mission Schoolsince 2001.  She has been a director since 1979.   She is the daughter of Sadako Hosoi, director,and the sister of Clifford Hosoi, director and, president and chief executive officer of theCompany, and Anne T. Tamori, director and vice president of operations of the Company.
Robert Kuwahara is a Certified Public Accountant and has his own CPA practice.  He has been adirector of the Company since 1995.   He is actively involved in human services organizationssuch as the YMCA.
Glenn Suetsugu is a real estate appraiser and also engages in real property sales and management.He has been a director of the Company since 1999.  He provides volunteer work for the BoysScout of America.   He resigned as a director of the Company on December 3, 2001.
***Directors Whose Terms Expire in 2001 and Who Were Elected to Terms Expiring in 2004***
At the January 21, 2001 annual meeting the following were elected to new three-year termswhich will expire in 2004.
Clifford Hosoi has been a director of the Company since 1989.  He was a vice president from1989 until his appointment as president and chief executive officer of the Company as of January1, 1994.  He has been a licensed embalmer since 1979.  He has been a funeral director for theCompany since 1985.  He serves as a director of Garden Life Plan, Ltd.  He is the son of SadakoHosoi, director, and the brother of Julie S. Shimonishi, director, and Anne T. Tamori, directorand vice president of operations of the Company.
Rene Mansho was an elected member of City Council of the City and County of Honolulu andhas served on the City Council since 1988.   She has been a director of the Company since 1993.She served as chairperson of the Board of Directors and was elected to the position in 1994.  Shehas been a school teacher, vice-principal and administrator with the Department of Education ofthe State of Hawaii between 1971 through 1988.  Other organizations which she was involved inincluded the Hawaii State Association of Counties, the Mililani Hongwanji, Mililani YMCA,Honolulu Japanese Chamber of Commerce, Goodwill Industries, Great Aloha Run, SalvationArmy, Wahiawa Lions, Muscular Dystrophy Association of Hawaii.   She resigned as a directorof the Company on June 25, 2002.
Ricky C. Manayan is currently president of RAM Marketing, LLC.  He has been a director of theCompany since 1995.  His other business affiliations include Rick Manayan & Associates ofwhich he is the president.  He is  vice  president of Trans-Pacific Realty, Inc. and a generalpartner of Transpacific Empire, Inc.****
***Other Executive Officers are as Follows:***
David Fujishige has been employed by the Company since 1989.  He has been a funeral directorsince 1991.  He has been a vice president funeral services of the Company since 1994.  Prior tojoining the Company, he was a food production supervisor at Rehabilitation Hospital of thePacific.
Keith Numazu was employed by the Company since 1992.  He was treasurer of the Companysince 1994 until he resigned on August 10, 2001.  Prior to joining the Company, he was asystems operator/analyst for Consolidated Amusement, Inc. and a senior systemsanalyst/programer for Holmes and Narver, Inc. and Raytheon Services Nevada.
Elaine Nakamura has been employed by the Company since 1963.  She is the secretary of theCompany and Garden Life Plan, Ltd.
-17-

**Directors and Executive Officers of the Company**
**Name**
**Age**
**Office**
**DirectorSince**
**FamilyRelationship**
**YearsEmployed**Sadako Hosoi
84Director/ChairpersonEmeritus
1957Mother of JulieS. Shimonishi,Director,Clifford Hosoi,Director, ChiefExecutiveOfficer, andPresident, andAnne T. Tamori,Director andVice Presidentof Operations
N/ARene Mansho
52Director/Chairperson of theBoard
1993
None
N/AClifford Hosoi
53Director,President, andChiefExecutiveOfficer
1989Son of SadakoHosoi, Brotherof Julie S.Shimonishi andAnne T. Tamori
21Julie S. Shimonishi
55Director
1979Daughter ofSadako Hosoi,Sister of CliffordHosoi and AnneTamori
Part-timesince1996Ricky C. Manayan
42Director
1995
None
N/ABerton T. Kato
53Director
1996
None
N/ARobert Kuwahara
54Director
1995
None
N/AGlenn Suetsugu
52Director
1999
None
N/AAnne T. Tamori
54Director andVice Presidentof Operations
1994Daughter ofSadako Hosoi,Sister of CliffordHosoi and JulieS. Shimonishi
23Elaine Nakamura
63Secretary
N/A
None
38David Fujishige
53Vice Presidentof FuneralServices
N/A
None
12Keith Numazu
39Treasurer
N/A
None
8
-18-

fn1  None of the directors of the Company is a director of an investment company or anothercompany registered under the Securities Exchange Act of 1934.  All officers serve at the pleasureof the Board of Directors.
fn2  Rene Mansho resigned as director of the Company on June 25, 2002.
fn3  Glenn Suetsugu resigned as director of the Company on December 3, 2001.
fn4  Keith Numazu resigned as treasurer of the Company on August 10, 2001.
***Certain**Reports***
The Company has been informed that none of its directors, officers or holders of ten percent ormore of its securities were required to file Forms 3 or 4 during the fiscal years ended May 31,1999, 2000,  and 2001, and that during this same time period none of the holders of five percentor more of the Company's securities were required to file a report on Schedule 13D.
ITEM 10.    Executive Compensation
The following sets forth the information, on an accrual basis, with respect to the compensation ofthe chief executive officer of the Company for the three fiscal years ended May 31, 1999, 2000,and 2001.
**Summary Compensation - Annual Compensation**
**Name and Position**
**Year Ended May31,**
**Salary**
**All OtherCompensation**Clifford Hosoi,President and ChiefExecutive Officer
1999
$52,961
$8,098 (1)Clifford Hosoi,President and ChiefExecutive Officer
2000
$64,788 (2)
$8,987 (3)Clifford Hosoi,President and ChiefExecutive Officer
2001
$71,477
$8,303 (4)
(1) Amount shown includes $2,355 contributed to the Company's money purchase pension plan,$3,668 contributed to the Company's profit-sharing plan,  and $2,075 fees paid as a director.
(2) Amount shown includes retroactive pay of $7,292.
(3) Amount shown includes $3,239 contributed to the Company's money purchase pension plan,$4,248 contributed to the Company's profit-sharing plan,  and $1,500 fees paid as a director.
(4) Amount shown includes $3,209 contributed to the Company's money purchase pension plan,$3,944 contributed to the Company's profit-sharing plan,  and $1,150 fees paid as a director.
The total annual salary and bonus for any other executive officer does not exceed $100,000.
The standard fees paid to directors are $100 for each Board of Directors meeting attended and$25 for each committee meeting attended.
-19-

**Compensation Pursuant to Plans**
(a)   Profit-Sharing Plan.  The Company has established a profit-sharing plan for the Company'semployees.  Every employee, who as completed one year of service with the Company, becomeseligible to participate in the profit-sharing plan.  An employee who has completed 1,000 hours ofservice commencing from the date of employment or an anniversary date is considered to haveone year of service.
The Company's contribution to the profit-sharing plan is discretionary and may be up to 15% ofthe participant's eligible compensation.  The Company's total contributions shall not exceed theamount allowable by income tax regulations.  The amounts charged against income for theprofit-sharing plan was $40,000 in 1999, 2000, and 2001, respectively.  The Company'sallocation of contributions among eligible members is based on their respective compensationand is allocated proportionately.
The investment decision for the profit-sharing plan is formulated by a registered investmentadvisors through Pacific Century Trust Limited and Salomon Smith Barney, Inc.
(b)   Money Purchase Pension Plan.  The Company has established a money purchase pensionplan, which became effective as of June 1, 1990, for the Company's employees.  Every employee,who has completed one year of service with the Company, becomes eligible to participate in themoney purchase pension plan.  An employee who has completed 1,000 hours of servicecommencing from the date of employment or an anniversary date is considered to have one yearof service.
The Company is required to contribute 5% of each participant's eligible compensation to themoney purchase pension plan.  The Company's total contributions cannot exceed the amountallowable by income tax regulations.  The amounts charged against income for the moneypurchase pension plan were $26,816, $33,845, and $32,548 in 1999, 2000, and 2001,respectively.
The investment decision for the money purchase plan is formulated by a registered investmentadvisor through Salomon Smith Barney, Inc.
ITEM 11.    Security Ownership of Certain Beneficial Owners & Management
**A.  Principal Shareholders**
The Herman S. Hosoi Trust, whose trustees are Sadako Hosoi and Julie S. Shimonishi, and theHosoi Family Limited Partnership, whose general partner is the Hosoi Family Voting Trust, byits trustee Julie S. Shimonishi, are the only persons who own of record or are known to theCompany to own beneficially more than five percent of the common shares of the Company as ofMay 31, 1999, 2000, and 2001.
-20-

Certain information about the holders is set forth below for the fiscal year ended May 31, 1999
**Title ofClass**
**Name andAddress ofBeneficialOwner**
**Nature of BeneficialOwnership**
**No. ofshares**
**Percentof Class**CommonJulie S.Shimonishi
30 N. KukuiStreet,Honolulu,HI96817Co-trustee of the Herman S.Hosoi Trust
158,250
9.38%General Partner of the HosoiFamily Limited Partnership,as Trustee of the HosoiFamily Voting Trust
160,250
9.50%Custodian for ChadShimonishi and LaneShimonishi under HUGMA
8,000
0.47%Direct
52,534
3.11%
**Total**
**379,034**
**22.46%**CommonSadako Hosoi
30 N. KukuiStreet, Honolulu,HI 96817Co-trustee of the Herman S.Hosoi Trust
158,250
9.38%Settlor of the Hosoi FamilyVoting Trust and limitedpartner of the Hosoi FamilyLimited Partnership
160,250
9.50%
**Total**
**318,500**
**18.88%**CommonHerman S. HosoiTrust, SadakoHosoi and JulieS. Shimonishi,Trustees
30 N. KukuiStreet, Honolulu,HI 96817Direct
158,250
9.38%CommonHosoi FamilyLimitedPartnership (1)
30 N. KukuiStreet, Honolulu,HI   96817Direct
160,250
9.50%
(1)    The Sadako Hosoi Trust, by its trustees Sadako Hosoi and Julie S. Shimonishi, transferred160,250 shares of the Company to the Hosoi Family Limited Partnership, whose general partneris the Hosoi Family Voting Trust, by its trustees Julie S. Shimonishi, Clifford I.S. Hosoi, andAnne T. Tamori, and whose limited partner is Sadako Hosoi.  Julie S. Shimonishi, as trustee,exercises voting and investment powers over those shares pursuant to the Hosoi Family VotingTrust Agreement dated December 30, 1994, as amended, between Sadako Hosoi, as settlor, andJulie S. Shimonishi, as trustee.
-21-

Certain information about the holders is set forth below for the fiscal year ended May 31, 2000
**Title ofClass**
**Name andAddress ofBeneficialOwner**
**Nature of BeneficialOwnership**
**No. ofshares**
**Percentof Class**CommonJulie S.Shimonishi
30 N. KukuiStreet, Honolulu,HI 96817Co-trustee of the Herman S.Hosoi Trust
158,250
9.53%General Partner of the HosoiFamily Limited Partnership,as Trustee of the HosoiFamily Voting Trust
160,250
9.66%Custodian for ChadShimonishi and LaneShimonishi under HUGMA
8,000
0.48%Direct
52,534
3.17%
**Total**
**379,034**
**22.84%**CommonSadako Hosoi
30 N. KukuiStreet, Honolulu,HI 96817Co-trustee of the Herman S.Hosoi Trust
158,250
9.53%Settlor of the Hosoi FamilyVoting Trust and limitedpartner of the Hosoi FamilyLimited Partnership
160,250
9.66%
**Total**
**318,500**
**19.19%**CommonHerman S. HosoiTrust, SadakoHosoi and JulieS. Shimonishi,Trustees
30 N. KukuiStreet, Honolulu,HI 96817Direct
158,250
9.53%CommonHosoi FamilyLimitedPartnership (1)
30 N. KukuiStreet, Honolulu,HI 96817Direct
160,250
9.66%
(1)    The Sadako Hosoi Trust, by its trustees Sadako Hosoi and Julie S. Shimonishi, transferred160,250 shares of the Company to the Hosoi Family Limited Partnership, whose general partneris the Hosoi Family Voting Trust, by its trustees Julie S. Shimonishi, Clifford I.S. Hosoi, andAnne T. Tamori, and whose limited partner is Sadako Hosoi.  Julie S. Shimonishi, as trustee,exercises voting and investment powers over those shares pursuant to the Hosoi Family VotingTrust Agreement dated December 30, 1994, as amended, between Sadako Hosoi, as settlor, andJulie S. Shimonishi, as trustee.
-22-

Certain information about the holders is set forth below for the fiscal year ended May 31, 2001
**Title of Class**
**Name andAddress ofBeneficialOwner**
**Nature of BeneficialOwnership**
**No. ofshares**
**Percent ofClass**CommonJulie S.Shimonishi
30 N. KukuiStreet,Honolulu, HI96817Co-trustee of the HermanS. Hosoi Trust
158,250
9.60%General Partner of theHosoi Family LimitedPartnership, as Trustee ofthe Hosoi Family VotingTrust
160,250
9.72%Custodian for ChadShimonishi and LaneShimonishi underHUGMA
8,000
0.49%Direct
52,534
3.19%
**Total**
**379,034**
**23.00%**CommonSadako Hosoi
30 N. KukuiStreet,Honolulu, HI96817Co-trustee of the HermanS. Hosoi Trust
158,250
9.60%Settlor of the Hosoi FamilyVoting Trust and limitedpartner of the Hosoi FamilyLimited Partnership
160,250
9.72%**Total**
**318,500**
**19.32%**CommonHerman S.Hosoi Trust,Sadako Hosoiand Julie S.Shimonishi,Trustees
30 N. KukuiStreet,Honolulu, HI96817Direct
158,250
9.60%CommonHosoi FamilyLimitedPartnership (1)
30 N. KukuiStreet,Honolulu, HI96817Direct
160,250
9.72%
(1)    The Sadako Hosoi Trust, by its trustees Sadako Hosoi and Julie S. Shimonishi, transferred160,250 shares of the Company to the Hosoi Family Limited Partnership, whose general partneris the Hosoi Family Voting Trust, by its trustees Julie S. Shimonishi, Clifford I.S. Hosoi, andAnne T. Tamori, and whose limited partner is Sadako Hosoi.  Julie S. Shimonishi, as trustee,exercises voting and investment powers over those shares pursuant to the Hosoi Family VotingTrust Agreement dated December 30, 1994, as amended, between Sadako Hosoi, as settlor, andJulie S. Shimonishi, as trustee.
-23-

**B.   Directors and Executive Officers**
Certain information with respect to the holdings of Common Stock of the directors and executiveofficers of the Company as of May 31, 1999, 2000, and 2001 is set forth below:
**Percent of Class**
**Title ofClass**
**Name of Beneficial Owner(1)**
**Amount andNature ofBeneficialOwnership**
**1999**
**2000**
**2001**CommonJulie S. Shimonishi
379,034 (2)
22.46%
22.84%
22.98%CommonSadako Hosoi
318,500 (3)
18.88%
19.19%
19.31%CommonClifford Hosoi
52,532 (4)
3.11%
3.14%
3.19%CommonAnne T. Tamori
56,534 (5)
3.35%
3.41%
3.43%CommonRichard B. Dole
1,000 (6)
0.06%
N/A
N/A**All Directors and officersas a group (14 persons) (7)**
**489,100**
**28.29%**
**29.42%**
**29.60%**
(1) The address of each person is 30 N. Kukui Street, Honolulu, HI 96817, except for Richard B.Dole whose address is 1255 Nuuanu Avenue, Suite C-104, Honolulu, HI 96817.
(2) Includes:
**Percent of Class**
**No. ofShares**
**1999**
**2000**
**2001**
52,534
3.11%
3.17%
3.19%as to which Ms. Shimonishi exercises solevoting and investment powers;
8,000
0.47%
0.48%
0.49%as to which Ms. Shimonishi exercises solevoting and investment powers as Custodian forChad Shimonishi and Lane Shimonishi underHUGMA;
158,250
9.38%
9.53%
9.60%as to which Ms. Shimonishi and Sadako Hosoiexercises sole voting and investment powers astrustees of the Herman S. Hosoi Trust; and
160,250
9.50%
9.66%
9.72%as to which Ms. Shimonishi, as trustee of theHosoi Family Voting Trust, has voting andinvestment powers over the shares owned bythe Hosoi Family Limited Partnership.
-24-

(3)    Voting and investment powers over 158,250 shares of the Company are shared by SadakoHosoi and Julie S. Shimonishi, as Trustees of the Herman S.  Hosoi Trust, which owns 158,250shares of the Company.  Voting and investment power over 160,250 shares of the Company areexercised by Julie S. Shimonishi, Clifford I.S. Hosoi, Anne T. Tamori, as trustees under theHosoi Family Voting Trust.  See the preceding table for more information about the HosoiFamily Limited Partnership and the Hosoi Family Voting Trust.
(4)    Voting and investment powers exercised solely.
(5)  Includes:
**Percent of Class****No. ofShares****1999****2000****2001**
52,534
3.11%
3.17%
3.19%as to which Mrs. Tamori exercises sole votingand investment powers; and
4,000
0.24%
0.24%
0.24%as to which Mrs. Tamori exercises sole votingand investments powers for Ryan Tamoriunder HUGMA.
(6)   Voting and investment powers exercised solely.
(7)    Rene Mansho, who served as a director during the fiscal year ended May 31,  2002, andRicky C. Manayan, Berton T. Kato, Robert Kuwahara and Glenn Suetsugu, who are currentlyserving as directors, and Elaine Nakamura, David Fujishige and Keith Numazu, who arecurrently serving as officers, do not own any shares of the Company.
ITEM 12.   Certain Relationships and Related Transactions
The Company leases a portion of the land on which the mortuary is situated from the Herman S.Hosoi Trust and the Hosoi-Tamori-Shimonishi Trust (Trusts), which own a 13% and 12%interest in the land.  The terms of the lease agreement between the Company and the  Trusts aredescribed in ITEM 2- Description of Property.
-25-

**PART IV**
ITEM 13.    Exhibits and Reports on Form 8-K
**A.     Exhibits**
Except as noted, the following exhibits were previously filed on August 31, 1981, as exhibits toForm 10-K for the fiscal year ended May 31, 1981, for the Company and are incorporated hereinby reference:(2)Plan of Purchase, Sale, Reorganization, Arrangement, Liquidation and Succession(3)Articles of Association and By-Laws(a)Articles of Association, Affidavit of Officers and Supplemental affidavit ofincorporation filed May 31, 1957 (1)Amendments(i)January 18, 1962(ii)January 16, 1963(iii)February 3, 1972(iv)February 2, 1977(v)March 31, 1978(b)By-Lawsdated May 31, 1957(1)Amendments(i)January 30, 1972(ii)March 31, 1978(4)Instruments Defining the Rights of Security Holders, Including Indentures(a)Equity securities: Articles of Associations and Affidavit of Officers,Certificate of Amendment filed January 16, 1963, in the HawaiiDepartment of Regulatory Agencies.(b)Debt Securities: Not applicable.(9)Voting Trust Agreement
Hosoi Family Voting Trust Agreement dated December 30, 1994, between SadakoHosoi, as settlor, and Julie S. Shimonishi, as trustee, covering 160,250 shares ownedby the Hosoi Family Limited Partnership. (5)(10)Material Contracts(i)Lease between the Company, as lessee, and Sadako Hosoi and JulieSakaye Shimonishi, as trustees of the Herman S. Trust, and CliffordIsamu Sadao Hosoi, Anne Ume Toyo Tamori and Julies SakayeShimonishi, as trustees under the Hosoi-Tamori-Shimonishi Trust, aslessor, dated as of July 10, 1990 (2)(ii)Deed conveying the interest of the late Herman Hosoi to the Trustees ofthe Herman S. Hosoi Trust, dated February 27, 1978.(iii)Profit-sharing Plan. (3)(iv)Annuities. (3)(v)Amendment to profit-sharing plan. (4)
-26-

(fn1) Filed August 30, 1993, as an exhibit to the Annual Report on Form 10-KSB for the yearended May 31, 1993.
(fn2)  Filed August 28, 1990, as an exhibit to the Annual Report on Form 10-K for the yearended May 31, 1990.
(fn3)  Filed August 30, 1984, as Exhibit 19 to the Annual Report on Form 10-K for the yearended May 31, 1984.
(fn4)  Filed August 30, 1985, as Exhibit 19 to the Annual Report on Form 10-K for the yearended May 31, 1985.
(fn5)  Filed August 30, 1995, as an exhibit to the Annual Report on Form 10-KSB for the yearended May 31, 1995.
11) Statements Re Computation of Per Share Earnings:
Not applicable.
(13) Annual Report to Security Holders, Form 10-K, or Quarterly Report to Security Holders,Form 10-Q
Not applicable.
(16) Letter on Change in Certifying Accountants
Not applicable.
(18) Letter Re Change in Accounting Principles
Not applicable.
(21) Subsidiaries of the Registrant
Garden Life Plan, Ltd., a Hawaii corporation, is 50 percent owned by the Company.
(22) Published Report Regarding Matters Submitted to Vote of Security Holders
Not Applicable.
(23) Consents of Experts and Counsel
Not applicable.
(24) Power of Attorney
Not applicable.
(28) Information from Reports to State Insurance Regulatory Authorities
Not applicable.
(99) Additional Exhibits
Not applicable.
-27-

**B.  Reports on Form 8-K**
The Company did not file any report on Form 8-K in the fiscal year ended May 31, 1999 and2000.
The Company filed the following report on the Form 8-K in the last quarter of the year endedMay 31, 2001:
Form 8-K (Current Report) dated March 13, 2001, was filed the U. S. Securities and ExchangeCommission on March 29, 2001, and reported the following:(i)the issuers' Form 10-KSB (Annual Report) for the fiscal year ended May 31, 1999 wasamended to note that the audit report of the financial statements of the Company'sequity investee, Garden Life Plan, Ltd. (GLP), should not have been included in theinitial filing of the Annual Report because the report of GLP's auditors was issued indraft form:(ii)the Company's auditor has reissued its report on the Registrant's financial statements asof and for the year ended May 31, 1999;(iii)the Registrant's equity in earnings of GLP for the fiscal year ended May 31, 1999 is notreflected in the table on page 7 of the Amended Annual Report which sets forth theCompany's statements of income and comprehensive income as percentages of totalrevenues;(iv)the report on GLP's financial statements as of and for the year ended May 31, 1999 hasnot been completed because of a disagreement with GLP's former auditors overrecognition of revenue of the initial 30% of each funeral plan sold and theconsolidation of the financial statements of GLP and Garden Life Plan Trust (GLFPT);(v)GLP has retained new auditor for the audit of its financial statements for the year endedMay 31, 1999 and it is expected that the successor auditor will be able to resolve theissues with respect to the accounting for the recognition of revenues and theconsolidation of the financial statements of GLP and GLFPT;(vi)although it is not known what, if any, adjustments to GLP's revenues, previouslyrecorded, will be proposed by GLP's new auditors, deferral of the initial 30% of eachfuneral plan sold could result in a substantial charge to the Company's retainedearnings; and(vii)after completion of the audit of GLP's financial statements, the Company's financialstatements for 1999 will be restated and another amended Form 10-KSB will be filed.
-28-

**Signatures
Pursuant to the requirements of Section 13 or 15(d)of the Securities Exchange Act of 1934, theregistrant has duly caused this annual report to be signed on its behalf by the undersigned,thereunto duly authorized.**Dated:**January 7, 2003Honolulu, Hawaii**HOSOI GARDEN MORTUARY, INC.**/s/ Clifford Hosoi**By:  Clifford Hosoi, President**
-29-

Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-KSB/A forthe year ended May 31, 1999, 2000, and 2001, has been signed below by the following personson behalf of the registrant and in the capacity and on the date indicated.**Dated:**January 7, 2003/s/ Clifford Hosoi**Clifford Hosoi, Director, President, and Chief ExecutiveOfficer****Dated:**January 7, 2003/s/ Sadako Hosoi**Sadako Hosoi, Director****Dated:**January 7, 2003/s/ Berton T. Kato**Berton T. Kato, Director****Dated:**January 7, 2003/s/ Robert Kuwahara**Robert Kuwahara, Director****Dated:**January 7, 2003/s/ Ricky C. Manayan**Ricky C. Manayan, Director****Dated:**January 7, 2003/s/ Julie S. Shimonishi**Julie S. Shimonishi, Director****Dated:**January 7, 2003/s/ Anne T. Tamori**Anne T. Tamori, Director and Vice President of Operations****Dated:**January 7, 2003/s/Reed Shiraki**Reed Shiraki, Director****Dated:** January 7, 2003/s/ Reverend Thomas Okano**Reverend Thomas Okano, Director**
-30-

*** * * * ***
**SIGNATURES**
*** * * * ***
**CERTIFICATION PURSUANT TO SECTION 302**
**OF THE SARBANES-OXLEY ACT OF 2002**
1. I have reviewed this Annual Report (Form 10-KSB/A) of Hosoi Garden Mortuary, Inc. for theyears ended May 31, 1999, 2000, and 2001;
2.  Based on my knowledge, this annual report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to theperiod covered by this annual report;
3.  Based on knowledge, the financial statements, and other financial information included in thisannual report, fairly present in all material respects the financial condition, results of operationsand cash flows of the registrant as of, and for, the periods presented in this annual report;
4.  The registrant's other certifying officers and I are responsible for establishing and maintainingdisclosures controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) forthe registrant and have:
a) designed such disclosure controls and procedures to ensure that material information relatingto the registrant, is made known to us by others within those entities, particularly during theperiod in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a datewithin 90 days prior to the filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures based on our evaluation as of the Evaluation Date;
5.  The registrant's other certifying officers and I have disclosed, based on our most recentevaluation, to the registrant's auditors and the audit committee of the registrant's Board ofDirectors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls which could adverselyaffect the registrant's ability to record, process, summarize and report financial data and haveidentified for the registrant's auditors any material weaknesses in internal controls; and
-31-

b) any fraud, whether or not material, that involves management or other employees who have asignificant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this annual report whetherthere were significant changes in internal controls or in other factors that could significantlyaffect internal controls subsequent to the date of our most recent evaluation, including anycorrective actions with regard to significant deficiencies and material weaknesses.
**Date:** January 7, 2003
**/s/ Clifford Hosoi**
**Clifford Hosoi,**
**President and Chief Executive Officer**
-32-

**CERTIFICATION PURSUANT TO SECTION 302**
**OF THE SARBANES-OXLEY ACT OF 2002**
1. I have reviewed this Annual Report (Form 10-KSB/A) of Hosoi Garden Mortuary, Inc. for theyears ended May 31, 1999, 2000, and 2001;
2.  Based on my knowledge, this annual report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to theperiod covered by this annual report;
3.  Based on knowledge, the financial statements, and other financial information included in thisannual report, fairly present in all material respects the financial condition, results of operationsand cash flows of the registrant as of, and for, the periods presented in this annual report;
4.  The registrant's other certifying officers and I are responsible for establishing and maintainingdisclosures controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) forthe registrant and have:
a) designed such disclosure controls and procedures to ensure that material information relatingto the registrant, is made known to us by others within those entities, particularly during theperiod in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a datewithin 90 days prior to the filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures based on our evaluation as of the Evaluation Date;
5.  The registrant's other certifying officers and I have disclosed, based on our most recentevaluation, to the registrant's auditors and the audit committee of the registrant's Board ofDirectors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls which could adverselyaffect the registrant's ability to record, process, summarize and report financial data and haveidentified for the registrant's auditors any material weaknesses in internal controls; and
-33-

b) any fraud, whether or not material, that involves management or other employees who have asignificant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this annual report whetherthere were significant changes in internal controls or in other factors that could significantlyaffect internal controls subsequent to the date of our most recent evaluation, including anycorrective actions with regard to significant deficiencies and material weaknesses.
**Date:** January 7, 2003
**/s/ Jack Y. Endo**
**Jack Y. Endo,**
**Chief Financial Officer**
-34-

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,**
**AS ADOPTED PURSUANT TO SECTION 906**
**OF THE SARBANES-OXLEY ACT OF 2002**
In connection with the Annual Report of Hosoi Garden Mortuary, Inc. (the "Company") on Form10-KSB/A for the years ended May 31, 1999, 2000, and 2001 as filed with the Securities andExchange Commission of the date hereof (the "Report"), I, Clifford Hosoi, Chief ExecutiveOfficer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) of the Securities ExchangeAct of 1934; and
(2) The information contained it the Report fairly presents, in all material respects, the financialcondition and results of operations of the Company.
**Date:** January 7, 2003
**/s/ Clifford Hosoi**
**Clifford Hosoi**
**Chief Executive Officer**
-35-

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,**
**AS ADOPTED PURSUANT TO SECTION 906**
**OF THE SARBANES-OXLEY ACT OF 2002**
In connection with the Annual Report of Hosoi Garden Mortuary, Inc. (the "Company") on Form10-KSB/A for the years ended May 31, 1999, 2000, and 2001 as filed with the Securities andExchange Commission of the date hereof (the "Report"), I, Clifford Hosoi, Chief ExecutiveOfficer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) of the Securities ExchangeAct of 1934; and
(2) The information contained it the Report fairly presents, in all material respects, the financialcondition and results of operations of the Company.
**Date:** January 7, 2003
**/s/ Jack Y.  Endo**
**Jack Y. Endo**
**Chief Financial Officer**
-36-

**PricewaterhouseCoopers LLP**
**999 Bishop Street, Suite 1900**
**Honolulu, HI 96813**
**INDEPENDENT AUDITOR'S REPORT**
To the Board of Directors and Stockholders
of Hosoi Garden Mortuary, Inc.
In our opinion, based on our audits and the reports of other auditors, the accompanying balancesheets and the related statements of income and comprehensive income, of shareholders' equityand cash flows, present fairly, in all material respects, the financial position of Hosoi GardenMortuary, Inc. (the Company) at  May 31, 2001, 2000, and 1999, and the results of its operationsand its cash flows for each of the three years in the period ended May 31, 2001 in conformitywith accounting principles generally accepted in the United States of America.  These financialstatements are the responsibility of the Company's management; our responsibility is to expressan opinion on these financial statements based on our audits.   We did not audit the financialstatements of Garden Life Plan, Ltd., a 50% owned investee accounted for under the equitymethod of accounting.  The accumulated losses of Garden Life Plan, Ltd. in excess of theCompany's investment was $559,203, $658,478, and $632,041 as of May 31, 2001, 2000, and1999, respectively, and represent 11.5%, 13.5%, and 13.0% of the Company's total liabilities andstockholders' equity as of May 31, 2001, 2000, and 1999, respectively.  The Company' equity inearnings (losses) of Garden Life Plan, Ltd. for the years ended May 31, 2001, 2000, and 1999,amounted to $99,274, $(26,437), and $(197,234), respectively.  Garden Life Plan, Ltd.'s financialstatements were audited by other auditors whose reports have been furnished to us, and ouropinion expressed herein, insofar as it relates to the amounts included for the Company, is basedsolely on the reports of the other auditors.  We conducted our audits of these statements inaccordance with auditing standards generally accepted in the United States of America, whichrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and
F-1

disclosures in the financial statements.  An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluating the overallfinancial statement presentation.  We believe that our audits and the reports of other auditorsprovide a reasonable basis for our opinion.
As discussed in Note (15) to the financial statements, all of the accompanying financialstatements previously audited by other independent accountants have been restated. 
**/S/ PRICEWATERHOUSECOOPERS LLP**
**Honolulu, Hawaii**
**December 30, 2002**
F-2

**HOSOI GARDEN MORTUARY, INC.**
**BALANCE SHEETS**
**(RESTATED)**
**_ _ _ _ _ _ _ _ _ _ _ _ _**
**May 31, 1999,  2000,  and 2001**
**A S S E T S**
**1999**
**2000**
**2001****CURRENT ASSETS**Cash and Cash equivalents(Notes 1 and 4)
$928,162
$828,818
$980,416Securities available-for-sale, at market(Notes 1 and 5)
847,718
891,482
928,668Accounts receivable, less allowance of$62,710, $67,110, and $61,051
321,453
300,506
269,000Income taxes receivable (Note 1)
10,943
50,956
--Inventories (Note 1)
143,974
223,674
160,775Prepaid expenses and other current assets
58,865
58,353
52,026Deferred income taxes (Note 6)
--
--
132**TOTAL CURRENT ASSETS**
**2,311,115**
**2,353,789**
**2,391,017****INVESTMENTS**Woolsey-Hosoi Mortuary Services, LLC(Note 3)
22,345
25,718
41,177Cemetery plots
1,350
1,350
1,350Securities held-to-maturity, at cost (Notes 1and 5)
888,931
876,950
888,846
**912,626**
**904,018**
**931,373****DEFERRED INCOME TAXES (Note 6**)
--
**2,284**
**6,200****PROPERTY AND EQUIPMENT,** at cost,less accumulated depreciation (Notes 1 and 7)
**1,506,092**
**1,467,067**
**1,420,366****OTHER ASSETS**
**101,885**
**112,987**
**132,508****TOTAL ASSETS**
**$4,831,718**
**$4,840,145**
**$4,881,464**
**L I A B I L I T I E S****CURRENT LIABILITIES**Accounts payable 
$259,971
$285,651
$329,952Accrued liabilities (Note 9)
131,716
148,779
159,790Deferred income taxes (Note 6)
17,733
8,628
--Income taxes payable (Note 1)
--
	--
	5,555**TOTAL CURRENT LIABILITIES**
**409,420**
**443,058**
**495,297****DEFERRED RENT**
**--**
**6,016**
**16,328****ACCUMULATED LOSSES OF EQUITYINVESTEE IN EXCESS OF INVESTMENT(Notes 1 and 2)**
**632,041**
**658,478**
**559,203**
**S T O C K H O L D E R S'     E Q U I T Y****COMMON STOCK (Note 1)**Common stock, par value $.20 per share;authorized 3,625,000 shares, issued1,898,326, 1,883,071, and 1,859,866
**379,445**
**376,394**
**371,753****RETAINED EARNINGS**
**3,407,666**
**3,366,575**
**3,463,431****ACCUMULATED OTHERCOMPREHENSIVE INCOME,** net ofapplicable deferred income taxes (Notes 1 and5)
**84,428**
**70,906**
**56,734****TREASURY STOCK,** 223,785 shares, at cost(Note 1)
**(81,282)**
**(81,282)**
**(81,282)****TOTAL STOCKHOLDERS'EQUITY**
**3,790,257**
**3,732,593**
**3,810,636****TOTAL LIABILITIES ANDSTOCKHOLDERS' EQUITY**
**$4,831,718**
**$4,840,145**
**$4,881,464**
The accompanying Notes to Financial Statements are an integral part of these statements.
F - 3

**HOSOI GARDEN MORTUARY, INC.**
**STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**
**(RESTATED)**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999,  2000,  and 2001**
**1999**
**2000**
**2001****Revenues**Funeral services
$1,848,591
$1,934,761
$1,940,318Sales of urns and other items
898,710
790,850
662,010**Total revenues**
**2,747,301**
**2,725,611**
**2,602,328****Cost of revenues**Funeral services
1,662,042
1,564,332
1,450,168Urns and other items
391,273
383,341
348,470**Total cost of revenues**
**2,053,315**
**1,947,673**
**1,798,638****Gross profit**
**693,986**
**777,938**
**803,690****Selling, general, and administrative expenses**Salaries and wages
249,249
276,930
274,493Professional services
200,072
222,567
263,780Profit-sharing and pension fundcontribution (Note 11)
66,816
73,845
72,548Advertising
24,645
41,160
58,833Taxes and licenses
27,309
29,672
29,841Other
92,035
110,834
95,725**Total selling, general, andadministrative expenses**
**660,126**
**755,008**
**795,220****Operating income**
**33,860**
**22,930**
**8,470****Other income and (expenses)**Interest income, dividends, and other(Note 13)
171,443
185,307
220,053Interest expense and other
(1,643)
(17,119)
(23,177)**Total other income and (expenses)**
**169,800**
**168,188**
**196,876****Income before income taxes andequity in earnings (losses) ofequity investees**
**203,660**
**191,118**
**205,346****Income taxes (Note 10)**
**86,975**
**63,838**
**78,399****Income before equity in earnings(losses) of equity investees**
**116,685**
**127,280**
**126,947****Equity in earnings (losses) of equityinvestees**Garden Life Plan, Ltd. (Note 2)
(197,234)
(26,437)
99,274Woolsey-Hosoi Mortuary Services,LLC (Note 3)
7,345
20,873
36,459
**(189,889)**
**(5,564)**
**135,733****Net (loss) income**
**(73,204)**
**121,716**
**262,680****Other comprehensive income (loss)****Net unrealized gains (losses) onsecurities available-for-sale,** net ofdeferred taxes (credits) of $11,285,$(8,277), and $(8,677)
**18,434**
**(13,522)**
**(14,172)****Comprehensive income (loss)(Note 1)**
**$(54,770)**
**$108,194**
**$248,508****Average number of share common stockoutstanding**
**1,722,441**
**1,668,558**
**1,647,114****Earnings per common stock (Note 1)**
**$(.04)**
**$.07**
**$.16****Dividends per common share**
**$.10**
**$.06**
**$.045**
The accompanying Notes to Financial Statements are an integral part of	 these statements.
F - 4

**HOSOI GARDEN MORTUARY, INC.**
**STATEMENTS OF STOCKHOLDERS' EQUITY**
**(RESTATED)**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001****CommonStock****RetainedEarnings****AccumulatedOtherComprehensive Income****Treasury Stock****Total****Balance, May 31, 1998,**as previously reported
**$393,500**
**$5,961,355**
**$65,994**
**$(81,282)**
**$6,339,567**Prior periodadjustment (Note 15)
--
(2,024,645)
--
--
(2,024,645)**Balance, May 31, 1998,as restated**
**393,500**
**3,936,710**
**65,994**
**(81,282)**
**4,314,922**Net loss
--
(73,204)
--
--
(73,204)Reacquired commonstock
(14,055)
(282,352)
--
	--
(296,407)Cash dividend paid,$.10 per share
--
(173,488)
--
--
(173,488)Increase in netunrealized gains onsecuritiesavailable-for-sale, netof deferred taxes
--
--
18,434
--
1	8,434**Balance, May 31, 1999**
**379,445**
**3,407,666**
**84,428**
**(81,282)**
**3,790,257**Net income
--
121,716
--
--
1	21,716Reacquired commonstock
(3,051)
(61,783)
--
--
(64,834)Cash dividend paid,$.06 per share
--
(101,024)
--
--
(101,024)Decrease in netunrealized gains onsecuritiesavailable-for-sale, netof deferred taxes
--
--
(13,522)
--
(13,522)**Balance, May 31, 2000**
**376,394**
**3,366,575**
**70,906**
**(81,282)**
**3,732,593**Net income
--
262,680
--
--
262,680Reacquired commonstock
(4,641)
(90,999)
--
--
(95,640)Cash dividend paid,$.045 per share--
(74,825)
--
--
(74,825)Decrease in netunrealized gains onsecuritiesavailable-for-sale, netof deferred taxes
--
--
(14,172)
--
(14,172)**Balance, May 31, 2001**
**$371,753**
**$3,463,431**
**$56,734**
**$(81,282)**
**$3,810,636**
The accompanying Notes to Financial Statements are an integral part of these statements.
F - 5

**HOSOI GARDEN MORTUARY, INC.**
**STATEMENTS OF CASH FLOWS**
**(RESTATED)**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000,  and 2001**
**1999**
**2000**
**2001****CASH FLOWS FROM OPERATINGACTIVITIES:**Net (loss) income
$(73,204)
$121,716
$262,680Adjustments to reconcile net (loss) incometo net cash provided by operating activities:Depreciation
64,053
65,929
59,282Net realized gains on sale of securities 
(14,445)
(13,386)
(40,928)Loss on disposal of equipment
--
1,250
--Increase (decrease) in allowance fordoubtful accounts
(16,030)
4,400
(6,05	9)Undistributed (earnings) losses fromGarden Life Plan, Ltd.
197,234
26,437
(99,274)Undistributed earnings fromWoolsey-Hosoi Mortuary Services, LLC
(7,345)
(20,873)
(36,		459)Distributions from Woolsey-HosoiMortuary Services, LLC
--
17,500
21,000Cash value of life insurance policies
171
(2,669)
(13,899)Deferred income taxes
9,634
(3,112) 
(3,999)Deferred rent
--
6,016
10,312	(Increase) decrease in certain assetsAccounts receivable
(30,635)
16,547
37,565Income tax receivable
172,864
(40,013)
50,9	56Dividend receivable
750,000
--
--Inventories
5,294
(79,700)
62,899Prepaid expenses and other current assets
5,922
512
6,326(Decrease) Increase in certain liabilitiesAccounts payable
(25,474)
25,680
44,301Accrued liabilities
(3,768)
17,063
11,011Income taxes payable
--
--
5,555**NET CASH PROVIDED BYOPERATING ACTIVITIES:**
**1,034,271**
**143,297**
**371,269****CASH FLOWS FROM INVESTINGACTIVITIES:**Purchase of equipment
(45,585)
(28,154)
(12,581)Proceeds from sale of investment securities
1,584,108
929,787
1,915,648Purchases of investment securities
(1,660,473)
(969,983)
(1,946,651)Investment in Woolsey-Hosoi MortuaryServices, LLC
(15,000)
--
--Capitalization of architectural study 
(3,591)
--
--Redemption of cash value of life insurancepolicy
12,078
--
--Premiums paid for life insurance policies
(6,622)
(8,433)
(5,622)**NET CASH USED IN INVESTINGACTIVITIES:**
**(135,085)**
**(76,783)**
**(49,206)****CASH FLOWS FROM FINANCINGACTIVITIES:**Reacquired shares
(296,407)
(64,834)
(95,640)Cash dividends paid
(173,488)
(101,024)
(74,825)**NET CASH USED IN FINANCINGACTIVITIES:**
**(469,895)**
**(165,858)**
**(170,465)****NET INCREASE (DECREASE)**
**429,291**
**(99,344)**
**151,598****CASH AND CASH EQUIVALENTS, beginningof year**
**498,871**
**928,162**
**828,818****CASH AND CASH EQUIVALENTS, end ofyear**
**$928,162**
**$828,818**
**$980,416**
The accompanying Notes to Financial Statements are an integral part of these statements.
F - 6

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(1)   Summary of significant accounting policies**
*Line of business* - The Company is engaged in the business that consists principally of providingmortuary services in the State of Hawaii on the island of Oahu.
On August 3, 2001, the Company incorporated Hosoi Life Plan, Inc.(HLP), a wholly-ownedsubsidiary, to sell price guaranteed prearranged funeral contracts whereby a customercontractually agrees to the terms of a funeral to be performed in the future by the Company.
Through May 31, 2001 no contracts had been sold by HLP and all prearranged funeral contractswere owned by Garden Life Plan, Ltd. (see Note (2)).
The significant accounting policies followed by the Company are summarized below.
*Use of estimates* - The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities, the disclosureof contingent assets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting periods.   Actual results could differ fromthose estimates.
*Cash and cash equivalent* - The Company considers certificates of deposit, money marketaccounts and all highly liquid debt instruments with original maturities of three months or less tobe cash and cash equivalent.
*Fair value of financial instruments* - The carrying amounts of cash and cash equivalents, tradereceivables and accounts payable approximate fair values due to the short-term maturities ofthese instruments.  The fair value of current and non-current marketable securities wereestimated based on available market information from brokers.  The fair value for long-terminvestments was estimated based on quoted market price at year end.
F - 7

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(1)  Summary of significant accounting policies**(continued)
*Investment securities*- The Company classifies its marketable debt securities as *held-to-maturity*if it has the positive intent and ability to hold the securities to maturity.  All other marketablesecurities are classified as *available-for-sale*.  Securities classified as *available-for-sale* arecarried in the financial statements at fair value. Realized gains and losses are determined usingthe specific identification method for the cost the shares at the time of sale, and included inearnings; unrealized holding gains and losses are reported as other comprehensive income (loss).Securities classified as *held-to-maturity* are carried at amortized cost.
*Equity Investees*- The Company owns 50% of the common stock of Garden Life Plan, Ltd.(GLP) and 50% of the partners' capital of Woolsey-Hosoi Mortuary Services, LLC (Woolsey).These investees are managed and controlled by the management of the Company's co-owners andare accounted for under the equity method of accounting.
Because of its obligation to provide mortuary services to GLP in connection with GLP'sprearranged funeral contracts, the Company has continued to recognize its share of GLP's lossesin amounts that exceed its investment.  As a result, the accumulated losses of GLP in excess ofthe Company's investment are reported in the balance sheets as a liability (see Note (2)).
*Inventories* - Inventories of caskets and urns are stated at the lower of cost or market.  Cost isdetermined substantially by the first-in, first-out method and market is based on replacement costor realizable value.
*Property and equipment* - Property and equipment are carried at cost. Maintenance and repairsare charged to income as incurred. Major renewals and betterments are capitalized.  Upon sale orother disposition of assets, the cost and related accumulated depreciation are removed from theaccounts, the proceeds applied thereto, and any resulting gain or loss is reflected in income.
*Depreciation* - Depreciation is computed using the declining-balance and straight-line methods.Building and land improvements are depreciated over a period ranging from three to thirty nineyears and equipment and vehicles are depreciated over a period ranging from three to ten years.
F - 8

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(1)   Summary of significant accounting policies** (continued)
*Compensated absences*- Full-time  employees of the Company are entitled to paid vacation andsick days.  Unused vacation and sick leave are reflected in accrued liabilities.
*Rent expense* - The Company's ground lease provides for scheduled rent increases over the termof the lease.  Rental expense is recognized on a straight-line basis over the lease term.  Thedifference between the straight-line rent expense and actual payments made under the lease isrecorded as*Deferred Rent* in the balance sheets.
*Reacquired shares*- Shares reacquired by the Company prior to July 1, 1987 were recorded atcost and are reflected as *Treasury Stock* in the balance sheets.   At May 31, 1999, 2000, and2001, there were 223,785 shares classified as treasury stock.
Shares reacquired by the Company subsequent to June 30, 1987 are considered constructivelyretired and directly reduce the amount of common stock outstanding.  These reacquired sharesare recorded at par value in the statements of stockholders' equity with the excess over par valuehaving been charged to retained earnings.
*Earnings per common share* - Earnings per common share has been computed by dividing netincome by the weighted average number of common shares outstanding.
*Funeral Operations* - Thru fiscal 2001, the Company provided funeral services to customers onan "at-need" basis or under price guaranteed prearranged funeral contracts sold by GLP.Revenues are recognized for services and sales of merchandise when funeral services areperformed.  Professional services rendered are reported as *Funeral Services*.  Sales ofmerchandise, including caskets, urns, and other items are reported as *Sales of urns and otheritems.*
The components of *Cost of Revenues* include all direct and indirect costs attributable to therespective components of revenues. Direct costs include the cost of merchandise sold, labor, andcertain other related costs.  Indirect costs include the cost of insurance, depreciation, supplies,and other labor costs related to the performance and completion of funeral services.
F - 9

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000,  and 2001**
**(1)  Summary of significant accounting policies** (continued)
*Advertising* - The Company follows the policy of charging the costs of advertising to operationsas incurred.   Advertising costs for the years ended May 31, 1999, 2000, and 2001 amounted to$24,645, $41,160, and $58,833, respectively.
*Income taxes* - Income tax expense is based on reported earnings before income taxes.  Deferredincome taxes reflect the effects of temporary differences between assets and liabilities recognizedfor financial reporting purposes and such amounts recognized for tax purposes.  In accordancewith Statement of Financial Accounting Standards (SFAS) No. 109, *Accounting for IncomeTaxes*, deferred income taxes are measured by applying currently enacted tax laws.
*Comprehensive income*- Unrealized gains and losses on securities *available-for-sale*areincluded in other comprehensive Income.
*Recent accounting pronouncements* - In June 2001, the Financial Accounting Standards Board(FASB) issued Statement of Financial Accounting Standards (SFAS) No. 141, *BusinessCombinations*, and SFAS No. 142, *Goodwill and Other Intangible Assets*.   SFAS No. 141address financial accounting and reporting for business combinations and establishes thepurchase method for accounting for such transactions.   SFAS No. 142 address accounting forgoodwill and other intangible assets and redefines useful lives, amortization periods andimpairment of goodwill.  Under the new standard, goodwill will no longer be amortized, butmust be tested for impairment annually.
The adoption of these new standards will not impact the fiscal 2001 financial statements;however, the fiscal 2003 acquisition of GLP (see Note (2)) will be accounted for under these newpronouncements.
In June 2001, the FASB issued SFAS No. 143, *Accounting for Asset Retirement Obligations*. Theprovisions of SFAS No. 143 are effective for fiscal years beginning after June 15, 2002.  Theadoption of SFAS No. 143 is not expected to have a material effect on the Company's financialstatements.
In October 2001, the FASB issued SFAS No. 144, *Accounting for the Impairment or Disposal ofLong-Lived Assets*.  SFAS No. 144 supersedes SFAS No. 121, *Accounting for the Impairment ofLong-Lived Assets and Long-Lived Assets to Be Disposed Of.*  However, SFAS No. 144 retainsthe fundamental provisions of SFAS No. 121 for the recognition and measurement of theimpairment of long-lived assets to be held and used and the measurement of long-lived assets tobe disposed of by sale.  The scope of SFAS No. 144 excludes goodwill and othernon-amortizable intangible assets held and used as well as goodwill associated with a reportingunit to be disposed of.  The provisions of SFAS No. 144 are effective for fiscal years beginningafter December 15, 2001.  The adoption of SFAS No. 144 is not expected to have a materialeffect on the Company's financial statements.
F - 10

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(1)  Summary of significant accounting policies(continued)
On November 25, 2002, the FASB issued FASB Interpretation No. 45 (FIN 45), *Guarantor'sAccounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees ofIndebtedness of Others, an interpretation of FASB Statement No. 5, 57, and 107 and Recission ofFASB Interpretation No. 34.*  Fin 45 clarifies the requirements of FASB Statement No. 5,Accounting for Contingencies (FAS 5), relating to the guarantor's accounting for, and disclosureof, the issuance of certain types of guarantees.  The adoption of FIN 45 is not expected to have amaterial effect on the Company's financial statements. **(2)  Garden Life Plan, Ltd.**
Garden Life Plan, Ltd., a Hawaii corporation, was engaged in the sale of price guaranteedprearranged funeral contracts.  Of the payments received by GLP under these contracts, 70% isplaced into trust accounts with Pacific Century Trust Limited (PCT) pursuant to applicable lawand is intended to cover the future cost of providing price guaranteed funeral services.  PCT, astrustee, invests such trust funds as directed by GLP.  The remaining 30% is retained by GLP tocover its operational costs and is non-refundable.
GLP's revenues from the sale of prearranged funeral contracts are deferred until such time thatfuneral services have been provided. Accumulated realized trust earnings are also deferred untilthe funeral services have been provided.  Incremental and direct costs incurred by GLP relating tothe sale of prearranged funeral contracts are deferred and charged to expense as prearrangedfuneral contract revenues are recognized.
Pursuant to a service agreement with GLP, the Company is the sole servicing mortuary forprearranged funeral contracts sold by GLP and is entitled to receive 70% of the prearrangedfuneral contract price from GLP upon providing such mortuary services.  As of September 15,2001, GLP ceased selling price guaranteed prearranged funeral contracts; however, the Companyis obligated to service contracts sold by GLP prior to September 16, 2001.
On November 6, 2002, the Company purchased the 50% interest in GLP that it did not alreadyown for $2,500,000 in cash.   The purchase of this interest in GLP resulted in GLP becoming awholly-owned subsidiary of the Company, which enables the Company to resume sales of GLP'sprearranged funeral contracts.
F - 11

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(2) Garden Life Plan, Ltd.** (continued)
The summarized financial information of GLP as of and for the years ended May 31, 1999, 2000,and 2001 is as follows:
**1999**
**2000**
**2001****Total assets,** including prearrangedfuneral contract assets of $23,957,939,$25,734,548, and $26,728,213,respectively
$31,855,198
$34,631,479
$36,668,612**Total liabilities,** including deferredprearranged funeral contract revenues of$24,232,557, $26,789,104, and$28,535,672, respectively
33,119,284
35,948,438
37,787,024**Total stockholders' deficit**
**$(1,264,086)**
**$(1,316,959)**
**$(1,118,412)**Total revenues
$1,160,721
$1,340,396
$1,318,871Cost and expenses, including $627,310,$673,834, and $612,325 respectively,related to the purchase of services fromthe Company
1,254,057
1,447,231
1,217,336Income taxes (benefit)
301,131
(53,962)
(97,012)**Net income (loss)**
**$(394,467)**
**$(52,873)**
**$198,547**
The accumulated losses in excess of the Company's investments in Garden Life Plan, Ltd. as ofMay 31, 1999, 2000, and 2001 is accounted for as follows:
**1999**
**2000**
**2001**Stockholders' deficit of Garden Life Plan,Ltd.
$(1,264,086)
$(1,316,959)
$(1,118,412)Equity ownership
50%
50%
50%**Accumulated losses in excess of theCompany's investment in GardenLife Plan, Ltd.**
**$(632,041)**
**$(658,478)**
**$(559,203)**
F - 13
**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(3) Woolsey-Hosoi Mortuary Services, LLC**
On July 7, 1998, the Company in partnership with Woolsey Funeral & Cemetery Services, Inc.formed Woolsey-Hosoi Mortuary Services, LLC (Woolsey-Hosoi), a limited liability company,to provide funeral services to market sectors not previously serviced by the Company.  TheCompany's initial capital contribution for a 50% interest in Woolsey-Hosoi, was $15,000.  TheCompany received distributions of $17,500 and $21,000 for 2000 and 2001, respectively.  Therewas no distribution in 1999.
The Company provides Woolsey-Hosoi with embalming services, assistance with funeralarrangements, use of its facilities and related charges.  Revenues from services provided toWoolsey-Hosoi is reflected in Total revenues which amounted to $18,285, $25,751, and $29,365for the years ended May 31, 1999, 2000 and 2001, respectively.  Included in accounts receivableis $4,619 and $6,728 of receivables from Woolsey-Hosoi for 2000 and 2001, respectively.
The summarized financial information of Woolsey-Hosoi as of and for the years ended December31, 1998, 1999, and 2000 is as follows:
**1998**
**1999**
**2000**Total assets
$45,684
$51,259
$81,005Total liabilities
921
--
179**Total partners' capital**
**$44,763**
**$51,259**
**$80,826**Total revenues
$59,178
$143,965
$246,771Costs and expenses
44,438
102,218
174,231**Operating income**
**$14,740**
**$41,747**
**$72,540****Net income**
**$14,763**
**$41,747**
**$72,918**
The Company's investment in Woolsey-Hosoi as of May 31, 1999, 2000, and 2001 was asfollows:
**1999**
**2000**
**2001**Partnership capital
$44,763
$51,259
$80,826Equity ownership
50%
50%
50%**Investment in Woolsey-Hosoi**
**$22,345**
**$25,718**
**$41,177**
**(4)     Cash and cash equivalents**
Cash and cash equivalents consist of the following as of May 31:
**1999**
**2000**
**2001**Cash on hand
$500
$5,654
$64,561Checking accounts
153,084
189,906
201,211Savings accounts     
673,069
512,531
531,577Short-term investments
101,509
120,727
183,067**Total cash and cash equivalents**
**$928,162**
**$828,818**
**$980,416**
F - 14
**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(5)     Investment securities**
As of May 31, 1999, 2000,  and 2001, the Company held investments in the following types ofsecurities:
**AmortizedCost**
**GrossUnrealizedGains**
**GrossUnrealizedLosses**
**MarketValue*****May 31, 1999***Available-for-saleEquity securities
$87,975
$30,962
$3,841
$115,096Mutual funds
623,628
109,996
1,002
732,622
**711,603**
**140,958**
**4,843**
**847,718**Held-to-maturityU.S. Treasury
888,931
504
3,711
885,724**Totals**
**$1,600,534**
**$141,462**
**$8,554**
**$1,733,442*****May 31, 2000***Available-for-saleEquity securities
$111,241
$17,502
$12,035
$116,708Mutual funds
665,925
121,803
12,954
774,774
**777,166**
**139,305**
**24,989**
**891,482**Held-to-maturityGovernment notes
58,599
--
3,378
55,221U.S. Treasury
818,351
21,447
1,262
838,536
**876,950**
**21,447**
**4,640**
**893,757****Totals**
**$1,654,116**
**$160,752**
**$29,629**
**$1,785,239*****May 31, 2001***Available-for-saleEquity securities
$127,202
$8,379
$2,843
$132,738Mutual funds
709,999
85,942
11
795,930
**837,201**
**94,321**
**2,854**
**928,668**Held-to-maturityU.S. Treasury
888,846
349
569
888,626**Totals**
**$1,726,047**
**$94,670**
**$3,423**
**$1,817,294**
F - 15

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(5)    Investment securities** (continued)
The maturities of all debt securities held at May 31, 1999, 2000,  and 2001 were as follows:
**Available-for-sale**
**Held-to-maturity**
**AmortizedCost**
**MarketValue**
**AmortizedCost**
**MarketValue*****May 31, 1999***Within one year
$--
$--
$779,601
$778,332After one year through five years
--
--
61,229
60,161After five years
--
--
48,101
47,231
**$--**
**$--**
**$888,931**
**$885,724*****May 31, 2000***Within one year
$--
$--
$787,539
$808,968After one year through five years
--
--
55,530
52,681After five years
--
--
33,881
32,108
**$--**
**$--**
**$876,950**
**$893,757*****May 31, 2001***Within one year
$--
$--
$828,081
$828,336After one year through five years
--
--
40,234
39,820After five years
--
--
20,531
20,470
**$--**
**$--**
**$888,846**
**$888,626**
The Company sold securities *available-for-sale* for $94,598, $76,929, and $206,794 in 1999,2000, and 2001, respectively.  Gross realized gains and losses on the sale of securities *available-for-sale* and maturity of securities*held-to-maturity* for 1999, 2000, and 2001 were as follow:
**Gross Realized Gains**
**Gross Realized Losses**
**1999**
$25,351
$10,906
**2000**
$23,082
$9,696
**2001**
$56,572
$15,644
The unrealized holding gains on investment securities *available-for-sale* during the years endedMay 31, 1999, 2000 and 2001, and reported as a separate component of *Stockholders' Equity*, areas follows:
**1999**
**2000**
**2001**Unrealized holding gains, net of losses
$136,115
$114,316
$91,467Deferred income tax on the net unrealizedholding gains
(51,687)
(43,410)
(34,733)
**$84,428**
**$70,906**
**$56,734**
F- 16
**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(6)     Deferred income taxes**
Deferred income taxes are recognized for differences between the basis of assets and liability forfinancial statements and income tax purposes.  The deferred tax assets and liability represent thefuture tax consequences of those differences, which will be either taxable or deductible when theassets and liabilities are recovered or settled.
The deferred tax liability results from the recognition of unrealized gains or losses on securitiesfor financial statements and the recognition of gains or losses when securities are sold for incometax purposes.
The deferred tax assets results from the use of the reserve method in accounting for uncollectibleaccounts receivable in the financial statements and the use of the direct write off method forincome tax purposes, the accrual of vacation and sick leave when earned for the financialstatements and the recognition for income tax purposes when paid, and the accrual of rentexpense for financial statement purposes.
The cumulative temporary differences related to the deferred tax assets and (liability) as of May31, 1999, 2000, and 2001, respectively, were as follows:
**1999**
**2000**
**2001****Deferred tax assets:**Accrued vacation and sick leave
$10,141
$9,298
$11,704Allowance for doubtful account
23,813
25,484
23,161Deferred rent
-- 
2,284
6,200**Total deferred tax assets**
**33,954**
**37,066**
**41,065****Deferred tax liability:**Unrealized gains on securitiesavailable-for-sale
(51,687)
(43,410)
(34,733)**Total deferred tax liability**
**(51,687)**
**(43,410)**
**(34,733)****Net Deferred Taxes**
**$(17,733)**
**$(6,344)**
**$6,332**
**(7)     Property and equipment**
Property and equipment consist of the following:
**1999**
**2000**
**2001**Land
$517,040
$517,040
$517,040Buildings
1,262,530
1,262,530
1,262,530Land improvements
94,710
94,710
94,710Equipment and vehicles
419,463
371,980
379,674**Total cost**
**2,293,743**
**2,246,260**
**2,253,954**Accumulated depreciation
(787,651)
(779,193)
(833,588)**Net property and equipment**
**$1,506,092**
**$1,467,067**
**$1,420,366**
F - 17

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __**
**Years Ended May 31, 1999, 2000, and 2001**
**(7)     Property and equipment** (continued)
Aggregate depreciation charged to operations is as follows:**1999****2000****2001**Cost of revenues
$61,232
$59,365
$50,772Selling, general, and administrativeexpenses
2,821
6,564
8,510
**$64,053**
**$65,929**
**$59,282**
**(8)     Funeral service deposits**
Included in accounts payable is $33,731 of deposits made by ten individuals that the Companyhad collected from since 1969 for future services or purchase of merchandise.  The payableincluding interest accrued to May 31, 1999, 2000, and 2001 approximates fair value are asfollows:
**Payable**
**Interest**
**1999**
$33,066
$25,041
**2000**
$33,351
$25,914
**2001**
$33,731
$26,294
In an agreement with the Professional and Vocational Licensing Division of the State of Hawaii,Department of Commerce and Consumer Affairs (DCCA), the Company consented to a plan toeither convert these funeral service deposits to a Garden Life Plan, Ltd.'s (GLP) prearrangedfuneral service contract identical to the services and/or merchandise that the depositor originallycontracted for or refund the deposit plus accrued interest.  The agreement with the DCCAprovides that the  Company will provide the funds for any difference between the cost of acomparable GLP prearranged funeral service contract and the amount deposited with theCompany.
As of May 31, 1999 twenty-seven plans and as of May 31,  2000 and 2001, twenty-eight planshave been converted to GLP prearranged funeral service contracts or refunded to the originaldepositor. The Company does not anticipate any significant loss from the conversion orrefunding of the remaining ten (10) plans.
F - 18

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(9)     Accrued liabilities**
Accrued liabilities consist of the following:
**1999**
**2000**
**2001**Accrued bonus
$21,250
$21,250
$25,000Accrued wages payable
--
14,642
9,347Payroll and general excise taxes
16,944
14,555
22,070Profit-sharing and money purchasepension plan contribution
66,816
73,845
72,548Vacation and sick leave
26,706
24,487
30,825**Total accrued liabilities**
**$131,716**
**$148,779**
**$159,790**
**(10)     Income taxes**
The provisions for income taxes (benefits) consist of the following:**1999****2000****2001****Current:**Federal
$67,149
$57,585
$71,295State
10,192
9,365
11,103
**77,341**
**66,950**
**82,398****Deferred:**Federal
8,107 
(2,619)
(3,365)State
1,527
(493)
(634)
**9,634**
**(3,112)**
**(3,999)****Total**
**$86,975**
**$63,838**
**$78,399**
Income taxes paid (refunded), net of refunds, were $(39,073), $116,511 and $75,353 in 1999,2000, and 2001, respectively.
F - 19

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(10)     Income taxes** (continued)
The provision for income taxes differs from the amount computed by applying the federalstatutory income tax rate to income before income taxes and equity in earnings of equityinvestees as follows:**1999****2000****2001**Federal income tax statutory rate
34.0%
34.0%
34.0%Graduated tax effect
(2.1)
(1.8)
(2.7)
**31.9**
**32.2**
**31.3**State income tax, net of tax benefit
3.3
3.1
3.4Life insurance premium, net ofincrease in cash value
--
(1.0)
(2.3)Effects of partnership equityinvestee
2.1
3.7
6.0Others, net
5.4
(4.6)
(0.2)**Effective tax rate**
**42.7%**
**33.4%**
**38.2%**
**(11)     Retirement plans**
The Company provides benefits to substantially all full-time employees with a definedcontribution profit-sharing plan and a money-purchase pension plan.  Both plans arenon-contributory plans.
The money-purchase pension plan was adopted on June 1, 1990 and provides benefits toemployees after one year of service and upon completion of 1,000 hours of service each year.The required contribution under this plan is five-percent of compensation of qualified employees.
Subsequent to May 31, 2001, the Company terminated its money-purchase pension plan andmerged its assets with the profit-sharing plan.
F - 20

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(11)     Retirement plans(continued)
Contribution to the defined contribution profit-sharing plan is discretionary up to a maximum offifteen-percent of compensation of eligible employees after one year of service and uponcompletion of 1,000 hours of service each year.
Amounts charged against income for the retirement plans and the percentage that they representof eligible compensation are as follows:**Profit-Sharing****Money-Purchase Pension****Amount****% ofCompensation****Amount****% ofCompensation**
**1999**
$40,000
6.9%
$26,816
5.0%
**2000**
$40,000
6.4%
$33,845
5.0%
**2001**
$40,000
6.1%
$32,548
5.0%
**(12)     Lease**
The Company leases a portion of  the land on which the mortuary is situated from the Herman S.Hosoi Trust and the Hosoi-Tamori-Shimonishi Trust (Trusts) which respectively owns a 13%and 12% interest in the land.  As a group, members of the Hosoi family own approximately29.42% of the outstanding shares of the Company.
On October 31, 1999, the Company entered into a fifteen-year lease which expires on October31, 2014.  For the first five years of the agreement, the Company will pay the higher of $112,200,
F - 21

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(12)     Lease** (continued)
plus general excise tax, per year or percentage rent of 25% times 15% of gross annual revenues,as defined.  For the second five year period, the Company will pay $132,000, plus general excisetax, per year or the percentage rent.  For the third five year period, an appraisal of  the propertywill be required to establish the base rent but in no event will the base rent exceed the greater of$200,000, plus general excise tax, per year or the  percentage rent.  In addition, the Company isresponsible for the payment of real property taxes on the property owned by the Trust.  Totalrental expense was $345,636, $222,792, and $144,914 in 1999, 2000, and 2001, respectively.
The future minimum lease payments under the lease at May 31, 2001 are as follows:**May 31,**
**Amount**2002
$116,8752003
116,8752004
116,8752005
128,9052006
137,499Thereafter
469,789
**$1,086,818**
**(13)     Other income**
Other income consists of the following:**1999****2000****2001**Interest$94,536$98,540$134,702Capital gains and dividends16,90221,58019,197Net gains from sale of securities14,44513,38640,928Parking33,68431,31123,620Others11,87620,4901,606**Total other income****$171,443****$185,307****$220,053**
F - 22

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(14)    Concentration of credit risk of financial instruments**
The Company's cash, cash equivalents, short and long term investments are deposited with fivelocal financial institutions.  For the years ended May 31, 1999, 2000, and 2001, the Company haddeposits in a financial institution in excess of the Federal deposit insurance in the amounts$623,402,  $533,152,  and $545,393, respectively.
The Company performs funeral services for deaths occurring principally on the island of Oahulocated in the State of Hawaii.  In the normal course of business the Company extends unsecuredcredit to its customers.  The Company maintains reserves for potential credit losses; historically,such losses have been within management's expectations.
**(15)   Restatements**
The Company restated its financial statements for the years ended May 31, 1999, 2000, and 2001for various accounting matters as follows:
a.  Garden Life Plan, Ltd. (GLP) determined that it was necessary to restate its retained earningsas of June 1, 1998 from $3,206,730 to an accumulated deficit of $870,619.   GLP's restatementwas largely caused by the need to revise its revenue recognition and cost deferral policies toconform to SAB 101 guidance.  As a result, the Company has restated its retained earnings as ofJune 1, 1998 to account for the effects of GLP's restatement on the Company's accumulatedlosses in excess of investment, equity in earnings (losses) in GLP, and related deferred incometaxes.
b.  Accounting for ground lease rent expense on a straight-line basis over the lease term, accrualof a deferred rent liability, and establishment of related deferred income taxes, which affectsfiscal 2000 and 2001.
c.  Financial statement presentation of revenues and cost of revenues from prearranged funeralservice contracts.  Previously such revenues were reported in *Funeral Services*.  Since suchrevenues include the sale of caskets and urns, prearranged funeral service contracts revenueshave been disaggregated and their various components have been reported as Funeral Services or*Sales of Urns and Other Items*, as applicable.
F-23

**HOSOI GARDEN MORTUARY, INC.**
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(15)   Restatements** (continued)
The effect of the restatements described above on the Company's retained earnings as of June 1,1998 was as follows:Retained earnings as previously reported$5,961,355Effects of restatements described above(2,024,645)
**Retained earnings as restated****$3,936,710**
The effects of the restatements described above on the Company's balance sheet and statement ofincome and comprehensive income as of and for the year ended May 31, 1999 were as follows:
**Balance Sheet**
**As previouslyreported**
**As Restated**
**Assets**Current Assets:Income tax receivable8,07410,943**Total Current Assets****2,342,200****2,311,115**Investments:Garden Life Plan, Ltd.1,649,721
--**Total Investments****2,562,347****912,626****Total Assets****$6,512,524****$4,831,718**
**Liabilities**Current Liabilities:Deferred income taxes   
--17,733**Total Current Liabilities****391,687****409,420****Deferred income taxes****134,243**
--Accumulated losses of equity investee in excess ofinvestment
--632,041
**Stockholders' Equity**Retained earnings5,604,0033,407,666**Total Stockholders' Equity****5,986,594****3,790,257****Total Liabilities and Stockholders' Equity****$6,512,524****$4,831,718**
**Statement of Income and Comprehensive Income**
**As previouslyreported**
**As Restated****Revenues**Funeral services2,043,8901,848,591Sales of urns and other items703,411898,710**Total Revenues****2,747,301****2,747,301****Income taxes****112,497****86,975****Income before equity in losses of equityinvestees****91,163****116,685****Equity in losses of equity investee****Garden Life Plan, Ltd.**
**--****(197,234)****Net Income (Loss)****98,508****(73,204)****Comprehensive Income (Loss)****$116,942****$(54,770)****Earning per common stock**
**$.06**
**$(.04)**
F - 24
**HOSOI GARDEN MORTUARY, INC.
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(15) Restatements**(continued)
The effects of the restatements described above on the Company's balance sheet and statement ofincome and comprehensive income as of and for the year ended May 31, 2000 were as follows:
**Balance Sheet**
**As previouslyreported**
**As Restated**
**Assets**Current AssetsDeferred income taxes34,782--**Total Current Assets****2,388,571****2,353,789**Investments:Garden Life Plan, Ltd.2,090,156--**Total Investments****2,994,174****904,018****Deferred income taxes**--**2,284****Total Assets****$6,962,799****$4,840,145**
**Liabilities**Current LiabilitiesDeferred income taxes--8,628**Current Liabilities****434,430****443,058**Deferred income taxes161,166--Deferred rent--6,016Accumulated losses of equity investee in excess ofinvestment--658,478
**Stockholders' Equity**Retained earnings6,001,1853,366,575**Total Stockholders' Equity****6,367,203****3,732,593****Total Liabilities and Stockholders' Equity**
**$6,962,799**
**$4,872,643**
**Statements of Income and Comprehensive Income**
**As previouslyreported**
**As Restated****Revenues**Funeral services2,149,3511,934,761Sales of urns and other items576,260790,850**Total revenues****2,725,611****2,725,611****Cost of revenues**Funeral services1,941,6571,564,332Urns and other items
--383,341**Total cost of revenues****1,941,657****1,947,673****Gross profit****783,954****777,938****Operating income****28,946****22,930****Income before income taxes and equity inlosses of equity investees****197,134****191,118****Income taxes****63,253****63,838****Income before equity in losses of equityinvestees**
**133,881**
**127,280****Equity in losses of equity investees****Garden Life Plan, Ltd.**
**--**
**(26,437)****Net Income**
**154,754**
**121,716****Comprehensive Income**
**$141,232**
**$108,194****Earning per common stock**
**$.09**
**$.07**
F - 25
**HOSOI GARDEN MORTUARY, INC.
**NOTES TO FINANCIAL STATEMENTS**
**_ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _**
**Years Ended May 31, 1999, 2000, and 2001**
**(15)   Restatements (continued)**
The effects of the restatements described above on the Company's balance sheet and statement ofincome and comprehensive income as of and for the year ended May 31, 2001 were as follows:
**Balance Sheet**
**As previouslyreported**
**As Restated**
**Assets******Current AssetsDeferred****income****taxes34,865132**Total Current Assets**2,425,7502,391,017Investments**:****Garden Life Plan, Ltd.2,090,156**--**********Total investments****3,021,529****931,373********Deferred income taxes
**--**6,200**Total Assets****$7,000,153****$4,909,997**
**Liabilities**Deferred****income****taxes
152,489
**--**Deferred****rent
**--**
16,328Accumulated losses of equity investee in excess ofinvestment
**--**
559,203
**Stockholders' Equity****Retained earnings**
6,005,162
3,463,431**Total stockholders' equity**
**6,352,367**
**3,810,636****Total liabilities and stockholders' equity**
**$7,000,153**
**$4,909,997**
**Statements of Income and Comprehensive Income**
**As previouslyreported**
**As Restated****Revenues:**Funeral services2,159,0051,940,318Sales of urns and other items443,323662,010**Total revenues****2,602,328****2,602,328****Cost of revenues**Funeral services1,788,3251,450,168Urns and other items
**--**348,470**Total cost of revenues****1,788,325****1,798,638****Gross profit****814,003****803,690****Operating income****18,783****8,470****Income before income taxes and equity inearnings of equity investees****215,658****205,346****Income taxes****82,315****78,399****Income before equity in earnings of equityinvestees****133,343****126,947****Equity in earnings of equity investees**Garden Life Plan, Ltd.
**--**
**99,274****Net income**
**169,802**
**262,680****Comprehensive income**
**$155,630**
**$248,508****Earnings per common stock**
**$.09**
**$.16**
F-26
**GARDEN LIFE PLAN, LTD.**
**FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT**
**Years Ended May 31, 2000 and 1999**
F - 27

**Nishihama & Kishida, CPA's, Inc.**
Pacific Tower
1001 Bishop Street, Suite 1760
Honolulu, Hawaii   96813-3696
Telephone (808) 524-2255
Fax (808) 523-2090
**INDEPENDENT AUDITORS' REPORT**
To the Board of Directors
Garden Life Plan, Ltd.We have audited the accompanying balance sheets of Garden Life Plan, Ltd. (a HawaiiCorporation) as of May 31, 2000 and 1999, and the related statements of operations and deficit inretained earnings, and cash flows for the years then ended. These financial statements are theresponsibility of the Company's management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtainreasonable 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 inthe financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,the financial position of Garden Life Plan, Ltd. as of May 31, 2000 and 1999, and the results ofits operations and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.
/s/ Nishihama & Kishida CPA's, Inc.
Honolulu, Hawaii
June 22, 2001
F - 28

**Garden Life Plan, Ltd.**
**BALANCE SHEETS**
**May 31, 2000 and 1999**
**2000**
**1999**
**ASSETS**Cash$576,265$787,766Marketable securities873,354
--Funeral contracts receivable, less allowance forcancellations of $57,684 in 2000 and $89,000 in 19995,431,3526,040,654Income tax receivable
--7,435Deferred acquisition costs4,666,0004,803,000Deferred tax assets2,725,0002,229,000Equipment, net of accumulated depreciation of $95,586 in2000 and $81,840 in 19996,31220,058Certificate of deposit - restricted50,00050,000Amounts held by trust20,303,19617,917,285**$34,631,479****$31,855,198**
**LIABILITIES AND STOCKHOLDERS' DEFICIENCY**LIABILITIESAccounts payable and accrued liabilities$145,520$157,736Income taxes payable134,000--Charter member payable112,524112,524Deferred revenues30% of contracts outstanding8,767,2908,616,46770% of contracts outstanding20,342,52020,070,029Deferred trust investment income6,446,5844,162,528Total liabilities**35,948,438****33,119,284**STOCKHOLDERS' DEFICIENCYCommon stock authorized, issued andoutstanding, 1,000 shares of no par value1,0001,000Deficit in retained earnings(1,317,959)(1,265,086)Total stockholders' deficiency**(1,316,959)****(1,264,086)****$34,631,479****$31,855,198**
See accompanying notes to financial statements.
F - 29
**Garden Life Plan, Ltd.**
**STATEMENTS OF OPERATIONS AND DEFICIT IN RETAINED EARNINGS**
**Years Ended May 31, 2000 and 1999**
**2000**
**1999****REVENUES**Pre-need funeral contracts serviced30% of contract price$312,190$283,53470% of contract price673,834627,310**986,024****910,844**Trust earnings on contracts serviced283,600184,500Interest51,48630,598Other19,28634,779**1,340,396****1,160,721****COSTS AND EXPENSES**Funeral service costs673,834627,310Selling expenses323,599199,097General and administrative expenses449,798393,040Other--34,610**1,447,231****1,254,057**Loss before income taxes**(106,835)****(93,336)****INCOME TAXES (BENEFIT)**(53,962)301,131**NET LOSS****(52,873)****(394,467)**Deficit in retained earnings, as restated(1,265,086)(870,619)Deficit in retained earnings**$(1,317,959)****$(1,265,086)**
See accompanying notes to financial statements.
F - 30

**Garden Life Plan, Ltd.**
**STATEMENTS OF CASH FLOWS**
**Years Ended May 31, 2000 and 1999**
**2000**
**1999****INCREASE (DECREASE) IN CASH AND CASHEQUIVALENTS****Cash flows from operating activities**Net loss**$(52,873)****$(394,467)**Adjustments to reconcile net loss to net cash provided byoperating activities:Depreciation13,74617,348Net deferred income taxes(496,000)(360,000)(Increase) decrease in:Funeral contracts receivable609,302928,217Deferred acquisition costs137,00021,000Income taxes receivable7,43536,836Assets held by trust(2,385,911)(2,355,323)Increase (decrease) in:Accounts payable and accrued liabilities(12,216)(294,004)Deferred funeral contract revenues423,3141,208,557Deferred trust investment income2,284,0561,293,559Income taxes payable134,000
--Total adjustments**714,726****496,190****Net cash provided by operating activities****661,853****101,723****Cash flows from investing activities**Acquisition of equipment
--(5,573)Proceeds from maturities of marketable securities547,636
--Purchase of marketable securities(1,420,990)
--**Net cash used in investing activities****(873,354)****(5,573)****Cash flows from financing activities**Dividends paid
--
(1,500,000)**Net cash used in financing activities**
**--**(1,500,000)**NET DECREASE IN CASH****(211,501)****(1,403,850)**Cash and cash equivalents at beginning of year787,7662,191,616Cash and cash equivalents at end of year
**$576,265**
**$787,766****SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION**Cash paid during the year for:Income taxes**$325,000****$573,500**
See accompany notes to financial statements.
F - 31

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE****A**- **NATURE****OF****BUSINESS**Garden Life Plan, Ltd. (the Company), was incorporated in 1968 under the laws of the State ofHawaii (State). The Company operates as a pre-need funeral authority licensed to sell pre-needfuneral services in the State under Chapter 441 of the Hawaii Revised Statutes. HawaiianMemorial Park Cemetery (HMPC) and Hosoi Garden Mortuary, Inc. (Hosoi) each own 50% ofthe outstanding voting common stock of the Company.The Company acts as an agent for the individual contract holders who have purchased pre-needfuneral service plans. The first 30% of payments collected for each contract sold is retained bythe Company to cover its "acquisition costs" and is non-refundable. As a pre-need funeralauthority, the Company is required to place in trust the remaining 70% of payments collected foreach contract sold (the funeral reserve principal) on behalf of the individual contract purchasers(trustors). The Company has appointed Pacific Century Trust as the trustee of the funeral reserveprincipal but may appoint another trustee. The funeral reserve principal may be invested but shallnot be diminished or withdrawn from trust except in payment of the pre-need services contractedfor and provided to the deceased purchaser or designee or for the contractual refund to thepurchaser.  Pacific Century Trust, as trustee, maintains the funeral reserve principal in two common trustfunds and invests such funds as directed by the Company. Realized income and capital gainsearned from the investment of the funeral reserve principal may be withdrawn from thesecommon trust funds by the Company. 
**NOTE B - SIGNIFICANT ACCOUNTING POLICIES**(1) Use of estimates - The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from those estimates.(2) Certificate of deposit - restricted - The certificate of deposit with a financial institution isrequired to be held by the State for the Company's license as a pre-need funeral authority.(3) Funeral contracts receivable - Approximately 25% of each contract sold is paid in cash withthe remainder being paid under installment plans with varying terms that are generally due within60 months. (4) Deferred revenue - The first 30% of each contract is non-refundable and is retained by theCompany to cover its "initial acquisition costs." Although 30% of the contract is non-refundable,the income is deferred until the funeral services are provided. The remaining 70% of the contractprice is collected by the Company and deposited in trust. This funeral reserve portion of thecontract is also deferred until the pre-need funeral service is performed. 
F - 32

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE B - SIGNIFICANT ACCOUNTING POLICIES** (Continued)
The Company also defers all accumulated realized trust earnings generated by the funeral reserveprincipal until services are performed. The accumulated trust earnings consist primarily ofreinvested dividends, interest, and capital gains on sales of securities. Upon performance of thepre-need funeral service contract, the investment earnings estimated to be attributable to thecontract is recognized as income.(5) Deferred acquisition costs - The Company defers all selling or "acquisition" costs associatedwith pre-need funeral contract sales. Deferred acquisition costs are expensed as funeral servicecosts when the pre-need funeral service is performed and the related revenue is recognized.(6) Equipment - Equipment is reflected at cost. Equipment is depreciated using the straight-linemethod over the estimated useful lives of the assets.(7) Amounts held by trust - The amounts held by trust represent the cost basis of trust assetswhich consists of the accumulated funeral reserve principal on pre-need funeral service contractsoutstanding and accumulated realized trust earnings that have not been withdrawn by the Company.(8) Marketable securities  - The Company's marketable securities are held within a self-managedinvestment account that is not part of trust assets. The Company's investments consist of debtsecurities maturing in the near term. As such, the Company classifies marketable debt securitiesas "held-to-maturity" and carries these investments at amortized cost.
(9) Income taxes - The provision for income taxes includes federal and state income taxescurrently payable or receivable and those deferred because of temporary differences between thefinancial statement and tax basis of assets and liabilities. Income taxes are provided for the tax effects of transactions reported in the financial statementsand consist of taxes currently due adjusted for deferred taxes related to differences betweenfinancial and income tax reporting. The deferred taxes represent the future tax returnconsequences of those differences, which will either be taxable or deductible when the assets andliabilities are recovered or settled.(10) Statements of Cash Flows - For purposes of the statements of cash flows, the Companyconsiders all highly liquid investments purchased with an original maturity of three months orless to be cash equivalents.
F - 33

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE C - AMOUNTS HELD BY TRUST**As the Company receives payments on pre-need funeral contracts, it is obligated to depositamounts collected in excess of the first 30% of the contract price in trust. Information relating tothe amounts held by trust as of May 31, 2000 and 1999, are summarized as follows:**2000****1999****Cost****MarketValue****Cost****MarketValue**MAS Pooled Trust - FixedIncome Fund$3,601,693$3,303,529$2,737,141$2,618,146JP Morgan InstitutionalBond Fund2,618,8352,445,2831,967,4441,886,069Vanguard Fixed IncomeSecurity FundIntermediate Term USTreasury Portfolio2,596,4322,469,7351,894,4851,849,813AIM Constellation Fund600,521940,202795,782958,435Dodge & Cox Stock Fund2,190,6542,318,5711,748,3391,950,088Foreign Equity Fund1,597,8502,066,5221,585,4071,811,659Pacific Capital Growth &Income Fund1,665,4562,049,8951,621,3621,873,280Pacific Capital GrowthStock Fund1,592,6672,006,3891,663,4411,867,333Putnam Voyager Fund498,778770,343840,3461,034,848Vanguard/Windsor Fund2,507,6142,439,5281,699,6521,946,058**Investments held in trust****19,470,500****20,809,997****16,553,399****17,795,729****Cash held in trust****832,696****832,696****1,363,886****1,363,886****Total assets held in trust****$20,303,196****$21,642,693****$17,917,285****$19,159,615**
The portion of trust assets representing funeral reserve principal at May 31, 2000 and 1999, aresummarized as follows:
**2000**
**1999**Cost basis of amounts held by trust$20,303,196$17,917,285Realized investment income available5,344,9473,844,687
**Funeral reserve principal****$14,958,249****$14,072,598**
F - 34

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE D - MARKETABLE SECURITIES**In July 1999, the Company established a self-managed investment account consisting of debtsecurities classified as held-to-maturity. The amortized cost and estimated fair value of theseinvestments as of May 31, 2000, were as follows:**GrossAmortized Cost****GrossUnrealizedLosses****Estimated FairValue**U.S. Treasury obligations$349,924$893$349,031U.S. Government and FederalAgency securities523,4305,914517,516**Total held-to-maturitysecurities****$873,354****$6,807****$866,547**
The amortized cost and estimated fair value of securities classified as held to maturity as of May31, 2000, by contractual maturity, are as follows:**Amortized Cost****Estimated Fair Value**Due in one year or less$424,574$423,469Due after one year through fiveyears448,780443,078**$873,354****$866,547**
**NOTE E - INCOME TAXES**The Company's provision for income taxes are summarized as follows:
**2000**
**1999**Current tax expenseFederal$388,993$588,407State53,04572,724**442,038****661,131**Deferred tax (benefit)Federal(392,000)(284,000)State(104,000)(76,000)**(496,000)****(360,000)****$(53,962)****$301,131**
F - 35 
**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE E - INCOME TAXES** (Continued)The cumulative temporary differences related to the deferred tax assets and (liabilities) as of May31, 2000 and 1999, are as follows:**2000****1999**Reserve for funeral contract cancellationsexpensed for financial reporting purposes, notdeductible for income tax purposes$22,000$34,000Charter member payable expensed for financialreporting purposes, not deductible for incometax purposes43,00043,000Deferred funeral revenue - 30% of contractsoutstanding3,331,0003,274,000Deferred trust investment income1,102,000703,000Deferred acquisition costs(1,773,000)(1,825,000)
**Net deferred income tax assets****$2,725,000****$2,229,000**
The Company's net deferred tax assets at May 31, 2000 and 1999, include the following components:**2000****1999**Deferred tax assets$4,498,000$4,054,000Deferred tax liabilities(1,773,000)(1,825,000)**Net deferred tax assets****$2,725,000****$2,229,000**
The Company has not recorded a valuation allowance for the deferred tax assets as managementbelieves that it is more likely than not that they will be ultimately realized.****
**NOTE F - RELATED PARTY TRANSACTIONS**
Hosoi is the primary servicing mortuary. Payments made for services rendered on pre-needfuneral contracts are made directly to Hosoi by the trustee.Management fees of $174,000 were paid to HMPC for the years ended May 31, 2000 and 1999.
F - 36

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE G - CHARTER MEMBER PAYABLE**
In October 1995, the Company's board of directors moved to compensate its charter members forrelinquishing their status as charter members with a final distribution consisting of an option toreceive either $250 in cash or a $500 coupon for future funeral services. Charter members werethe original customers of the Company, who had received payments from the Company in prioryears at the discretion of the board of directors. The option expired February 29, 1996, at whichtime all charter members who had not exercised the $250 cash option were mailed the $500coupon for future funeral services. The Company will pay the servicing mortuary for suchservices upon the death of the charter member and the receipt of the issued coupon. In fiscal1996, the Company accrued $210,500 for the estimated future services and, at May 31, 2000 and1999, the accrual for the unredeemed coupons approximated $112,500.**NOTE H - CONTINGENT LIABILITIES**The Company has an agreement with Hosoi which gives the Company the exclusive right tosolicit pre-need funeral service arrangements for service by Hosoi. This agreement also commitsHosoi to perform the funeral services that are the contractual obligations of the Company to theindividual contract purchasers. This agreement expires in September 2001. However, Hosoi'sresponsibility to provide services under pre-need contracts sold prior to expiration of theagreement continues indefinitely.
When a prepaid funeral contract purchaser passes away, the Trustee is required to pay thedesignated mortuary service provider the related amount from the funeral reserve principalpreviously deposited in the common trusts. A contract purchaser also has the right to terminatethe contract; in which case, the related amount in the funeral reserve principal must be refunded.The Company, as seller of the pre-need funeral service agreements, has the obligation to secureperformance of the funeral service at no further cost to the prepaid funeral contract purchaser.Therefore, the Company is contingently liable for any costs in excess of funds available in thefuneral reserve principal to provide alternate funeral services if Hosoi is unable to perform on itscontractual obligation. Hosoi has given no indication that it will be unable to fully perform itsobligations under the servicing mortuary agreement and has provided assurances that it willcontinue to service all preneed contracts sold prior to the expiration date of the servicingmortuary agreement. Accordingly, management has not undertaken to estimate the liability, ifany, that may result from the excess of current and expected funeral service costs over the funeralreserve principal, if Hosoi is unable to perform.
F- 37

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2000 and 1999**
**NOTE I - PRIOR PERIOD ADJUSTMENT**Management of the Company has determined that it was necessary to defer all costs related to theselling of pre-need funeral service contracts and that all pre-need funeral contract revenue and allrealized trust investment income should be deferred until such time the funeral service isperformed. Management has also determined that assets held in trust by Pacific Century Trustshould be recorded at cost in the Company's financial statements. As a result of thesedeterminations by management, retained earnings was reduced by $4,077,349 as of June 1, 1998as follows:Retained earnings at June 1, 1998, aspreviously stated$3,206,730Prior period adjustments30% funeral contract revenue deferral$(8,444,780)Trust investment income deferral(2,868,969)Accumulated unrealized gains onsecurities(1,166,600)Deferred acquisition costs4,824,000Net deferred tax assets3,579,000(4,077,349)**Deficit in retained earnings at June 1,1998, as restated****$(870,619)**
F - 38

**GARDEN LIFE PLAN, LTD.**
**FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT**
**Years Ended May 31, 2001 and 2000**
F - 39

**Nishihama & Kishida, CPA's, Inc.**
Pacific Tower
1001 Bishop Street, Suite 1760
Honolulu, Hawaii   96813-3696
Telephone (808) 524-2255
Fax (808) 523-2090
**INDEPENDENT AUDITORS' REPORT**
To the Board of Directors
Garden Life Plan, Ltd.We have audited the accompanying balance sheets of Garden Life Plan, Ltd. (a HawaiiCorporation) as of May 31, 2001 and 2000, and the related statements of operations and deficit inretained earnings, and cash flows for the years then ended. These financial statements are theresponsibility of the Company's management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtainreasonable 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 inthe financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,the financial position of Garden Life Plan, Ltd. as of May 31, 2001 and 2000, and the results ofits operations and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America./s/ Nishihama & Kishida CPA's, Inc.
Honolulu, Hawaii
October 31,2001
F - 40

**Garden Life Plan, Ltd.**
**BALANCE SHEETS**
**May 31, 2001 and 2000**
**2001**
**2000****ASSETS**Cash$780,783$576,265Marketable securities1,021,456873,354Funeral contracts receivable, less allowance forcancellations of $500,000 in 2001 and $57,684 in 20004,794,1825,431,352Income tax receivable70,000
--Deferred acquisition costs4,776,1604,666,000Deferred tax assets3,242,0002,725,000Equipment, net of accumulated depreciation of $101,898 in2001 and $95,586 in 2000
--6,312Certificate of deposit - restricted50,00050,000Amounts held by trust21,934,03120,303,196**$36,668,612****$34,631,479**
**LIABILITIES AND STOCKHOLDERS' DEFICIENCY**LIABILITIESAccounts payable and accrued liabilities$159,292$145,520Income taxes payable--134,000Charter member payable78,061112,524Deferred revenues30% of contracts outstanding9,013,9998,767,29070% of contracts outstanding20,613,56720,342,520Deferred trust investment income7,922,1056,446,584Total liabilities**37,787,024****35,948,438**STOCKHOLDERS' DEFICIENCYCommon stock authorized, issued andoutstanding, 1,000 shares of no par value1,0001,000Deficit in retained earnings(1,119,412)(1,317,959)Total stockholders' deficiency**(1,118,412)****(1,316,959)****$36,668,612****$34,631,479**
See accompanying notes to financial statements.
F - 41

**Garden Life Plan, Ltd.**
**STATEMENTS OF OPERATIONS AND DEFICIT IN RETAINED EARNINGS**
**Years Ended May 31, 2001 and 2000**
**2001**
**2000****REVENUES**Pre-need funeral contracts serviced30% of contract price$301,950$312,19070% of contract price612,325673,834**914,275****986,024**Trust earnings on contracts serviced303,000283,600Interest78,73951,486Other22,85719,286**1,318,871****1,340,396****COSTS AND EXPENSES**Funeral service costs612,325673,834Selling expenses163,700323,599General and administrative expenses441,311449,798**1,217,336****1,447,231**Earnings (loss) before income tax benefit**101,535****(106,835)****INCOME TAXES (BENEFIT)**(97,012)(53,962)**NET EARNINGS (LOSS**)**198,547****( 52,873)**Deficit in retained earnings, at beginning of year(1,317,959)(1,265,086)Deficit in retained earnings, at end of year**$(1,119,412)****$(1,317,959)**
See accompanying notes to financial statements.
F - 42

**Garden Life Plan, Ltd.**
**STATEMENTS OF CASH FLOWS**
**Years Ended May 31, 2001 and 2000**
**2001**
**2000****INCREASE (DECREASE) IN CASH AND CASHEQUIVALENTS****Cash flows from operating activities**Net earnings (loss)**$198,547****$(52,873)**Adjustments to reconcile net earnings (loss) to net cashprovided by operating activities:Depreciation6,31213,746Net deferred income taxes(517,000)(496,000)(Increase) decrease in:Funeral contracts receivable637,170609,302Deferred acquisition costs(110,160)137,000Income taxes receivable(70,000)7,435Assets held by trust(1,630,835)(2,385,911)Increase (decrease) in:Accounts payable and accrued liabilities13,772(12,216)Charter member payable(34,463)--Deferred funeral contract revenues517,756423,314Deferred trust investment income1,475,5212,284,056Income taxes payable(134,000)134,000Total adjustments**154,073****714,726****Net cash provided by operating activities****352,620****661,853****Cash flows from investing activities**Proceeds from maturities of marketable securities1,458,670547,636Purchase of marketable securities(1,606,772)(1,420,990)**Net cash used in investing activities****(148,102)****(873,354)****NET INCREASE (DECREASE) IN CASH****204,518****(211,501)**Cash and cash equivalents at beginning of year576,265787,766Cash and cash equivalents at end of year**$780,783****$576,265****SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION**Cash paid during the year for:Income taxes
**$640,000**
**$325,000**
See accompany notes to financial statements.
F - 43

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE****A**- **NATURE****OF****BUSINESS**Garden Life Plan, Ltd. (the Company), was incorporated in 1968 under the laws of the State ofHawaii (State). The Company operates as a pre-need funeral authority licensed to sell pre-needfuneral services in the State under Chapter 441 of the Hawaii Revised Statutes. HawaiianMemorial Park Cemetery (HMPC) and Hosoi Garden Mortuary, Inc. (Hosoi) each own 50% ofthe outstanding voting common stock of the Company.The Company acts as an agent for the individual contract holders who have purchased pre-needfuneral service plans. The first 30% of payments collected for each contract sold is retained bythe Company to cover its "acquisition costs" and is non-refundable. As a pre-need funeralauthority, the Company is required to place in trust the remaining 70% of payments collected foreach contract sold (the funeral reserve principal) on behalf of the individual contract purchasers(trustors). The Company has appointed Pacific Century Trust as the trustee of the funeral reserveprincipal but may appoint another trustee. The funeral reserve principal may be invested but shallnot be diminished or withdrawn from trust except in payment of the pre-need services contractedfor and provided to the deceased purchaser or designee or for the contractual refund to thepurchaser.
Pacific Century Trust, as trustee, maintains the funeral reserve principal in two common trustfunds and invests such funds as directed by the Company. Realized income and capital gainsearned from the investment of the funeral reserve principal may be withdrawn from thesecommon trust funds by the Company. 
**NOTE B - SIGNIFICANT ACCOUNTING POLICIES**(1) Use of estimates - The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from those estimates.
(2) Certificate of deposit - restricted - The certificate of deposit with a financial institution isrequired to be held by the State for the Company's license as a pre-need funeral authority.
(3) Funeral contracts receivable - Approximately 25% of each contract sold is paid in cash withthe remainder being paid under installment plans with varying terms that are generally due within60 months. 
(4) Deferred revenue - The first 30% of each contract is non-refundable and is retained by theCompany to cover its "initial acquisition costs." Although 30% of the contract is non-refundable,the income is deferred until the funeral services are provided. The remaining 70% of the contractprice is collected by the Company and deposited in trust. This funeral reserve portion of thecontract is also deferred until the pre-need funeral service is performed. 
F - 44

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE B - SIGNIFICANT ACCOUNTING POLICIES** (Continued)The Company also defers all accumulated realized trust earnings generated by the funeral reserveprincipal until services are performed. The accumulated trust earnings consist primarily ofreinvested dividends, interest, and capital gains on sales of securities. Upon performance of thepre-need funeral service contract, the investment earnings estimated to be attributable to thecontract are recognized as income.
(5) Deferred acquisition costs - The Company defers all selling or "acquisition" costs associatedwith pre-need funeral contract sales. Deferred acquisition costs are expensed as funeral servicecosts when the pre-need funeral service is performed and the related revenue is recognized.(6) Equipment - Equipment is reflected at cost. Equipment is depreciated using the straight-linemethod over the estimated useful lives of the assets.(7) Amounts held by trust - The amounts held by trust represent the cost basis of trust assetswhich consists of the accumulated funeral reserve principal on pre-need funeral service contractsoutstanding and accumulated realized trust earnings that have not been withdrawn by the Company.
(8) Marketable securities  - The Company's marketable securities are held within a self-managedinvestment account that is not part of the trust assets. The Company's investments consist of ashort-term government mutual fund. As such, the Company classifies marketable debt securitiesas "held-to-maturity" and carries these investments at amortized cost.(9) Income taxes - The provision for income taxes includes federal and state income taxescurrently payable or receivable and those deferred because of temporary differences between thefinancial statement and tax basis of assets and liabilities. 
Income taxes are provided for the tax effects of transactions reported in the financial statementsand consist of taxes currently due adjusted for deferred taxes related to differences betweenfinancial and income tax reporting. The deferred taxes represent the future tax returnconsequences of those differences, which will either be taxable or deductible when the assets andliabilities are recovered or settled.(10) Statements of Cash Flows - For purposes of the statements of cash flows, the Companyconsiders all highly liquid investments purchased with an original maturity of three months orless to be cash equivalents.
F - 45

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE C - AMOUNTS HELD BY TRUST**As the Company receives payments on pre-need funeral contracts, it is obligated to depositamounts collected in excess of the first 30% of the contract price in trust. Information relating tothe amounts held by trust as of May 31, 2001 and 2000, are summarized as follows:**2001****2000****Cost****MarketValue****Cost****MarketValue**EQUITY SECURITIESMAS Pooled Trust - FixedIncome Fund$--$--$3,601,693$3,303,529JP Morgan InstitutionalBond Fund-- --2,618,8352,445,283Vanguard Fixed IncomeSecurity FundIntermediate Term USTreasury Portfolio2,129,6732,178,5902,596,4322,469,735AIM Constellation Fund----600,521940,202Dodge & Cox Stock Fund2,000,1062,235,3592,190,6542,318,571Foreign Equity Fund2,282,3052,113,0531,597,8502,066,522Pacific Capital Small CapFund1,077,9511,260,492----Pacific Capital Growth &Income Fund2,474,4932,264,5041,665,4562,049,895Pacific Capital GrowthStock Fund2,788,2272,280,5891,592,6672,006,389Putnam Voyager Fund1,221,1041,141,389498,778770,343Vanguard/Windsor Fund2,134,5222,293,7722,507,6142,439,528Total equity securities**16,108,381****15,767,748****19,470,500****20,809,997**DEBT SECURITIES -AMORTIZED COSTU.S. Treasury Obligations1,700,9211,667,544--U.S. Government Agencies1,063,2761,054,748--Corporate Bonds2,751,2952,731,586--Total debt securities**5,515,492****5,453,878**--**Total investments held intrust****21,623,873****21,221,626****19,470,500****20,809,997****Cash held in trust****310,158****310,158****832,696****832,696****Total assets held in trust****$21,934,031****$21,531,784****$20,303,196****$21,642,693**
The portion of trust assets representing funeral reserve principal at May 31, 2001 and 2000, aresummarized as follows:**2001****2000**Cost basis of amounts held by trust$21,934,031$20,303,196Realized investment income available6,118,0275,344,947**Funeral reserve principal****$15,816,004****$14,958,249**
F - 46

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE D - MARKETABLE SECURITIES**
In July 1999, the Company established a self-managed investment account consisting of debtsecurities classified as held-to-maturity. In April 2001, the Company repositioned its investmentsby purchasing units in a short-term governmental mutual fund.  The cost of this investment as ofMay 31, 2001, totaled $1,021,456.  Due to the short-term nature of the debt securities held in thismutual fund, fair value approximates cost.
**NOTE E - INCOME TAXES**The Company's provision for income taxes (benefit) is summarized as follows:
**2001**
**2000**Current taxFederal$369,589$388,993State50,39953,045**419,988****442,038**Deferred tax (benefit)Federal(408,000)(392,000)State(109,000)(104,000)**(517,000)****(496,000)****$(97,012)****$(53,962)**
The cumulative temporary differences related to the deferred tax assets and (liabilities) as of May31, 2001 and 2000, are as follows:**2001****2000**Reserve for funeral contract cancellationsexpensed for financial reporting purposes, notdeductible for income tax purposes$18,000$22,000Charter member payable expensed forfinancial reporting purposes, not deductiblefor income tax purposes30,00043,000Deferred funeral revenue - 30% of contractsoutstanding3,425,0003,331,000Deferred trust investment income1,584,0001,102,000Deferred acquisition costs(1,815,000)(1,773,000)**Net deferred income tax assets****$3,242,000****$2,725,000**
F - 46 
**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE E - INCOME TAXES (BENEFIT)** (Continued)The Company's net deferred tax assets at May 31, 2001 and 2000, include the following components:**2001****2000**Deferred tax assets$5,057,000$4,498,000Deferred tax liabilities(1,815,000)(1,773,000)**Net deferred tax assets****$3,242,000****$2,725,000**
The Company has not recorded a valuation allowance for the deferred tax assets as managementbelieves that it is more likely than not that they will be ultimately realized.
**NOTE F - RELATED PARTY TRANSACTIONS**
Hosoi is the primary servicing mortuary. Payments made for services rendered on pre-needfuneral contracts are made directly to Hosoi by the trustee.Management fees of $159,500 and $174,000 were paid to HMPC for the years ended May 31,2001 and 2000, respectively.**NOTE G - CHARTER MEMBER PAYABLE**
In October 1995, the Company's board of directors moved to compensate its charter members forrelinquishing their status as charter members with a final distribution consisting of an option toreceive either $250 in cash or a $500 coupon for future funeral services. Charter members werethe original customers of the Company, who had received payments from the Company in prioryears at the discretion of the board of directors. The option expired February 29, 1996, at whichtime all charter members who had not exercised the $250 cash option were mailed the $500coupon for future funeral services. The Company will pay the servicing mortuary for suchservices upon the death of the charter member and the receipt of the issued coupon. In fiscal1996, the Company accrued $210,500 for the estimated future services and, at May 31, 2001 and2000, the accrual for the unredeemed coupons approximated $78,000 and $112,500, respectively.**NOTE H - CONTINGENT LIABILITIES**The Company has an agreement with Hosoi which gives the Company the exclusive right tosolicit pre-need funeral service arrangements for service by Hosoi. This agreement also commitsHosoi to perform the funeral services that are the contractual obligations of the Company to theindividual contract purchasers. This agreement expires in September 2001. However, Hosoi'sresponsibility to provide services under pre-need contracts sold prior to expiration of theagreement continues indefinitely.
F - 46

**Garden Life Plan**
**NOTES TO FINANCIAL STATEMENTS**
**May 31, 2001 and 2000**
**NOTE H - CONTINGENT LIABILITIES**
When a prepaid funeral contract purchaser passes away, the Trustee is required to pay thedesignated mortuary service provider the related amount from the funeral reserve principalpreviously deposited in the common trusts. A contract purchaser also has the right to terminatethe contract; in which case, the related amount in the funeral reserve principal must be refunded.The Company, as seller of the pre-need funeral service agreements, has the obligation to secureperformance of the funeral service at no further cost to the prepaid funeral contract purchaser.Therefore, the Company is contingently liable for any costs in excess of funds available in thefuneral reserve principal to provide alternate funeral services if Hosoi is unable to perform on itscontractual obligation. Hosoi has given no indication that it will be unable to fully perform itsobligations under the servicing mortuary agreement and has provided assurances that it willcontinue to service all preneed contracts sold prior to the expiration date of the servicingmortuary agreement. Accordingly, management has not undertaken to estimate the liability, ifany, that may result from the excess of current and expected funeral service costs over the funeralreserve principal, if Hosoi is unable to perform.
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