(1) The applicant shall submit its most current certified public accountant-prepared audited financial statements for the period not more than 12 months prior to the submission of the application. The financial statements must be supplemented by a computation of adjusted net worth pursuant to this subchapter.

(2) All financial statements must be prepared in accordance with generally accepted accounting principals (GAAP). The audit must be performed in accordance with generally accepted auditing standards (GAAS) by a certified public accountant authorized to perform audits in this state. The audit must be complete, original, and contain the auditor's report on the audit firm's letterhead stationery.

(3) Values of real property must be supported by an appraisal within the previous 12 months by an independent appraiser with the correct certification and licensure to give an accurate appraisal of the value of the property.

(4) For an ongoing business concern, a full set of financial statements is required including:

(a) balance sheet;

(b) income statement;

(c) cash flow statement;

(d) retained earnings statement;

(e) footnotes; and

(f) auditor's report containing an unqualified (clean) opinion.

(5) If the applicant is a new company and has had no revenues or cash flow, the income statement and cash flow statement are not required.